A rapidly growing number of healthcare facilities are outsourcing many of their services. If your organization struggles to manage your administrative work while providing your patients with high-quality care, there is a solution for you. We will introduce you to the myriad benefits of outsourcing medical billing so you can easily decide whether to make this step.
In our comprehensive guide, you can learn more about the advantages of outsourcing medical billing, from lower costs and getting paid faster to greater consistency and transparency. As outsourcing experts, we at CLICKVISION BPO decided to give you first-hand advice and insights about medical billing.
Growing Trend in the Healthcare Industry
Medical billing is a process that handles billing and revenue management tasks. Since healthcare is a complex system, delegating all billing tasks in-house while providing high-quality care can be challenging. This is especially true when healthcare facilities have an increasing number of patients.
Every day, more and more healthcare facilities notice the benefits of outsourcing medical billing. According to the latest data, the global medical billing outsourcing market size was $13.5 billion in 2022. Looking at the years ahead of us, the market is predicted to grow at a 12.7% compound annual growth rate (CAGR) from 2023 to 2032.
The Benefits of Outsourcing Medical Billing
If you are wondering why outsource medical billing, there are plenty of factors that can work in your favor. The benefits of outsourcing medical billing include, but are not limited to:
- Improved efficiency and accuracy
- Better transparency
- Reduction in billing errors
- Timely submission of claims
- Faster reimbursement process
- Elimination of overhead costs
- Reduced need for in-house staff and resources
- Lower administrative expenses
- Ensuring regulatory compliance
Improved efficiency and accuracy
Deciding to outsource the medical billing processes can contribute to improved efficiency and accuracy on two levels:
- Medical billing process itself
- Core operations of the healthcare organization
When you outsource your medical billing and pick us, you can take advantage of our dedicated teams with specialized knowledge and expertise in the billing process. Our billers can ensure accuracy and compliance with industry standards.
When you have someone to do the billing process for you, you can save time and resources. If you allocate those wisely, you will have the opportunity to improve the efficiency and quality of your core healthcare operations and patient care. When you have good patient satisfaction, you will benefit from positive clinical outcomes, patient retention and possibly even lower number of medical malpractice claims.
Better transparency
Outsourcing medical billing isn’t only about letting us do the billing tasks for you. In addition, you can set metrics that we will work toward achieving. For instance, we can provide you with detailed reports and analytics with your key performance indicators, which include collection rates, denial rates, claim submission rates, revenue collections etc.
With such reports, you benefit from enhanced transparency in your cash flow. You can use every insight that we will provide to have better control over your financial performance.
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Reduction in billing errors
Every error in the healthcare industry costs a lot. When it comes to billing errors, the most common reasons they might happen are:
- Incorrect patient information
- Double billing
- Incorrect coding
- Missing W9 form
- Unbundling
- Balance bills
- Charges for miscellaneous expenses
With our trained and experienced billing specialists, you won’t have to worry about billing errors. The expertise of the CLICKVISION BPO team will ensure accurate billing practices according to the latest coding guidelines.
We focus our work on making the billing process accurate so you can avoid payment delays and denied claims. Consequently, you will get medical billing that is up-to-date, profitable, and with fewer mistakes.
Timely submission of claims
Next on the list of benefits of outsourcing medical billing is the timely submission of claims. Our team of billers is trained to navigate the complex billing processes efficiently so they can submit your claims on time.
As you get your claims submitted fast, you will likely minimize the risk of getting claim denials and delays. As a result, you will also benefit from the improved cash flow of your healthcare organization.
Faster reimbursement process
The faster reimbursement process is a result of all the other benefits of outsourcing in healthcare. Our expertise, timely submission, regulatory compliance, and minimized billing errors all lead to faster insurance payments. Once you get your payments, you can focus on allocating the increased revenue and turning it into a higher profit.
Elimination of overhead costs
To create a sector for medical billing within your organization, you will have to pay a hefty price tag to make the capital investment. Medical billing is costly, as it requires special equipment, software, office space, infrastructure installation, and much more.
By letting us handle your medical billing, you will eliminate all these overhead costs and won’t have to dedicate time, effort, and resources to maintain such a department.
Reduced need for in-house staff and resources
In addition to the capital investments, opening a medical billing sector requires employees. To get to qualified medical billers, you will have to plan a budget and spend time on the following costs and processes:
- Onboarding
- Training
- Payroll
- Benefits
- Insurance
By outsourcing your medical billing process, you will have only one thing to check on your to-do list, and that is paying us as a company for our services.
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Lower administrative expenses
One of the benefits of outsourcing medical billing is relieving administrative burdens. As per the latest research, the annual spending in the US for billing and insurance-related costs is $496 billion, of which $190 to $245 billion are excess costs.
By outsourcing medical billing, healthcare organizations like yours can lower administrative expenses, which include:
- BIR costs
- Hospital or physician practice administration
Generally, you can save up to 30-40% in operational costs if you decide to outsource your billing services.
Ensuring regulatory compliance
There is always something new in the medical billing world. The regulations are constantly changing, and it is always a challenge to keep up to date. Some of the most important regulations are HIPAA and ACA.
Luckily, you can easily overcome the difficulty of ensuring regulatory compliance by outsourcing your medical billing. Our expert team will help you stay compliant with all the regulations and avoid costly violations and penalties.
Conclusion
With the benefits of outsourcing medical billing being clear, you’ll have it easier to reach a decision in this aspect. Are you going to take advantage of the expertise, scalability, flexibility, and risk mitigation by outsourcing, all while reducing your expenses, or are you going to try to manage the complexities of medical billing yourself?
If you decide to alleviate these administrative burdens and strengthen your overall operational and financial resilience, contact us today!