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an outsourcing company for electronic medical billing and collection, healthcare workers can take their focus off of outdated, cumbersome or malfunctioning computer software and provide exceptional care to their patients.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.
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.