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Before we get to the reasons why outsourcing medical billing services is good, here are some facts to mull overAn American Hospitals Association 2019 report has pegged the value of uncompensated hospital care since 2000 at more than $620 billion.A Mckinsey article has reported that out of medical bills exceeding 3000$, a startling 99 % were not paid in full.According to Bloomberg, bankruptcies in the health care sector have more than tripled in 2017.
Here are some reasons why engaging an offshore medical billing service is a smart move for healthcare providers.1.
Savings in Time:Outsourcing medical billing saves time in more ways than one i) healthcare staff spend less time on administrative duties, ii) many incoming phone calls are diverted to the billing company iii) time spent on training staff on changing regulations is saved iv) accurate claims mean faster claim settlements2.
Savings in Cost:Using a professional billing service guarantees a positive ROI.
Healthcare providers can also save on office infrastructure and storage infrastructure for medical records.
Constant Upgradation in Technology and Knowledge:Medical billing companies are in a better position than hospitals and doctor offices to make capital investments in upgrading their technology on time.
