Medical billing companies today are facing a huge challenge in operating a successful billing operation. This is because due to the scarcity of experienced billers and coders, most of the medical billing companies are encounter problems like – billing and coding errors, delayed in reimbursement, disrupt in cash flow, delayed in claims submission and errors in claims management, rising old and aging accounts receivable etc. In fact, in many places it is becoming really challenging especially for small to medium billing companies to maintain a seamless billing process at the same time ensuring proper care management.
It is no secret that errors in medical billing companies are common and inevitable. Furthermore, despite having proper billing knowledge and regulations, many healthcare practices are failing to achieve a successful billing operation due to the huge pressure to cover up the work of missing billers and coders. Staffing for these critical roles is costly on its own.
For healthcare providers, the time that is needed to process claims and reviews them from patient to insurance company interactions takes about 25 to 31 of expenses. In fact, in terms of staffing alone, an average annual costs spend comes up to $99,581 per individual provider, leading to a very expensive affair.
This is why most medical billing companies are practicing or opting out of outsourcing their medical billing operation. Outsourcing has not only helped numerous medical billing companies from saving millions and millions of money but also resources and time. Reducing billing errors, accelerating cash flow while ensuring billing compliance, outsourcing also improves patient satisfaction.
Helping practices focus more on the patient, outsourcing today is the most relevant solution to the shifting billing regulation, new codes, and increasing healthcare cost, stated Dr. Dipak Nandi, a recipient of several entrepreneurial awards, M. D, and a board-certified psychiatrist. He has been working in the healthcare industry for more than a decade and understanding the present industry state of affairs in fact also said outsourcing is the future for many of the healthcare practices.