Eight Hidden Benefits of Medical Billing Outsourcing Services

Does your healthcare business often face billing problems? Medical billing can be a backbreaking task, especially if a small team is working on it. Successful medical billing and coding management can be an asset for healthcare professionals in today’s challenging and demanding healthcare business. Usually, 70-80% of the patients won’t pay their bills on time.

The global medical billing outsourcing market has been experiencing steady growth. In 2020, it was valued at around $10.5 billion and was projected to reach $19.7 billion by 2027, with a compound annual growth rate (CAGR) of around 9.3%.

There is no surprise why practitioners, doctors, healthcare institutes, and doctors have chosen to outsource medical billing services. The simple hiring processes, unique systems, top-notch technologies, and professional workers with exceptional knowledge and experience make it an ideal investment for your business. 

In this blog post, we will study the hidden benefits of outsourcing medical billing services and how you can choose the ideal medical billing services for your business. 

Benefits of Medical Billing Outsourcing Services

1. Productive Workflows 

An effective workflow lessens the complexity of the billing process and boosts productivity. Wasted time at work is a major concern for healthcare organizations. So what do we mean by wasting hours? 

Wasting hours is time spent on unnecessary tasks unrelated to your work. Outsourcing is the best solution to maintain productivity and accuracy in the billing process. Refer to this checklist to check the workflow of an effective outsourced team: 

• Planning 
• Time Management
• Improvement
• Accountability
• Deadlines

2. Lower Costs, Better Income 

“Outsourcing medical billing services can lead to cost savings for healthcare providers. On average, outsourcing can reduce billing and administrative costs by around 30% to 40%.“

This is one of the top reasons to outsource medical billing services. No organization wants to spend much on labor costs and in-house billing departments. Thus, to save yourself from overspending, you can consider outsourcing. When billing gets outsourced, the need for office space, computers, and software is also eliminated. 

3. Less Medical Billing Errors 

Medical billing is changing with new rules and regulations. Thus, sometimes keeping up with the latest technology version can be rocket science. Everyone makes mistakes, and that’s normal. But when it comes to the billing method, committing a mistake can be risky for your business.

Outsourcing Service providers specializing in medical billing are experienced in navigating complex coding and billing regulations. They strive for high accuracy rates, with an average claim acceptance rate of around 95% to 98%.

4. Promotes Transparency

Despite the top-quality advantages and business growth, some people still doubt medical billing services because of common misconceptions. The reality is that outsourcing companies do maintain transparency by following practices: 

• Cloud-based software that is accessible from anytime, anywhere
• High-quality security
• Consulting on efficient practices
• Handling unique cases  

5. Data Safety 

It is crucial for healthcare providers to ensure that any service provider they work with complies with the Health Insurance Portability and Accountability Act (HIPAA) regulations to safeguard patient privacy and data security. Medical outsourcing services ensure the protection of the patient’s sensitive information, including: 

• Contact number
• Home Address
• Family trees 
• Services Details
• and other

This enables the team to transfer the data most securely. The team of medical virtual assistants has access to the latest and updated software to protect patient’s information while it get shared with the payers.

6. Extend Your Business

As you may already know, planning, the right systems, staff, technology, and partners serve as the pillars of development for a business to grow. New technology comes with new opportunities and challenges. In the present time, manual processes are not enough to scale your business to new heights. You might need extra help to handle your work without getting restricted. With a team of outsourced medical billing services, medical practices can improve, and the business’s scalability can grow faster than ever before. 

7. Access to Experienced Team

Healthcare industry protocols are changing, and one needs to keep up with the trending technologies to stay caught up in the competition. Outsourcing medical billing services assures you a team of skilled virtual assistants aware of the latest technology methods in the medical billing domain. Medical billing outsourcing services come with excellent benefits such as : 

• Highly-trained remote medical billing specialists
• No training required
• Industry Specific Expertise
• Super users on various medical billing systems

8. Focus on Patient Care

By outsourcing your billing services, you have handled almost 50% of your work. In this way, you can focus more on patient care and their satisfaction with your work. This helps to increase the retention rate as the team of experts handles the work stress and billing needs. 

Six Signs to Outsource Medical Billing Services

Before going with any medical billing services, you must know when it is the right time to outsource medical billing services. Here are some questions that you can ask yourself before outsourcing to avoid huge losses:

1. Does the billing process take several days or weeks to complete? 
2. Is your team of medical billers not able to resolve errors? 
3. Are you facing reimbursement and compliance problems? 
4. Do you need help with your business revenue? 
5. Are your claims getting rejected due to errors in the billing?
6. Do you want a better performance analysis weekly, monthly, or quarterly? 

If your answer is yes to these questions, it’s the right time to handle your requirements with the experts in the field. 

How Invedus can help your Team to Grow and Develop

As a healthcare professional, you are responsible for focusing on patient satisfaction and experience with you. At the same time, you must handle your business. I hope this article has given you enough reasons to outsource medical billing services. If you count yourself in, consider hiring a trusting partner like Invedus.

Our dedicated team of medical virtual assistants can give you the right solutions by ensuring an error-free medical billing process. Connect with us to discuss your requirements, and we will gladly help you.