In the west, hospitals, independent medical practitioners and medical billing companies rely a lot on professional medical coding and billing experts. The services of these experts are a must to get 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 for months to receive money from the insurance companies and patient. Any delay in payment costs the medical institution concerned dearly in this highly competitive business world. Thus every small and big medical service provider keeps an experienced team of medical billing experts. However, in the present economic environment, it is a burden for hospitals to maintain these experts. In such a situation, outsourcing of hospital coding and billing comes to the rescue of medical practitioners and hospitals. By outsourcing their billing to an offshore location, they can get the same level of service at a much reduced price.
Outsourcing of medical billing and coding gives a plethora of benefits to hospitals and medical practitioners; the top 5 of them are:
- Zero investment on talent acquisition and training: Hospitals and medical practitioners have to spend a considerable sum of money in finding and hiring the skill sets required for the medical billing process. As medical billing involves a lot statutory components, the hospital has to train the billing experts on these statues. Training is another investment that the medical institution has to make to get the billing process running. All these expenses take a toll on 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 functions: To maintain an in-house team of medical coding and billing experts, hospitals have to spend on support functions like IT and HR. It is mandatory to provide any office function with these basic services to derive the desired results from it. However, by outsourcing the medical billing process hospitals can easily stay away from these mandatory expenses.
- Savings on infrastructure: When hospitals outsource their medical billing to an offshore location, the vendor finds out the resources and provides them with office space, hardware and software. Thus the medical institution is able to save a lot on money in terms of infrastructure.
- Customized services from experts: By outsourcing medical billing to an offshore vendor, hospitals can expect customized and error free services. This is because the vendor hires seasoned experts to take care of the billing process, so that they can retain the business of their client. Customized services further translate into faster processing of payment from insurance companies and patients.
- Faster turnaround time: In the outsourcing environment, medical billing and coding is handled by experts. These experts can generate more bills in a working day than a newly trained in-house resource. This means that hospitals get their billing done within a faster turnaround time, further aided in this by the favourable time zone difference.
By outsourcing the medical coding and billing process hospitals not only get customized services within the minimum turnaround time but also save a lot of expenses and overheads in terms of infrastructure, training and talent acquisition.