In the healthcare sector, especially in the U.S., providers of healthcare services (such as physicians, pharmacies, clinics, hospitals, medical equipment sellers and so on) often face administrative glitches while trying to recover their finances. The healthcare industry in the U.S. is a highly specialized one, with its own set of stringent rules and regulations that must be adhered to in order to get paid by the federal insurance plans. It’s no wonder that very often providers fail to realize their due payments on time due to a failure to play by the rules.
If there is one area in the entire revenue cycle that exhibits the biggest signs of such negligence, it is medical billing. Incorrect or incomplete billing, wrong codes, missing supporting documents and late submissions are just a few of the vices this area suffers from. And the sad truth is, in most organizations, staffed with inefficient or untrained billing personnel, there is very little that one can do to help the situation.
This is why physicians have recognized the need to outsource medical billing to specialist billing service providers to recover their stuck finances promptly and efficiently.
The transition of ICD-10 has caused physicians to spend even more time searching for the most precise diagnostic codes. A medical billing outsourcing company, with an in-house panel of certified coders who are well-versed in ICD-10, can make life a lot easier.
Moreover, a professional medical billing company can ensure that the privacy and confidentiality of patients’ data are maintained to the desired levels. This is a major concern and can easily eat into the time and productivity of your billing department. By outsourcing medical billing, you can have one less thing to worry about, as every such organization worth its salt will ensure 100% HIPAA-HITECH compliance and an ISO 27001:2013 certification at the minimum.