Over the last decade or more the collection procedures and policies towards patients who are uninsured and under-insured have come under intense scrutiny. This has given rise to the controversial “Affordable Care Act” (ACA).
It is no surprise that every hospital thrives to provide quality care besides meeting the patients’ needs and the community they serve. These services may vary in every healthcare unit for various reasons. However, there is one common issue that nearly all the healthcare facilities, hospitals and practices face, i.e. billing issues. With many hospitals still lacking in resources and staff, there is no positive resolution, which leads to unhealthy relationships and loss of reputation for hospitals.
The loss of revenue caused due to errors in the billing process amounts to 20 to 30% in most of the American hospitals. Many hospitals also have inadequate privacy and security concerns and bear the brunt of violating HIPAA laws.
Outsourcing the medical billing can lighten up the complicated insurance claims procedure. Billing partners also take entire ownership of medical documentation, making it a much profitable deal. It can give a practice certified coding professions within budget, improving their system.
Given the constant healthcare reforms, the administrators and physicians are bound to spend their time and resources to remain up-to-date and also educate their staff. This consumption of time in administrative tasks has a direct effect on the cash flow, payment collectibles and profit of a healthcare organization.
Here are a few reason how outsourcing is actually a profitable venture:
Thus, a positive collaboration with a billing partner to bring in the best billing experience can lead to a financially strong base for a healthcare facility, with a smooth cash flow, more revenue, patient satisfaction, and optimized use of resources.
MedicalBillersandCoders.com is one such partner that has been serving physicians for over 15 years with their expert coding and billing team.