It is one of the great ironies of the health sector that the very thing needed to acquire revenue can be such an expensive exercise. Medical billers are unsung heroes of health services and hospitals across the globe, spending their days (and nights) calculating and handling payments for medical services, products and procedures. Whether preparing invoices, establishing payment plans or ensuring patient details are up to date, they play a vital back-end role that allows doctors and nurses on the frontline to do what they do best.
The only catch - employing an in-house medical billing specialist or team has a habit of cutting into the very revenue they are collecting. In addition to salary and wages, there are a myriad of expenses that need to be outlayed including onboarding and training, employee benefits, office space, equipment and software, staff churn and technology infrastructure. Then there is the reality that despite their best intentions, internal employees are not immune to making billing errors that can prove costly.
Fortunately, there is a rapidly growing sector that is providing much-needed relief for hospital and health services. Outsourcing has long been associated with contact centers and IT support, but has evolved to boast providers that are experts in the field of medical billing and offer tailor-made services for clients of all shapes and sizes. With the COVID-19 pandemic applying unprecedented pressure on health administrators, it has never been more important for them to consider smarter ways of doing business and it is no surprise the global medical billing outsourcing market – already estimated to be worth $10.2 billion in 2020 - is expected to grow at a compound annual growth rate of 12.66% from 2021 to 2028.
While countless sectors have been reaping the rewards of outsourcing for decades, it can be a big step for health executives to do the same with their medical billing requirements. That said, those hospitals and medical practices that do their research and partner with a quality provider regularly end up being passionate advocates of the concept for a variety of reasons.
The pros of partnering with an expert outsourcing provider far outweigh the cons but there are a few factors that hospitals and health services need to consider when exploring their options.
If you believe outsourcing may be the remedy for your medical billing migraines, there is no time like the present to take the next step. A wealth of providers will welcome your enquiry but take the time to do your research before reaching out. Study their websites and online material, paying particular attention to whether they have the knowledge of your systems and software to provide the best level of support for your team.
Communication is also paramount in any outsourcing partnership. Let them know the exact job requirements, skills and qualifications required of your ideal medical billing specialist or team as this will help them source the right candidates and streamline the recruitment process. An outsourcing hub such as the Philippines is also the third largest English-speaking country in the world, with their medical billing talent not just speaking the language but speaking it very well.
Hospitals and health services are undergoing major changes in the platforms they work with and the way they deliver care, all the more so on the back of COVID-19. Learn what the future looks like for healthcare and how providers can stay one step ahead in this eBook – The Future of Healthcare Delivery in the US.
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