Due to the ever-increasing demand for medical services in the healthcare industry, many healthcare providers turn to outsource to lighten their workload.
By outsourcing medical services, healthcare organizations can access specialized skills, gain greater knowledge and lessen the likelihood of errors.
Outsourced BPO is among the leading outsourcing providers offering healthcare roles. Its medical outsourcing services include a medical billing process.
What is medical billing?
Medical billing is an essential element of the healthcare industry. It is the process of filing health insurance claims on the patient’s behalf to get reimbursement for services given by a medical institution.
After filing for the medical billing, the insurance company evaluates the claim and decides whether or not to pay for the services provided by the healthcare practitioner.
Outsourcing medical billing allows healthcare establishments’ in-house teams to focus more on other important aspects of their roles. It also guarantees that medical providers are compensated for their service.
Benefits of outsourcing medical billing
The benefits of outsourcing medical billing are numerous. It can help healthcare providers reduce administrative costs, improve cash flow, and increase revenue.
To explain further, the following are the significant benefits of outsourcing medical billing:
Outsourcing medical billing is the most cost-effective option, particularly for small clinics. Outsourced BPO can help you to save up to 75% when you outsource your medical billing to them.
In addition, you don’t have to invest more in resources because outsourcing providers handle all of their team’s needs.
2. Increased work efficiency
A sudden increase in patient-assistance volume can overwhelm healthcare staff, especially during the pandemic when medical facilities receive overpouring cases of hospitalizations.
So for healthcare practitioners, filing claims and invoices could be exhausting and time-consuming. Third-party providers like Outsourced BPO can help free the medical staff from these non-core task hassles.
3. Fewer billing and coding errors
Medical billing experts in Outsourced BPO can help minimize the likelihood of billing and coding errors resulting in payment delays. These seasoned specialists undergo constant training in the industry’s best practices.
4. Ensures compliance
Premier outsourcing firms, such as Outsourced BPO, are HIPAA compliant. Its medical billing experts can guarantee that your billing requirements adhere to the most current healthcare compliance standards.
Disadvantages of outsourced medical billing
Despite the benefits of outsourcing medical billing, you should also understand the associated risks to be prepared for any potentially unfavorable outcomes.
1. Communication barriers
Outsourcing medical billing means employing external teams from different office locations, in some cases, remote teams from different countries. Communication can be a major concern as businesses won’t be physically working with their outsourced teams.
But with today’s technological innovations, efficient communication and collaboration have become possible through online tools and applications.
2. Loss of data control
When you outsource your billing process, you should know that you will be handing over sensitive data to your service provider. Understandably, it can be hard to entrust data and give full control to external providers.
On a positive note, Outsourced BPO complies with worldwide regulatory Information Security Management System (ISMS) standards, ensuring the security of your information and data.
3. Added fees
While outsourcing offers cost-effectiveness, other BPOs may charge hidden fees like legal fees, apart from the fixed price of the outsourced services. So before you sign the outsourcing contract, it’s best to ensure that everything is laid out in the agreement.
Quick tips before you outsource medical billing
While outsourcing can be a strategic practice to save time and money, it’s crucial to do your research and opt for a reliable outsourcing provider.
Ensure that you are familiar with the BPO company’s medical billing process and how it handles claims. Inquire about their experience and track record, and verify if they have a solid reputation within the industry.
Entrust your medical billing to Outsourced
Outsourced BPO is an ideal outsourcing partner that tailors its solutions according to your organization’s needs
The company has medical billing specialists with years of experience working for various clients. They assist small and medium-sized businesses through cost-effective and successful healthcare outsourcing solutions.
Outsourced BPO is also renowned for its friendly work environment, which encourages excellence and it has continuously retained more than 95% of its employees.
Talk to their experts now to receive the excellent support your medical practice needs!