In the west, hospitals, independent physicians, and medical billing companies rely heavily on professional medical billing and coding experts. The services of these experts are essential to receive payments from insurance companies and patients in a timely manner. But for a good in-house team of medical coders and billing experts, hospitals would have had to wait months to receive money from insurance companies and the patient. Any late payment costs the medical institution dearly in this highly competitive business world. Therefore, all medical providers large and small have an experienced team of medical billing experts. However, in today’s economic environment, it is a burden for hospitals to keep these experts. In such situation, outsourcing of hospital coding and billing comes to the rescue of doctors and hospitals. By outsourcing their billing to an overseas location, they can get the same level of service at a much lower price.
Outsourcing medical billing and coding brings a host of benefits to hospitals and physicians; the first 5 are:
- Zero investment in talent acquisition and training: Hospitals and doctors have to spend a considerable sum of money to find and hire the skill sets necessary for the medical billing process. Since medical billing involves many legal components, the hospital has to train billing experts on these rules. Training is another investment that the medical institution must make to get the billing process up and running. All of these expenses affect the financial health of any organization. However, outsourcing relieves hospitals and medical institutions of all these expenses and keeps them in good financial health.
- No need to spend on support features: To maintain an in-house team of medical billing and coding experts, hospitals have to spend on support functions such as IT and HR. It is mandatory to provide any office function with these basic services to get the desired results. However, by outsourcing the medical billing process, hospitals can avoid these mandatory expenses.
- Savings in infrastructure: When hospitals outsource their medical billing to an overseas location, the provider figures out the resources and provides them with office space, hardware, and software. Therefore, the medical institution can save a lot of money in terms of infrastructure.
- Expert personalized services: By outsourcing medical billing to a foreign provider, hospitals can expect personalized, error-free services. This is because the provider hires experienced experts to handle the billing process so that they can retain their customer’s business. Personalized services also translate to faster processing of payments for insurance companies and patients.
- Faster response time: In the outsourcing environment, medical billing and coding are handled by experts. These experts can generate more invoices in one workday than a newly trained in-house resource. This means that hospitals get their billing in a faster turnaround time, with the added help of the favorable time zone difference.
By outsourcing the medical billing and coding process, hospitals not only get personalized services within minimal response time, but also save a lot of expense and overhead in terms of infrastructure, training, and talent acquisition.