Even today it is seen that hospitals and physician practices continued to face financial challenges as expenses outpaced revenue and operating margins remained negative. In fact, in recent data by Kaufman Hall stated healthcare practices are still struggling to maintain minimum profitable ratio.
Today the administrative tasks associated with medical billing for providers are not only just a time consuming and complex affair but are also the worst nightmare for many providers. However, don’t you worry, as you are not alone in this challenging arena. According to a recent study by the MGMA, it is reported that the majority of clinic offices are dissatisfied and downright frustrated with the unacceptable administrative burden; as physicians are spending roughly three hours weekly dealing with health-plan administrative tasks and other staff are wasting far more time on the same. In the report it is also seen that senior administrators averaged about two hours per week, nurses close to 20 hours a week, and clerical staff spent anywhere from 35-40 weekly on health-plan administrative tasks. This is not only taking the staff’s time but also costing practices a huge amount of money. Though there has been little improvement in certain areas of medical billing over the last two years, the overall picture is quite frustrating.
This is why to improve the time spent and focus more on patient care and not on administrative affairs healthcare practices are looking for outsourcing their medical billing.
Benefits of outsourcing your medical billing operation:
Today more than 83% of healthcare practices are opting out of outsourcing. Improving your billing transaction and reducing overall expenses, outsourcing today not only save a lot of money but also time.
Improving the bottom line, outsourcing today is a convenient solution for many – stated Dr. Dipak Nandi, recipient of several entrepreneurial awards and a renowned personality in his field of work for his outstanding contribution to the healthcare industry. Dr.Dipak Nandi a prominent member of the healthcare industry, in fact, stated outsourcing today is the future of many healthcare practices looking to improve their ROI.