Errors in the medical billing process are foreseeable. It is often seen that overall higher amounts for employee insurance, co-pays, and out-of-pocket costs are the consequence of errors and overpayments in the health care coding and billing process. According to research, one out of five claims end up with billing and coding errors; adding more than $15.5 billion in administrative costs. Furthermore, the survey has also revealed that 3% -7% of claims pay inaccurate amounts.
With the COVID -19 pandemic crises, the complexity of claims has become worse. With COVID-19, those figures have grown to a larger extent and created problems in emerging services and resulted in more prevalence of, fraud, waste, and abuse (FWA).
It is no doubt that the healthcare industry is constantly changing and billers and coders in fact play a vital role in ensuring a healthy bottom line. This is why today practices are opting out – outsourcing medical billing practices.
Is outsourcing medical billing a good option?
Assisting your financial side, an experienced outsourcing RCM organization ensures that your claims are accurately submitted in a timely manner. Reducing the number of denied and rejected claims which occur due to billing errors, outsourcing your medical billing can maximize reimbursements on future claims. Furthermore saving thousands of dollars by eliminating unnecessary expenditure that you end up wasting on like – annual salaries, other benefits, office supplies, software purchasing, upgrading and maintaining billing software along with training sessions of billers and coders, outsourcing save it all. Without waiting for claims, you further experience an uninterrupted billing operation improving your reimbursements and your cash flow.
Providing you a steady cash flow which is important for your bottom line and the success of the medical office, outsourcing saves your resources further with undivided attention, as it is difficult juggling the demands of treating patients and handling billing issues.
Dipak Nandi, a pioneer in the healthcare industry in fact observed, reducing the burden placed on your front office staff by outsourcing you experience a boost in productivity, efficiency, and employee morale.
