By 2026, US medical billing market for outsourcing is almost poised to reach 7.8 billion with a CAGR of 11% during the forecast period. Declining Medicare payments, growing burden on growth and profits as well as mounting volumes of bills are leading to a trend of decreasing in hose processing costs!
The front end services segment dominated the market, decreasing rework, increasing downstream cash flow as well as the cost to collect. On the other end the middle / back end is expected to have the fastest growth during the forecast period.
Minimization of loss and hassle free billing procedure is a focus area for the healthcare providers. Acute care hospitals & clinics / physician offices and several other healthcare providers are looking to for a reliable partner, who can complement their efforts for a complete healthcare revenue cycle management experience.
Essentially There are Six Important Steps to Consider in Medical Billing
- Patient Check-In
- Confirming Insurance Eligibility of the Patient
- Handling the Patient Check-Out
- Accurately Transmitting the Medical Claim
- Receiving the Payment
- Billing the Patient
A Reliable Medical Billing Partner for Better Patient Engagement
Finding the right partner that can deliver you actionable support for an improved billing and top class reimbursement should be the idea. You will have to take into consideration, the experience, references of the company across the industry and how they manage key tasks in front office/ back office RCM activities with effective monitoring and total compliance!
Some of The Key Activities That Need Immediate Attention Will be:
- Eligibility & Authorization Verification
- Prior Authorization
- Charge Posting
- Payment Posting
- Denial Management
- Accounts Receivable
- Customer Care
A quality billing extension with exposure across federal/ commercial insurance, understanding of multiple practice management systems, a great pool of resources proficient with the latest trends/ adjudication priorities of the payers, will give the right boost and prepare a strong foundation for a richer patient engagement process ahead. Also, you will have access to medical billers who are ready to work with you on a much lower rate and a greater ability to deliver dedicated support.
It helps you reduce your operational expenses, while a team takes care as a robust operational extension. Outsourcing of medical billing to a right alternative will induce a process that helps eliminate proven pain areas with a specialized intervention.