The entire healthcare industry changed over since several years. The Affordable Care Act to the implementation of ICD-10, physicians are unable to keep up with new regulations, Therefore, Medical Billing industry is gaining very rapid growth. It is expected that medical billing outsourcing market will grow more than $16.9 billion by 2024. It is expected that 90% of independent and small physician practices are planning to outsource their billing. Here in below are reasons that why physicians are moving from in-house to outsourced medical billing.
Inadequate in-house expertise:
Medical billing and coding become increasingly complex, requiring a greater level of expertise to achieve optimal reimbursement and maximum cash flows. In-house billers and coders may process hundreds of claims each month, while a trained and expert team of medical billing company processes thousands claims across multiple specialties. Medical practices can benefit from this wider range of expertise and knowledge, by outsourcing their medical billing.
Increase revenue and reduced overheads.:
In-house medical billing means staffing and IT infrastructure, which is fixed cost for medical practices. It is significant cost for an independent practice and must be paid regularly regardless of the amount of revenue. Outsourcing billing eliminate significant portion of those overheads, converting it to variable costs based on the number of claims processed and reimbursements captured. Physicians with high claim volume experience significant revenue growth by outsourcing. Twenty percent of claims are processed erroneously by payers, resulting in underpayment or no payment. Practices can achieve vast improvement in cash flow and revenues when outsourcing medical billing.
In order to meet the latest industry demands, billing software has undergone evolutions. It is very necessary to upgrade billing software to maintain billing efficiency and to stay compliance. Upgrading software cost sometime very heavy. Practices who are reluctant to invest in upgrades may find that their current software is outdated, making the billing process less efficient.
Focus on patient care:
Due to MACRA and the shift to value-based care, practices are continuously under pressure to refocus on quality metrics to prevent penalties leading to lowered insurance reimbursements. Practices can focus on patient care without the added stress, once medical billing is outsourced. Even front office staff will also benefit due to reduced call volume as all incoming billing-related phone calls will be directed to the billing company.
Consider X-Factor Healthcare Solutions LLC as your Medical & Dental Billing Partner
You are at the right place for a Medical & Dental Billing Partner who can focus on your Revenue Cycle Management and make the technology and implementation just as simple.
That’s what the best medical billing company X-Factor Healthcare Solutions LLC can do.
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