Why Outsource Medical Billing and Coding?
12 February, 2020 Antora Solutions
In the light of growing complexities of revenue cycle process & government compliance, especially in healthcare services, the need for professionals of medical billing is growing. Medical billing & coding is no longer a task that can be performed between scheduling and attending patients. In good old days medical billing used to be a simpler process, authorities would change rules occasionally, allow enough time to adjust with new laws in place, and the denials were on a lower side. On the contrary, nowadays if one doesn’t have the appropriate software and professionals for medical billing and coding, the claim rejection rate may rise up to 30 -35%. Moreover, the frequent updates from the authorities are making it difficult for the healthcare service provider to avoid non-compliance issues.
In the healthcare sector, it is not always about money, returns on investment, and cost but it is also about patient care and time. That’s the reason why healthcare service providers are considering outsourcing the medical billing process. There are numerous advantages that an outsourcing agency brings on the table. A few of them are discussed here:
Benefits of having Medical Billing outsourcing Company:
Competence & Compliance – Regulations and insurance company’s policies are getting updated frequently for the betterment of the ecosystem. Companies involved in the medical billing process have the dedicated experts who can keep an eye on the developments in the industry, read bulletins, attend seminars and serve their clients with refined and updated information. Moreover, HIPPA compliance is one that can’t be ignored. The professionals in outsourcing companies take the utmost care in following all regulatory policies.
Cost management - As per the data provided by the Society for Human Resources suggests the total cost of recruiting, hiring, and training could go up to $4000 or more. With outsourcing, healthcare providers can reduce this cost to a minimum. The medical billing outsourcing company bring economies of scale to their operations by offering their services to a number of clients, which makes their services to a single client cost-effective.
Reduced Claim Rejection & follow-ups – A major chunk of claims get rejected because of error in coding. On the other hand, follow-up is also a cumbersome process but when it isn’t done on a regular or scheduled basis, it can result in revenue losses. With a trained and specialized workforce of outsourcing companies, these errors are reduced to minimum and follow-up are done on time resulting in a rise in revenue. Continuous follow-up also enables healthcare providers to get paid faster.
Improve business - All businesses, be it healthcare or others, has a significant scope of improvement. It can be achieved by focusing on the front end and paying adequate attention to customers. In the case of healthcare service providers, customers are patients and adequate attention is nothing but to focus on their right treatments rather than focusing on operations & paperwork of medical billing.
Antora Solutions add value in the process by providing cost and time effectiveness in medical billing and coding. The above-mentioned advantages are just indicative in nature. With services like medical data entry, medical coding, customer service, information sharing, accounts receivable management, etc. managed by us, can be a competitive edge for any healthcare provider. Outsourcing medical billing to Antora Solutions is worth it to see higher revenues, reduce administrative burden, and streamline the billing cycle.