More physicians and healthcare providers are striving to improve their revenue cycle management services with smart solutions. According to a recent survey, the demand for hiring a medical billing company will increase from $6.3 billion in 2015 to $16.9 billion by 2024. Hence, it is surpassing the demand for in-house billing departments so rapidly.
These statistics show that 90 percent of independent and small physician practices are stepping towards outsourcing billing services for better opportunities. In this article, I have highlighted the key factors that describe the significance of a medical billing collection agency.
To learn more information about the integral factors for the best medical billing company then I recommend you to click on the given link: https://medcaremso.com/medical-billing-company
Why is outsourcing medical billing services a new trend?
The entire healthcare industry has been dealing with a host of administrative challenges over the past several years. From the introduction of the Affordable Care Act to the implementation of the ICD-10 coding system, providers are finding it difficult to comply with the new regulations, especially those related to billing and coding procedures.
Hence, to acquire expert assistance and professional industry knowledge, healthcare providers tend to consult with revenue cycle management experts. It helps them to get powerful and practical insights into modern industrial solutions.
A medical billing company can help you accelerate your financial growth in the following way;
- In-depth Experience:
Generally, coding & billing or overall revenue cycle management has become extremely complicated due to the rapid change in the federal and payer’s regulations. It has forced providers to also obtain regular education of financial administration alongside their medical practice. Hence, it has become such a difficult and time-intensive task for physicians and their staff to deliver compliant medical billing services.
Therefore, they need to acquire professional assistance from expert billers and coders. A reliable billing company provides you a dedicated workforce of qualified and well-experienced staff that handles your business and operational transactions with a wider range of expertise and knowledge.
- Advanced Billing Solutions:
Most of the providers lag behind their revenue goals due to obsolete methods and software that they use for medical billing services. It is important to stay afloat with innovative billing solutions that can help you stay compliant and maintain revenue cycle management efficiently.
Thus, when you partner with a medical billing company then you can stay ahead of your competitors with advanced analytical solutions. They provide you expert knowledge and insightful analytics to improve your business productivity with practical innovations.
- Focus On Patient Care:
There are several elements that add to difficulties for medical providers such as regular changes in MACRA and the shift to value-based care. Physicians and their staff are always under pressure to learn about these changes and refocus on quality metrics to prevent penalties that can lead to reduced insurance reimbursements.
This factor negatively impacts the financial status of any healthcare organization. When you outsource medical billing services then it will give relief to physicians from administrative responsibilities. Hence, they can pay more attention to patient care without the added stress of overseeing revenue cycle management responsibilities. Similarly, the front office staff will likely benefit from decreased call volume due to the presence of robust administrative support. Since the medical billing company will be handling all the incoming calls.
- Improved Revenue Collection:
It is the most common misconception that in-house medical billing is less costly than outsource medical billing services. If you compare the variable cost of inhouse billing practices in terms of salaries, incentives paid leaves, vacations and annual holidays with a fixed fraction of outsourcing billing expenditures then you will be able to make a better decision for your practice.
A billing collection agency would charge you the fixed percentage from the revenue they collect on your behalf. It will eliminate a portion of those excessive cost overheads. Even small practices that have a few numbers of unpaid claims per month can experience a significant improvement in revenue growth when outsourcing billing administration.
When should you outsource medical billing services?
It might seem a very difficult decision to outsource and rely upon a medical billing company. Although, after an in-depth analytical study of your different business aspects can help you get better insights into qualified decision making.
Shifting towards new medical billing solutions can be an intimidating and complex experience, especially for those physicians who have a complete set up for the in-house billing department for years. On the other hand, moving from in-house to outsourced billing is actually a smooth transition.
You just need to do complete industry research and find the best option for your business. You can simply search for several medical billing companies on the internet, view online reviews and feedback on social medical about those firms. Learn about their proven track records of increasing reimbursements and paid claims with their existing clients. In this way, you can select the best agency that has the potential to fulfill your requirements.
If you are also in search of professional assistance in coding and billing services. Then look no further. MedcareMSO is the most reliable medical billing company that can help you by providing a complete range of medical billing services.