With over 20 years of existence in the medical field, offshore medical billing has marked its place among those that helped shape the growth of healthcare providers in the United States. India has been considered a viable choice in terms of advantageous qualities such as optimum difference in time, a vast mass of English speakers holding raw talent and zeal to grow, a firm and steady government body with their respective policies. Lastly, leveraging systems of pricing models.
More than two third healthcare companies in the US have accounted for outsourcing medical billing services from offshore medical billing companies in India. As per the latest data, a whooping number of $66 billion has been estimated as the valuation for the US healthcare outsourcing industry by 2023.
Here is how offshore medical billing companies in india benefits US health care providers –
Subsequent Increase in Revenue
Any claims that are filed are all done so electronically, this reduces the amount of time levied to cumulate, thus preventing insurance denials. Prior to any form of submission, the claim forms are thoroughly analyzed by experts. Instead of making continuous calls to the insurance companies, an offshore medical billing company ensures to free up your staff’s time from these tasks, which enables them to concentrate on the task at hand that is having a proper and thorough discussion with the patients. Providing them with quality healthcare that they urge for. The overall result of all these processes leads to better revenue generation.
Choosing to work with an offshore medical billing company helps the healthcare providers in cutting down major costs, without having an affect on the task qualities. The offshore medical billing company handles the entire set of administrative processes of billing, collection, and coding to handle the billing. This also frees up the healthcare provider’s time giving them ample amount of time to focus on the training of the front-line workers as well as the smooth functioning of the IT department. In addition to that, they also have access to the agency’s most qualified medical billing experts, making it effortless to expand the backend operations. Also, mistakes that could have been incurred, costing a substantial loss in the company’s accounts can now be used as the cost of infrastructural development, hiring suitable employees, and gathering various resources needed. This further can raise the standards for medical organizations.
Handling minute technicalities
Abiding the compliances is essential, even if it is in the healthcare industry. However, when an outsourcing medical billing services are brought into picture, it ensures every compliance of the law is abided and takes care of all the legal transactions on behalf of its client – however minute it may be. Most offshore medical billing companies are certified and can be considered compliant to tackle any kind of sensitive data. Whether it is Hitech or HIPPA, all will be taken care of.
Lastly, let’s address the common confusion the healthcare companies have in terms of outsourcing medical billing services with the last point.
Extended support for consumer satisfaction
An offshore medical billing company is not the replacement of in-house staff, rather it acts as an extension to the already recruited and trained team. The work of these companies is to coordinate with the healthcare provider, in context to the claims and reimbursements. Their work complies with working and updating the current code system as per the guidelines issued by the government. Other duties are dealing with the insurance companies and continuous follow-up with the payer networks.
By bringing in outsourcing medical billing companies, the healthcare providers are benefitted through and through. The biggest benefit is a sudden steep rise in patient satisfaction levels. With the utilization of premium technology and a team of specialists, the healthcare provider will be benefited from all ends, be it the revenue model or the consumer satisfaction model. Therefore, to answer the question raised as the topic of this article, “Can offshore medical billing companies benefit the US healthcare providers? The answer is a big YES.