You have set up your independent medical practice and you’re slowly climbing up the first leg of growth. Then comes the big challenge – the increasing complexity of medical billing. The one question that looms large over your sky at this point is this: ‘To outsource or not to outsource?’
Before arriving at an answer let us look at some facts
- Nearly 80% of all medical bills have errors and in around one-fourth of these bills, the errors involved a significant amount of money.
- The average cost to file an initial claim is $ 6.75 while the average cost to rework a denied claim is around 25 $
- In the last seven years, there has been a 70% increase in data breaches in the healthcare industry
So what do these data tell us? They tell us that precision and attentiveness are absolute musts to reach a satisfactory level of efficiency in medical billing. And we know that efficiency improves when any task is handled with more specialized knowledge and expertise. Medical billing companies with an exclusive focus on billing, tend to collect more revenue at a lesser cost. The benefits of increased efficiency are not only limited to savings in cost but also spill over to other aspects of healthcare operations. Here are some more reasons that tilt the balance heavily in favor of outsourcing medical billing.
Economies of Scale
Billing companies operate at a much higher scale than a private medical practice. They handle billing for many healthcare providers. This enables them to make billing claims at much lower costs than small independent practices.
Faster Reimbursements
A billing company has most likely invested in the technology and other infrastructure needed for faster billing. They have well-established processes and workflows that expedite collections.
More Focus on Patient Care
When you outsource your medical billing process, you free your staff from cumbersome repetitive tasks associated with billing including identifying and rectifying errors, monitoring the process, and claim reviews. This in turn lets them focus on the more important goal of improving patient care quality.
Stable Billing support
Long and frequent vacations taken by one of your staff or a sudden sickness that keeps more than one employee from work means that your bills are not raised on time. Outsourcing ensures that such low employee turnovers do not affect your billing performance.
Better control of your Financial Health
The main reason that stops physicians from outsourcing their billing process is the fear that they will lose control over their practice’s finances. But studies have shown that, contrary to popular belief, outsourcing to medical billing companies brings more transparency and control as you can get reports on a real-time basis which makes monitoring finances much easier.
Keep Up With Healthcare Changes
One of the most challenging aspects of Medical billing is adapting to the constantly changing regulations in the US healthcare industry. For Billing companies whose sole focus is on mastering the nuances of the billing process, staying updated on these changes is a core focus area. So when you outsource to a professional medical billing company, keeping up with your compliance needs is less of a burden to you
To reap these and other advantages, outsourcing medical billing will be the best decision that you can make to strengthen your practice’s financial resilience. If you are looking for a medical billing partner with the expertise to reliably support your practice, reach out to us. Rannsolve with its highly experienced and trained professionals and state of the art technology has a proven track record of lowering denials and boosting collections for its healthcare clients across the country.
But it is not any less important.
As the first context of contact with the patient, it strongly affects the entire experience that a patient has with your healthcare service.
A 2017 study by the University of Utah reports that 39% of patients surveyed considered scheduling a timely doctor appointment as the most important expectation they have from a healthcare service.
That is not quite surprising when you consider the results of another study.
Confirm appointments by text or emailWhen a patient misses his/her appointment, it is not only the patient who suffers the consequence but the physician’s office too.
Leverage the potential of data analytics Data analytics has opened up unique solutions for problems in every industry and specialization and it could be very well explored for rectifying hitches in Patient scheduling too.
Why is it so important to verify benefits and eligibility of the insurance?
Here's what you need to know.
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Global Europe Healthcare RCM Outsourcing Market by Type, Application, Regions and by Key Players, Forecast to 2026 documents an overview of the market trends, competitive structure, market shares of the competitors, market demands, market drivers, market restraints, and product analysis, and.
The report presents a detailed analysis of global Europe Healthcare RCM Outsourcing market size on regional and country-level, recent developments, segmentation market growth, strategic market growth analysis, opportunities analysis, and product launches.
Competitive landscape provides details by vendors, including company overview, global presence, company financials, market share, market potential, sales and revenue generated, price, consumption and production sales, SWOT analysis.DOWNLOAD SAMPLE REPORT: https://www.reportcrux.com/request-sample-report/Europe-Healthcare-RCM-Outsourcing-MarketThe report highlights in-depth quantitative as well as qualitative insights, historical data, and market size projections till 2026.
It also gives a perspective on manufacturers, associations, specific organizations, industries, companies, and suppliers that work to expand their business worldwide.
Value chain analysis of the industry is explained in detail this providing a clear view of key mediators involved.
Key market players in the global Europe Healthcare RCM Outsourcing market, consist of Conifer Health Solutionsnthrive (Medassets + Precyse)optum360Change Healthcare (Emdeon)McKesson RelayHealthParallon (HCA)MedData (Cardon Outreach)MedAssist (Firstsource)The SSI GroupAvailityAccretive Health (R1 RCM Inc)GeBBS HealthcareCerner Request for Research Methodology: https://www.reportcrux.com/research-methodology/Europe-Healthcare-RCM-Outsourcing-MarketRegional Analysis:Based on region, the market report is segmented into five main regions i.e.
The Healthcare RCM Process is a complicated cycle, it follows an order and it flows in the way as mentioned below: RegistrationFinancial CounselingCharge CaptureUtilization ReviewMedical Record DocumentationClaims SubmissionThird Party Follow-upRejection ProcessingPayment PostingAppealsContract Management These are the processes included as a part of Healthcare Revenue Cycle Management Services.
They differ in their features based on the type of software that the Hospital or Clinic is using.
These are the organizations that not only provide Healthcare Revenue Cycle Software but also Healthcare RCM Solutions.
From providing Healthcare Revenue Cycle Analytics that include customized reporting of financial data, information management and providing key performance metrics, it is also ensured that intuitive data visualizations are present to get a better understanding of the reports by just rolling one’s eyes through the charts and graphs -- all just in a single glance.
Errors such as code flaws, inaccurate capturing of patient data, low quality of patient engagement and other factors are analysed using Healthcare Revenue Cycle Analysis softwares in order to get an overview of the situation and ensure that Healthcare Revenue Cycle Management Optimization is done correctly to leave no room for errors.
Also, in hindsight, Healthcare Revenue Cycle Management (RCM) Outsourcing does not account to being a better fit than Healthcare RCM Softwares.
