Most healthcare providers in the US are in digital darkness, says a recent report by Ponemon Institute. As per the survey, these institutions still inherit the systems that were used in the mid-1990s and are struggling to keep pace with the latest mobile and internet service to deliver better quality care. And all this is making healthcare providers vulnerable to mistakes and losses. In fact, as per a report, nearly 80% of the medical bills are crippled by errors. And when it comes to financial losses, it is estimated that healthcare service providers are incurring damages in the range of $125 billion every year due to poor billing practices.
That is not it! The ever-changing billing and coding rules are complicating matters and in the process are not helping the cause of these practices. All these complications have left healthcare providers with an inability to establish a monthly cash flow. And experts are of the opinion that even with the latest set of tweaks in the law, none of this will change due to the antiquated nature of the systems in place.
The Way Out
Considering the fact that there hasn’t been any noteworthy improvement in medical billing practice, outsourcing medical billing has emerged as the best option for healthcare providers to recapture lost revenue. Though the cost may seem exorbitant at first, but when you add up everything, outsourcing easily surpasses the benefits of traditional billing practice.
The Benefits of Outsourcing
Better control: Contrary to the popular perception, outsourcing medical billing does not imply that you are giving up control of your billing practice; if at all you are giving something up it is the pain of dealing with complicated billing process and ending up facing denials.
Professional Help: When you outsource your medical billing services, you get a team of trained and certified individuals whose sole motto is to streamline your billing process and give you the leg room to focus on your core functions. They will also work tirelessly to increase the financial returns of your practice and help you to enhance your productivity.
Increased efficiency and faster turnaround time: The medical coding and billing rules keep on changing on a regular basis. Hence, it makes perfect sense to outsource billing services to experts who can stay abreast with the latest billing and coding revisions, and ensure that you get cleaner claims and quicker reimbursement.
Outsourced medical billing industry is on the surge. As per the latest report from the Bureau of Labor Statistics, it is estimated that the industry will witness a staggering growth rate of approximately 22% in the next ten years. Hence choose wisely and reduce the burden of your staff all while improving accuracy and efficiency.