It has become extremely difficult for medical practitioners to keep pace with the rapid development of the healthcare industry.
Therefore, most practitioners decide to hire a medical billing company that covers a wide range of services i.e. medical billing, coding, insurance claims processing, account receivable management, medical transcription, radiology reporting, and clinical outsourcing.
According to a recent report by Research and Markets, the industry of medical billing agencies will reach over SD 34.2 billion by 2022.
Several factors have contributed to the rise of outsourcing medical billing services trends.
- Affordable Care Services:
After the advent of The Patient Protection and Affordable Care Act (PPACA). Nearly the insurance coverage of more than 30 million US citizens has increased after the implementation of this rule.
It has forced medical practitioners to get more engaged in the healthcare revenue cycle management services. They have to get more careful while preparing an increased number of medical claims to get reimbursements from insurance payers.
Because in this scenario, they have to deal with a huge bulk of patient’s insurance information and medical claims. Therefore, modern practices require professional assistance to execute overall healthcare revenue cycle management.
Hence, most healthcare practitioners hire a professional medical billing company that has sufficient resources and equipment to manage multiple payment methods and streamline revenue streams across their organization.
- Implement the ICD-10 Coding System:
It has become extremely challenging for physicians to stay on top of the ongoing updates of the medical coding field.
Even after the implementation of the ICD-10 coding system, it is so difficult for medical practitioners to manage an in-house team of certified medical coders that can manage 68,000 codes compared to the ICD-9 system’s 13,000 codes_ with more complex coding requirements.
In the ICD-10 coding system_ “precision” and “specificity” are key to getting paid. Having core responsibilities of medical billing and coding_ a medical billing company has sufficient industrial knowledge and capability to stay compliant with the regulatory standards.
In this way, it can ensure maximum claim reimbursements that they have mentioned in the contract.
So a medical practitioner can simply focus to improve their productivity_ while a committed medical billing agency increases sources of revenue generation for your business.
- Increased Demand For Geriatrics Services:
After the pandemic of COVID-19, the demand for adult care services has increased drastically. Since this pandemic has affected the old population more than any other age group.
This increased demand has also maximized the demand for geriatric billing services. This specialty is also a major reason for outsourcing coding and billing to a specialty-based medical billing company.
It is quite feasible for physicians if a billing collection agency understands the unique requirements of their specialty and brings suitable medical billing solutions.
- Increased Number Of Patients:
Several social-economic factors have contributed to the increased disease burden on the general population.
Nowadays, when a variety of ailments are emerging due to climate change, damage to the ecosystem and the current environmental situation i.e. COVID-19, cancer, Alzheimer’s and other infectious diseases.
The government has increased the healthcare budget to fund R&D activities. According to Market Research Reports, the current situation has increased the burden on healthcare practitioners to maintain strict timelines.
Therefore, practitioners should outsource financial R&D responsibilities to an innovative Healthcare IT company. In this way, you can scale up the growth of your business with powerful insights.
- Stay Compliant:
Another challenge for healthcare practitioners _ is to stay compliant with ever-changing Federal guidelines and Private Payer’s policies in the US healthcare system.
The recent Research and Market reports have revealed that physicians and other healthcare practitioners tend to acquire the help of BPo healthcare services. So a third-party can supervise their legal and financial issues.
This survey also indicated that the trend of outsourcing medical billing services is also restricted due to a number of information security policies. For instance, HIPAA regulations pose some restrictions while dealing with confidential patient healthcare records (PHI).
Therefore, practitioners should make sure to only trust a HIPAA compliant medical billing company while outsourcing billing services. In this way, physicians will become able to share their information across a secure network of information transmission.
Ultimately, it will allow physicians to stay compliant with the federal guidelines and manage their payment collection procedures in safe hands.
The rise of the demand for quality healthcare services, emerging patient’s requirements and regulations of the healthcare system_ Collectively has brought a host of challenges for healthcare practitioners.
Therefore, it has become extremely difficult for physicians and other healthcare practitioners to manage the administrative and care-related aspects of their business simultaneously.
As a result, most medical providers tend to hire a billing agency that can help them to stay compliant with regulatory guidelines and generate a maximum revenue stream. While physicians can completely focus on the well-being of their patients without financial stress.
Deciding to shift towards outsourcing revenue cycle management services? Medcare MSO is the nation’s most leading medical billing company that is aimed to contribute to the growth of the healthcare system with innovative healthcare IT solutions.