It is fair to say there has never been a more important time for hospital and health service providers to leave no stone unturned when it comes to improving business processes. While the COVID-19 crisis has seen clinicians rightly praised for their efforts on the frontline of the global pandemic, health executives are also under enormous pressure to manage the financial realities of a stretched health system.
Amid such difficult times, it is little wonder the spotlight has fallen on the importance of medical billing and medical coding. While a largely anonymous function to the general public, anyone who works in a health system appreciates that accurate and efficient medical billing and coding is crucial to ongoing funding and resourcing. Medical billing specialists calculate and handle payments for services, products and procedures, while medical coding is a language of all of its own that allows communication between the health sector and its insurance partners.
With the global medical coding market alone estimated to reach more than $30 billion by 2026, many health executives are grappling with how to best navigate what is an increasingly complex and crucial environment. Employing in-house medical and coding teams can be a costly affair, with salaries and wages just one part of the fiscal pie. Onboarding and training, employee benefits, office space, equipment and technology infrastructure all put a strain on budgets, not to mention the fact under-resourced and overloaded employees are more likely to make costly billing errors.
For this reason, offshore providers are increasingly helping ease the strain by offering to outsource medical billing and medical coding services for hospitals and health services of all sizes. Just as they have done with contact centers and IT support, virtual armies of highly qualified and passionate recruits in outsourcing hubs such as the Philippines are ready and waiting to lend their expertise at cost-effective rates.
There are many reasons the global medical billing outsourcing market is increasing at a rapid rate. Estimated to be worth $10.2 billion in 2020, it is expected to grow at a compound annual growth rate of 12.66% from 2021 to 2028 and it is easy to understand why when you consider the benefits of looking offshore for talent.
Medical billing and coding are far too important to be left to chance, particularly in an era when financial and resourcing pressures weigh heavily on health executives. Looking offshore to qualified, experienced staff is the smart way to ensure you are giving your organization the best chance of running a system that delivers for your clinicians, patients and bottom line.
Offshoring has allowed one fast-paced company to meet the demands of servicing more than 600 healthcare organizations while saving more than 60% in administration costs. Find out how they did it in this Healthcare case study.
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