The Department of Health and Human Services (HHS) and the Center for Medicaid and Medicare Services (CMS) are going all guns blazing to implement Value-Based Care (VBC). Compared to the traditional? fee for service? the revenue model of the US healthcare industry, VBC strives to bring more effective healthcare to citizens for a lesser price. While it is beneficial for patients, it can be burdensome for care providers. Now they are left to grapple with exhaustive performance measures and claims submission procedures. The primary responsibility of care providers is to treat patients. Unfortunately, the insurance reimbursement and performance incentive models require them to be both scrupulous and precise in terms of medical coding and billing. All eyes are on care providers and their ability to provide accountability for the treatment.
Easing the Pressure for Healthcare Providers
The level of detail and care required in the billing process is high. This can take a toll on unsuspecting healthcare practices. In the extreme case, it hampers the ability of care providers to invest in healthcare IT and specialized care. The revenue lost to denied claims is high. The American Academy of Family Physicians (AAFP) reports that the average claims denial rate across the US healthcare industry up to 10%. These are large numbers that quickly become worrisome for providers if they are not too careful. The need of the hour is a workforce that is trained well to manage healthcare billing only. Enter healthcare bpo companies, the masters of efficient healthcare billing. These companies know how to allocate their resources to optimize the billing duties of a care provider. They can easily cope with billing regulation changes and leverage technology to maintain accurate billing data.
Here's Why Healthcare BPO Companies are the Solution
Medical billing outsourcing providers empower healthcare providers with a large number of benefits. They bring a winning combination of experience and expertise to help healthcare providers stabilize their revenue cycle. Here are some of the many benefits that are leading to healthcare providers outsourcing billing duties
Increased Revenues: Increased overhead costs are the bane of a healthcare practice. These come in the form of salary for billing specialists, subscription fees for billing software, and infrastructure cost. Outsourcing services providers help care providers save costs by optimizing all the resources needed to set up an efficient medical billing process.
Access to Latest Billing Software: With healthcare bpo companies utilizing the latest software products to deploy their services, care providers get access to high performance. These customized billing applications ramp up the pace and accuracy of the medical billing and claims submission process.
Reduced Labor Costs: Healthcare providers get a comprehensive package that gives them direct cost savings. Medical billing service providers help care providers reduce unnecessary costs which include personnel training and software upgrading.
Focus on Clinical Aspects: With a dedicated team of experts taking charge of their medical billing process, care providers can focus on clinical tasks. Since medical billing management eats up a significant chunk of their revenue, hospitals are usually unable to upgrade equipment and explore specialized care. Medical billing outsourcing frees up key resources to explore healthcare innovation.
Adaptation to Regulatory Changes: Healthcare outsourcing partners always stay updated with the latest healthcare regulatory changes. This saves care providers time and costs, that are otherwise invested in keeping up with these changes.
Outsourcing medical billing services to healthcare BPO companies gives care providers the strategic advantage they need to earn more revenue. There is no surprise why these companies have now become an indispensable resource.
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