Billing Solutions Team
More doctors, hospitals, and other medical businesses are opting to outsource their medical billing services. Studies predict that the medical billing industry will be worth 17 billion dollars by the year 2024, becoming more relevant than billing that is done in-house.
Physicians and businesses alike are starting to see more benefits from remote medical billing companies, and have made the transition from in-house billing to outsourced billing for the past several years. Here are reasons why you should consider following suit as well.
One reason why doctors are opting to shift away from in-house billing is the ever growing complexity of medical coding and billing. A greater knowledge and specialty in the exact field is required for adequate performance when it comes to managing codes, identifying terms, and crunching numbers. While in-house billing services are capable of coding hundreds of transactions by the month, specialty billing services can code thousands in the same time frame, due to the nature of the job that they do, as their jobs mostly are exclusive to medical billing solutions.
When doctors are given the task of medical coding and billing, they are given the unneeded pressure to handle medical jargon to prevent the lowering of insurance reimbursement. With the help of medical billing services, doctors can be left to focus on seeing and tending to patients. Office staff can also notice a reduction in call volume, on account that the inquiries about medical bills will be forwarded to the medical billing service.
Outsourced medical services can also lead to smaller expenses and bigger revenues. A medical billing department in-house can tend to be a fixed monthly or annual cost, and chances are they are likely paid more than what their efficiency suggests. Remote medical billing, however, can terminate the need of having extra staff on the payroll, and room in the facility dedicated to this staff.
Due to outsourcing, medical facilities with high rates of medical claims means that more claims can be processed in a period of time. This means you and your staff make money faster.
Outsourcing one’s medical billing department may be a hard decision, whether they do not want to part with current staff or think the transition is too much work, but it will eventually be a decision that is easy to make due to the increase in reimbursement. While this is indeed a big change for any medical business, moving services from in-house to an outsource agency is a seamless transition, thanks to digital advancements today.