According to a recent survey, the global outsourcing market is expected to rise at a compound annual growth rate (CAGR) of 11.9 % by the year 2023.
With the mounting healthcare cost, it is becoming challenging for many healthcare practices to maintain the minimum profitability while ensuring a seamless billing operation. Today there are many practices that are looking for smart ways to reducing spending while addressing value based care models. Leaving no cash on the table and making a practice cost effective is the ultimate goal for a profitable business. In fact, this is why today there is more demand in outsourcing of medical billing operations and rather than hiring in-house billing experts. Moreover, 80% of healthcare practices, hospitals clinics etc are vetting or considering outsourcing their revenue cycle management for a better billing approach and opportunity.
Moreover freeing up your time and helping you focus on the core task, outsourcing your HME billing operation is now the new age solution for better revenue.
Benefits of outsourcing your HME billing :
Other than taking care of the complete pre and post-billing work, an outsourcing operation further analyzes your billing shortcoming and work on improving it. Taking care of old aging accounts and working on billing recovery and outsourcing offers to maximize reimbursement. Additionally reducing administrative overhead expenses, a hired operational extension also improves compliance and optimizes the productivity of your practice.
In fact eliminating the unnecessary cost that you end up sending in billers and their training session, expensive software etc, an outsourcing operation mainly save your hard cash by reducing all these unnecessary spendings.
Helping you spends a less time on coding and billing and providing you with a better collection or a faster reimbursement rate, an outsourcing today is the key to cost effective solution for medical billing stated Dipak Nandi. Dipak Nandi, M.D. A recipient of several entrepreneurial awards Dipak Nandi is a proud member of the prestigious AIIMS alumni and a board certified psychiatrist, who is also a pioneer in the field of healthcare outsourcing and telehealth solutions.