Traditional medical practice owners handled their billing in-house. However, next-gen practice owners are outsourcing their complete medical services. As per a recent research report from ‘Grand View Research’, the global medical billing outsourcing market size was valued at USD 11.1 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 12.0% from 2022 to 2030. More adoption of outsourcing medical billing services has emerged due to new technological solutions, bad debts, and bills, and expanding and changing regulatory requirements. In this article, we listed some of the perks of outsourcing medical billing services.
1. Focus on Patient Care
It’s always difficult to play the role of a healthcare service provider and an administrative manager at the same time. Providers are spending way too much time managing complicated billing questions while patient care might become a second priority. Focussing on billing guidelines and submitting error-free claims would consume a lot of providers’ time and may not generate steady cash flow for the practice. Outsourcing your medical billing services to a leading medical billing company like Legion Health Care Solutions would help you to focus on patient care. Our expert medical billers and coders will manage complete revenue cycle management (RCM) operations and will assist you in receiving accurate insurance reimbursements.
2. Reduce Billing Errors
Medical billing and coding is a complex process including various billing guidelines and payer policies. These guidelines and policies are constantly revised as per changing healthcare scenarios like the COVID-19 pandemic. By outsourcing your medical billing services, your RCM operations are handled by specialty specific coders and billers. Medical billing companies like Legion Health Care Solutions will ensure your submitted claims are adhering to billing guidelines and payer reimbursement policies. Outsourcing will ensure maximum clean claim submission with a minimum percentage of denied or rejected claims.
3. Smooth Cash Flow
Having a smooth cash flow is essential for running any practice and managing ever-increasing running costs. When you outsource your medical billing operations, all billing activities are executed as per plan. When a new patient is registered, his/her coverage is verified; a claim is submitted within a few hours after the patient visit; received payments are posted; any denied claims are appealed on time, and many other billing activities ensure smooth cash flow.
4. Cost Effective
It’s a common myth that outsourcing costs you more than in-house billing and it’s not suitable for small practices. In reality, outsourcing medical billing operations is very cost-effective as you can select any payment plan. Either you can hire Full-Time-Employee (FTE) or pay for services after you receive insurance reimbursements. It’s very cost-effective as you don’t have to hire expensive billing and coding experts and don’t have to pay for staff training, and benefit costs. You can hire billing and coding experts from medical billing companies as per requirements of your practice. Reduced cost of office supply, furniture, and the purchase or upgrade of hardware is an added advantage. Many practices outsource due to the flexible pricing models i.e., transaction, percentile, or FTE; clients can pick the option that best suits their requirements.
5. Satisfied Patients
As discussed earlier, every provider aims to deliver excellent patient care and customer service, but managing everything on their own could make it difficult to meet patients’ expectations. Your support staff is always going to be responsible for managing scheduling tasks, executing patient check-in and check-out, keeping the books, and handling clinical concerns. By outsourcing medical billing services, you’re taking something off your team’s hands, something that can usually be better managed by another entity. In doing so, you’re freeing up your staff’s time to better attend to patient’s needs, resulting in higher satisfaction rates and better patient retention.
Legion Health Care Solutions is a leading medical billing company that can assist you in revenue cycle functions for your practice. We constantly keep track of key medical billing metrics to receive accurate insurance reimbursements for our clients. In case of any doubts about outsourcing medical billing services, you can call us at 727-475-1834 or email us at email@example.com