Since the start of the pandemic, the healthcare industry has gone through many drastic changes. From implementing more telehealth solutions to contactless payments, providers developed a certain versatility during peak COVID in 2020. Add on a staff shortage, increase in medical needs, and high costs a few years later, and it’s become a necessity to adapt to the times. With admin and billing costs carrying most of the burden, a boom in outsourcing services began. One of the largest sectors: medical billing.
In general, the complex coding structure in the U.S. causes those expenses to be much higher than in other countries. A study from Health Affairs even found that billing and insurance costs for a related bill could range as low as $6 in Canada and $215 in the US. The study found that the higher costs mainly contributed to one area of the cycle: coding.
As a result, the outsourced medical billing market has grown exponentially in the past couple years. The market was recorded at around $11 billion in 2021 and could reach a value of $55 billion in 2023. Overall, when clinics choose to outsource their billing, they report many benefits for their clinic.
The right outsourced medical billing company will work with your clinic to set up a strong, efficient coding process. Claims need accurate information to be done correctly, but it’s hard to take a step back from your own procedures. A partnership will allow those experts to come in, evaluate, and then increase your overall revenue thanks to improved billing.
Having a team of experts at your disposal means they will keep up to date on standards, CPT and Diagnosis code changes and industry updates. They will proactively look for ways to streamline your billing and to improve denied claims.
Healthcare has already made great strides towards digitizing their processes and outsourcing non-care related needs. Providing all medical records, labs and forms in a secure, easily accessible web based Electronic Healthcare makes coding more efficient and accurate. When outsourcing, going digital is a necessity. Plus, it helps the clinic be reimbursed faster.
With billing experts smoothing the processes, the staff feels more confident filling out notes and gathering information from patients. Coding workflows need organized and efficient feedback loops with providers and staff to ensure if there is a question, it can be answered by the right person, timely, and then approved by the provider in short order. Plus, with a healthy revenue cycle, staff can be supported in many ways: less rework, optimal reimbursement, good staff pay and investment in their own development as healthcare professionals. That all often leads to better productivity in the clinic overall.
When looking for a medical billing company, it’s important to do your research. Outsource Receivables Inc. serves clinics nationwide, and we have a guarantee of saving clinics 15% overall when they partner with us.