You will be surprised to know that the medical billing outsourcing market was valued at USD 11.1 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 12 percent from 2022 to 2030. Receiving accurate reimbursement for delivered services is the unique challenge any physician is facing in the post-pandemic situation. Outsourcing medical billing services could be the solution. Due to the rising use of IT resources in the healthcare business and steady government support, the market for medical billing outsourcing is growing at a substantial rate. The increasing patient load and the need to address the ever-growing record and bills burden health practitioners. To counter such a situation, hospitals and practice owners are now outsourcing medical billing. Let’s try to understand why physicians feel outsourcing medical billing services is the right option.
Access to Expert Consulting
Medical billing and coding is a complicated process that needs expert consulting. To make things more complicated, medical billing guidelines and payer reimbursement policies get updated frequently. Physicians, whose primary focus is on patient care, won’t be able to dedicate much time to medical billing functions. Medical billing company has a team of experts and their prime responsibility is to assist physicians to receive reimbursements for each submitted claim. Medical billing company ‘Legion Healthcare Solutions’ has a team of coders and billers as per medical specialty. They are well versed with billing guidelines, payer-specific policies, common billing errors, common denial reasons, and their resolution. It helps healthcare practices and hospitals to receive timely and accurate insurance reimbursements.
Reduced Medical Billing Errors
Inaccurate claim submission and billing errors result in a major revenue slump. It’s obvious to commit mistakes, however, when it comes to medical billing and collections, even a single mistake can lead to delayed payment or worse, a denied claim. Amidst inaccurate patient information, duplicate billing, and authorization errors, billing mistakes can be an expensive disbursement. As per the recent survey, the average cost of rework on rejected or denied claims is $25. This amount could reach up to $80 for challenging medical specialties like wound care. Outsourcing medical billing helps guarantee that the billing process is up-to-date, free from human error, and most importantly, profitable. Medical billing company ‘Legion Healthcare Solutions’ has internal quality assurance measures that allow them to make fewer mistakes and maintain accuracy.
As you may already know, regulations in medical billing constantly change, making it even harder for medical billing staff to maintain compliance with new rules and protocols. Each changing standard needs a dedicated expert whose primary responsibility is to stay updated with new information. Physicians may not be able to keep track of these updates and hence maintain compliance for every insurance carrier. Not following billing and coding compliance could be interpreted as malpractice by insurance carriers resulting in external audits. Outsourcing medical billing helps physicians in submitting clean claims and remaining compliant with payer policies.
The common myth about outsourcing medical billing is it’s very expensive. In fact, when you outsource medical billing, you won’t have to worry about payroll, employee insurance, training costs, office expenses, and software costs. Plus medical billing company ‘Legion Healthcare Solutions’ offer flexible pricing options as per healthcare practice requirements. You can seek expert guidance on entire medical billing or can take assistance only on medical coding, old AR clean up, prior authorizations, or even eligibility & benefits check-up.
Another common myth about outsourcing medical billing is losing control over revenue cycle operations. Some physicians think that outsourcing medical billing is like transferring control of revenue cycle management to complete strangers. However, this is an inaccurate comparison. When you sign a service agreement with ‘Legion Healthcare Solutions’, they then become obligated to offer you positive results based on metrics you establish. Some metrics you can put in place are collection ratios, clean claim submissions, and denial rates. Outsourcing companies are always obligated to back up outcomes with data, giving you outstanding transparency into your cash flow. A good medical billing company will regularly generate medical billing reports for you based on established key performance indicators. They will post delays and payment concerns better than most in-house medical billing team do. Because of this, you can maintain better oversight of your financial performance and stand without needing to micromanage.
We hope that the above-discussed points are sufficient to explain why physicians are outsourcing medical billing and this percentage is increasing exponentially each year. Outsourcing medical billing is both an integral and complex part of healthcare practice. It can increase the revenue captured, reduce liability risk, and streamline workflow. However, it can be challenging to find a reliable medical billing company that perfectly fits your medical billing requirements. Legion Healthcare Solutions is a leading medical billing company providing complete billing and coding services. We are providing customized medical billing services to healthcare practices and hospitals of various medical specialties and patient sizes. To know more about our medical billing and coding services, contact us at 727-475-1834 or email us at email@example.com