A medical institution, office, or hospital functions properly not just when excellent healthcare services are provided but also when its back-end processes function effectively. Medical billing and coding go hand-in-hand. It becomes increasingly difficult nowadays to keep up-to-date with the demanding requirements of an especially strict industry as healthcare, especially as medical breakthroughs happen more often than ever. Nothing is too trivial such as medical codes that aren’t updated correctly that can lead to errors in billing and may cause significant losses.
Why outsource medical billing and coding processes
A skilled manpower is necessary for handling these tasks as they require analytical and decision-making prowess. Just as much as it is of paramount importance to focus on your organization’s core competencies, the same expertise must also be applied to medical billing and medical coding. This is why many healthcare professionals and practitioners opt to outsource these requirements to a third-party service provider.
Listed below are ten benefits of outsourcing medical billing and medical coding to a trusted offshore provider.
- Cost-saving benefits
Labor costs are cut down significantly, which includes spending on training and updating an in-house or dedicated team with the latest regulations. It also addresses the shortage in medical coders affected by the expansion of the ICD-10 coding guidelines. Offshore staffs to either or both medical coding and billing personnel are inarguably less expensive than paying for their domestic counterparts.
- Increased revenues
Reduced overhead costs don’t always translate to increased cash flow. But in this case, saving money and time in investments and expenses such as office and IT infrastructure, as well as salaries translates to a better-managed submission of claims and increased reimbursements. Adding to that, there is no disruption in the workflow since outsourcing companies provide continuity after regular business hours.
- HIPAA-compliant security measures
Safety is highly prioritized in offshore service providers. Transactions are secured and can be accessed when needed. HIPAA-compliant service providers are built and structured to maintain confidentiality and safeguard sensitive information from scrupulous parties. There is also a solid disaster recovery strategy put in place to guarantee uninterrupted operations.
- ICD-10 adherence
The revised ICD-10 codes are in response to the fast-paced changes in the U.S. healthcare industry that gives rise to higher costs of medical insurance, shifting restrictions in coverage and allowances. There is a need for medical coding to be accurate at all times, as ICD-10 will have a significant effect on time management and payment outcomes for health providers. An offshore medical billing and coding staff are up-to-date with these regulations.
- A staff of trained, certified, and highly skilled personnel
A dedicated team of trained and certified medical billing and coding specialists are well-informed in the business requirements and demands of these tasks. They will familiarize themselves and apply their skills according to the customer guidelines and procedures in that specific facility.
- Work scalability
Particularly in medical coding, outsourcing highly experienced and skilled medical coders well-versed with the ICD-9 and ICD-10 guidelines are beneficial in balancing the workload and their capability to function in different organization setups.
- Commitment to quality
Standardized processes are already established, along with data-driven improvement initiatives that will shorten turnaround time and increase accuracy results. This, while maintaining and/or improving the workflow to ensure better quality and productivity.
- Up-to-date with regulations
Outsourcing your medical billing and coding to a trusted third-party provider will provide more time to focus on other critical areas of the operation. Medical billing regulations change every so often, which will eat up a significant chunk of your time. Having an outsourced partner to take care of it gives you more time to make sure your facility is on track with regulatory changes while still being on top of things.
- Increased control
Having an outsourced dedicated staff to take care of medical billing and coding does not mean less control on these processes, but a smart and strategic delegation of tasks. This ensures no other operational areas will be overlooked.
- Better experience for patients
Ultimately, it’s not just the business and operation side of things that will benefit from hiring an outsourced trained and dedicated medical billing and coding staff, but also the patients. Further financial problems caused by errors or delays in processing a patient’s bills make for an unpleasant experience on top of stresses caused by health concerns already. A highly efficient and effective billing and coding process is beneficial for everyone involved.