Off-shore medical billing demand is expected to rise by a whopping 168% over the next 8 years as more physicians prefer to outsource to medical billing companies in India.
As per the recently published report by Grand View Research, Inc., the demand for off-shore medical billing is expected to result in outsourcing market growth from $6.3 billion in 2015 to $16.9 billion by 2024- surpassing the in-house billing demand. This updated data echoes that almost 90% of the small and independent medical practices are planning to outsource their medical billing and coding.
That’s why so many US medical practitioners are now swapping from hiring an in-house billing team to outsourcing medical billing in India. Read this guide to know why it makes more sense for your practice too.
Why outsource to medical billing companies in India?
To run the medical billing set-up in the US, healthcare providers and billing teams have to spend many dollars to create the required infrastructure, updated software, recruitment, and alike. However, if the same billing is outsourced to India, your cost will easily come down by 50%. Needless to say, you can earn more profits, thereby preferring the medical billing companies in India for outsourcing over the others.
Experienced & Quality Services
Indian medical billing companies are well-known for having huge experience and exposure in the US medical industry. They also remain fully aware of the various updates on the new US policies.
As these Indian billing companies are in this business for more than a decade, they have a good amount of experience in terms of support capabilities, processes, and alike. Moreover, they are experts at providing timely advice and suggestions to you on the areas where you can improve or innovate. This leads to a positive and a win-win situation for both companies.
Technology & Infrastructure
India is a preferred choice for several medical companies in the US because of its continuous growth in terms of technology and infrastructure. With time, more and more technology universities and IITs are paving their way towards the growth of technology in the country. Besides this, the world has now become a global village since the advent of the quick internet. As an outcome, downtime has reduced down drastically.
Enrollment & Provider Credentialing
Claim denials arise not only because of inadequate medical billing services but also because of issues in enrollment and credentialing. With the outsourcing of an experienced Indian Off-shore medical billing company, you can be hassle-free and focus on your core medical functions, such as patients care. Starting from the application forms preparation, compilation, verification, and submission of the certificates & documents as enrolling formalities, records maintenance, and re-credentialing processing, the company will look after all these services until you get credentialed by the insurance payer.
All these factors make India a unanimous choice for medical facilities in the US. So, when are you outsourcing your medical billing activities to an off-shore medical billing company?
How to select the best medical billing companies in India?
Whether you’re seeking to enhance your financial performance, improve your reimbursement flows, reduce operating overheads, or focus more time on patient care, outsourcing an experienced and reputed medical billing company can help you achieve all these goals effectively and efficiently. However, not all Indian medical billing companies are equally created and best suitable for your practice. Therefore, it can be a challenging task to find the right one for your business. As billing and coding are the essential components of any medical practice, it becomes vital to look for certain qualities before hiring the most suitable company for your healthcare practice needs.
Expertise to Support your Specialty Practices
The billing codes and support documentation requirements for the specialty practices are much different from that of the general medical services offered by PAs and family practitioners. Therefore, it is always advised to partner with a medical billing company with the requisite specialization in handling your practice type. In addition, such billing companies provide ongoing training to their staff to make sure that they are well-aware of the latest technology and software, new mandates, and regulations.
Moreover, these specialty Indian providers also tend to maintain long-term personal relationships with the various insurance payers and compliance monitors to avoid costly mistakes. As a result, this could limit your claim denials or boost reimbursements
Cutting Edge Equipment & Software
Always choose a medical billing company that uses the latest software and tools. These tools will help in processing the claims faster without errors. Moreover, make sure that your outsourced medical billing company uses that equipment that integrates with your Practice Management and EHR software that you’re already using or planning to deploy for your practice. Streamlining the operational processes is exceptionally crucial, especially when you’re looking for shaving off minutes that can turn to hours. Thereby, it will reduce the payroll dollars and the number of costs per visit.
Continuous Training & Latest Certification
Providing constant training to the billing and coding staff is a hallmark of a great service provider. Proper training and certifications go hand in hand as far as the medical billing industry is concerned. Moreover, the staff with the right mix of both are familiar with how to deal with the new requirements mentioned in the latest regulations specifically. This will ensure minimum denial rates, and you’ll be able to claim reimbursement faster than ever from the insurance payers.
Experience in Billing Industry
It is often riskier to put your billable charges in the hands of a new medical billing provider as they might not be able to cope with the healthcare industry’s ever-changing policies and regulations. In fact, it becomes easy to find an experienced medical billing company in India out of only a few available professional providers in this sphere. Look for solid references from their clients before trusting them.
What are the common Softwares used by Medical Billing Companies?
The software used by the off-shore medical billing providers automates your practice’s invoicing and claiming process. This solution will digitalize your office and turn it paperless. Thereby, this will bring the happy results of reducing the billing and coding errors and time needed for managing and monitoring your practice’s financials.
DMEWorks is the only software developed by the actual DME business owners. These can be accessed on a tablet allowing the delivery person to sign and save the customer’s documents in the system. This software is known for its following qualities:
- Patient Eligibility.
- Electronic Billing and Claims Management.
- Competitive Bid Reporting.
- A/R and Collections with Notes.
- Inventory Control.
- Repeat Supply Delivery.
NextGen Office software serves numerous specialty clinics, including pediatrics, primary care, OB/ GYN, internal medicine, podiatry, and urgent care. Their peculiar attributes include:
- Patient Portal and Information.
- Health Analytics.
- Specialty Focus.
- Practices & Claims Management.
- Population Health Management.
- Care Coordination.
- Tele health and Mobile Solutions.
Kareo software serves more than 45 different specialties covering over 50,000 physicians and healthcare providers throughout the US. The key features include:
- Claims Tracking
- Billing Tasks and Analytics
- Calendar/ Schedule
- Charge Capturing
- Rules Engine
How Medical Billing Companies in India Works?
+ Patient Registration
- The process starts with collecting and authenticating the patient demographic details to ensure precise documentation and error-free billing.
+ Verification of Insurance Eligibility
- Verification of policy status and prior authorizations with proper follow-ups provides an advantage.
+ Medical Coding
- Thereafter, the experienced medical coder’s teamwork for seamless coding, diagnostic checking, and surgical codes for costly errors to avoid denials.
+ Charge Entry
- Appropriate charges are assigned to the patient accounts for easy and simple reimbursements.
+ Auditing or Quality Check
- Carrying out systematic quality checks is necessary to ensure consistency and no flags for review.
+ Payment Posting
- EOBs are duly scanned and checked along with the posting of all the received payments into the billing system.
+ Denial Management
- The denial causes are determined, and the risk of future denials is mitigated.
+ Accounts Receivable Recovery
- Unpaid claims are followed up, and monthly aging reports are generated for reimbursements.
+ Patient Statement
- The patient’s bills with charges are generated to cover their treatment.
- Delinquent patient accounts are followed up to receive partial or full reimbursements.
Can you rely on Medical Billing Companies in India?
Indian medical billing companies are resilient about their work ethics and are reliable as billing partners. In fact, most US healthcare providers rely on them with their closed eyes due to their loyalty. Moreover, it becomes easy to work with outsourced off-shore companies as all the deals involve entering and signing a written agreement. All this will help you to work smoothly and hassle-free. Therefore, once a reliable medical billing company takes over all your billing and coding processes, you can easily focus on new business goals by covering more new territories.
Do you know what makes the Indian medical billing companies better than any other service providers? The hands-on experience and in-depth knowledge of the billing and coding experts working with HIPAA, Medicare, and Medicaid regulations are the major differentiators that provide these companies an edge over their rivals. They also have a thorough understanding of diagnostic and procedural coding systems, accounts payable management, along with electronic medical claims submission.
Moreover, such Indian billers and coders are expert in:
- Regulatory and governmental formalities.
- CPT, ICD-10, and HCPCS codes regardless of the medical specialties.
- Requirements of insurance payer-specific medical billing and coding.
These certified medical coders (also known as CPC) keep themselves updated with the ever-changing medical industry trends, especially in CPT, ICD-10, and HCPCS codes. In addition, they also remain updated about the latest versions of the various medical coding software such as Flash Code and Encoder Pro.
Does your practice look forward to focusing more on core medical activities, increasing billing process efficiency, reducing billing denials, costs cut down, and making sure of timely reimbursements? Do you want all this at the same time?
Outsourcing your medical billing and coding activities to a skilled off-shore medical billing company in India like Info Hub can help you to avail all the benefits mentioned above hassle-free. As our customer, you will get complete access to the best quality medical billing and coding while lowering down your overall operational costs by 40% at least. Our end-to-end solution for medical billing and coding is designed to meet all of your requirements, right from following up on pending medical claims to finding out the reasons behind the claim denials, tracking AR balances, or initiating collections on your behalf.