Medical billing and payment collection benefit from outsourcing companies

Medical billing and payment collection benefit from outsourcing companies

Demand is increasing among hospitals, insurance companies and billing agencies to streamline the processes of issuing and collecting medical bills from patients. This is leading them to consider the benefits of partnering with outsourcing companies specialized in medical billing and collection.

There has been a great push towards digitizing many of the processes in hospitals, including electronic medical records systems and medical billing and collections process outsourcing.

Accordingly, hospitals are looking to outsource medical billing and collection to allow internal and essential healthcare functions intrinsic to all medical institutions to work efficiently and smoothly.

Patients not panels
Too often, both patients and hospital staff suffer when onsite technology lags behind industry standards. When a hospital collaborates with an outsourcing company for electronic medical billing and collection, healthcare workers can take their focus off of outdated, cumbersome or malfunctioning computer software and provide exceptional care to their patients.

A BPO company specialized in healthcare management software and technology maintains the most updated hardware so that hospitals can spend their revenue on essential equipment and personnel that create an outstanding healthcare institution.

In addition to making the delivery of care more efficient, outsourcing many of these processes will maintain patient satisfaction, which is a common end goal in the medical community.

Streamlining processing
According to Frank Quinn of MedCity News, processing functions provided by electronic billing services give agencies the ability to monitor the status of claims immediately and open the lines of communication between healthcare providers and beneficiaries.

By outsourcing healthcare revenue cycle management, doctors can quickly receive payment for services and insurance providers can operate transparently between hospitals and patients.

A recent case study conducted by Cooper University Hospital demonstrated the merits of using an outsourcing company to handle healthcare revenue cycle management. Through outsourcing medical billing collections, the university saw a substantial increase – 25 percent with an average account age of 309 days old – on payment of insurance accounts provided by third-party payers. Hospital staff is not forced to waste precious time hunting for payment.

The same study indicated that companies specialized in healthcare outsourcing keep abreast of policy and legal issues surrounding the collection of claims, lessening the burden on hospital staff to stay up to date on the latest changes. Going further, the professionals providing outsourced healthcare management can educate staff on essential regulations regarding healthcare revenue cycle management.

By outsourcing electronic billing and collection, hospitals can rest assured those tasks will be accomplished while focusing on the delivery of care.

 

Written by Jeff De Jesus

Jeff De Jesus

With his exposure to the outsourcing industry since 2003, Jeff was able to share and implement his leadership insights with respect to managing business process accounts, particularly in the healthcare department. Jeff has also taken part in assessing the fundamentals of the company’s operational processes, utilizing his experience as an Operations Manager across different verticals, identifying and executing methods that can improve the quality of workflow in the company. Jeff’s experience is not only limited to the Healthcare solutions as his capability in handling Customer Support is also mirrored in the successes that the company has achieved.

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Comments

  1. messijack says

    Thanks for sharing. The main advantage of outsource medical billing is you can quickly grow without the need for additional staff and software, and proper maintenance of revenue cycle management. You can do simple transition to RCM services.

  2. miklos auber says

    Medical billing Companies helps in the collection of out standings in regular intervals and insurance balances on clients behalf. Their system provides detailed reporting and all the access to keep your revenue in your control. They make it easier for you to manage your financial matters with ease….Also decreases refusal errors and expenses on collections and assure the safety of your revenue. Further to this these Companies also saves your time on surfing financial issues…their are many more benefits of outsourcing your Medical Billing…

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