With the rising cost and pressure of reimbursements, providers are facing unparallel financial pressure. Today healthcare providers understand outsourcing is the best option for reduction in the operational cost and focusing more on patients care. According to a Black Book Survey, it is reported 80% are considering outsourcing full revenue cycle management whereas 18% reported out of 700 hospitals have already opted for full revenue cycle management. In fact, a report of July 2018 stated the global healthcare revenue cycle to see an increase with $11.7 billion in 2017 to $23 billion by the end of 2023. Due to its increasing demands for outsourcing organization choosing the right operational extension becomes difficult for providers.
Pros of outsourcing:
- Provide customized report –in case of outsourcing a regular reported is always generated showing the productivity and progress of the workflow of the outsource organization, which is missing in case of in-house. This report helps to focus on the area where much attention is needed.
- Track pending account receivable – account receivable takes few months to a year which is why proper and regular follow up is always needed and one has to be regularly updated. As this process requires a lot of time and patience, outsourcing is the best option for it, as trained resources are already appointed only for such process making the task easier and faster.
- Usage of updated software – learning software takes time and continuously updating the software need awareness which lacks in in-house services. Whereas outsourcing organization is always up to date with billing software like primeRx, brightree etc. Here people are specifically trained to use software for faster billing process.
- Faster workflow and cost effective – in-house billing service peoples are often seen
juggling in between front desk work and billing work, this delaying the billing process. Even due to the extreme work pressure the chances of errors are more seen in in-house than outsourcing. In outsourcing peoples are specifically trained and kept only for billing purpose this helps in faster work delivery with reduced errors. The reduced employee head, errors also affect the revenue which is why outsourcings prove to be more cost-effective.
What makes Sunknowledge the best Medical billing services?
Being an age-old 100% HIPAA compliant Sunknowledge Service Inc with 99% accuracy rate and working more than 100 clients including Medtronic has proven its existence in the healthcare medical billing industry. A 360-degree medical billing services providing DME Billing and 28 other medical billing specialties with a track record of 80% instant reduction in operational cost, 30% reduction in AR bucket from the 1st month as well as 97% collection rate even from the aging account is something even Brightree billing services can’t provide. We also have trained experience resources working on several industries standard practice management and billing software like PrimeRx, Fastrack, SOS, kareo and Brightree billing services etc. We also provide a no-cost dedicated account manager working 24*7 at the lowest at $7 per hour service rate for all your medical billing problems.
So call Sunknowledge experts to experience tailor customized effective solution for revenue generation better than brightree billing services for your organization. For more information speak to our experts over a ‘no commitment call’. We are just a call away!