Inside most healthcare facilities, there is never a dull moment. Everyone is always busy, most employees wear multiple hats, and all hands are needed to complete critical tasks.
Aside from dealing with patients, staff also interacts with their families, verifies insurance eligibility/deductibles, and reviews and/or documents medical records. To ensure the healthy financial health of their practice, healthcare facility staff is also responsible for performing medical billing services, handling audits, reviewing fee schedules, and providing oversight for coding and charge reviews.
Medical billing requires complete focus and expertise to be done correctly, which is why countless healthcare leaders choose to outsource their revenue cycle to specialists at an offshore medical billing company.
Meaning of an Offshore Medical Billing Company
An offshore medical billing and coding company is one that serves as a go-between for the healthcare providers and insurance companies, belonging to major offshore countries such as India.
What exactly does this mean?
An offshore medical billing and coding company that assists the healthcare facility in the management of insurance claims, invoices, and payments of patients for the services provided. Their specialist’s day-to-day responsibilities include the following:
- Coding and billing services, procedures, diagnoses, and treatments correctly
- Creating and sending invoices or payment claims
- Resolving Rejected Claims
- Payment tracking
Are you still in a dilemma regarding outsourcing medical billing and coding to an offshore medical billing company?
Right Medical Billing provides everything you need to improve your workflow and increase your revenue. You can better allocate your human and financial resources by selecting the right offshore medical billing agency. Have a glimpse at the following advantages justifying the reasons for working with them for offshore medical billing services:
Benefits of an offshore medical billing company
Fewer Errors with No Stress
Using skilled offshore coders for your medical coding needs can help reduce medical coding errors significantly. Busy staff in some facilities—often small or understaffed ones—may be prone to coding errors, especially if these domestic coders are new to the workforce or have been struggling with the transition to ICD-10.
Highly trained coders in a medical billing company are likely to make fewer mistakes, which mean that the rest of your staff will not have to scramble to correct errors such as claim denials. Often, the stress of correcting errors causes more errors to be made, jeopardizing the health of your revenue cycle.
Gaining Access to New Technology
There are numerous healthcare service providers like you who are making investments in cutting-edge technology to automate their medical billing services. No doubt such an investment will ease out the billing and coding operations. But simultaneously, it will enhance the financial burden on your practice, thereby reducing the overall revenue. Here comes the option of outsourcing the medical billing services to an offshore medical billing company who usually believes in making huge investments in a number of such technologies for offshore medical billing services.
Automation of Workflow
End-to-end medical billing and coding automation process will provide you with a real-time view of your billing and coding process performance –
- Eligibility Verification,
- Claims Status,
- Payment Posting,
- File Management Solutions
The possibilities are virtually limitless. Outsourcing an offshore medical billing company makes your billing and coding much simpler than you might think.
Revenue Cycle Management Reporting Software
Customized reporting for the supported medical billing and coding tasks is quite critical whether you are a healthcare provider or a physician. This software will ensure you with the provider-specific information such as collection trends, documentation issues, and so on. Outsourcing to an offshore medical billing agency will not only contribute in reporting but also analysis and remedial steps accordingly.
Maintain HIPAA and ICD-10 compliance
The risk of sensitive patient information being compromised is a major concern when outsourcing medical billing services. This can be avoided, however, by ensuring that the offshore medical billing company you work with is HIPAA compliant (which means that the healthcare provider has physical, administrative, and technical safeguards in place to keep your data safe). To be fair, if you do not choose to outsource medical billing, you will face the same data-theft risk for electronic transactions at your medical practice and will need to invest time and money in becoming HIPAA compliant.
Keeping track of the numerous changes in ICD-10 codes year after year (the final list of codes has over 300 amendments) can be a recurring administrative nightmare that eats away at your staff’s productive time. With an offshore medical billing agency, on the other hand, the responsibility of updating systems and training staff on the new code is transferred to the service provider, allowing you and your team to focus on the core job of providing quality healthcare.
Freedom to Concentrate on Patient Care & Administrative Tasks
Being a professional doctor, an administrative manager, and an experienced billers and coders at the same time is always a challenge. Hospitals can free up the staff energy and ensure higher returns by redirecting resources from complicated billing questions to serving patients.
Thereby, healthcare professionals can focus on what they do best: practicing medicine and treating patients, rather than navigating between payers and regulatory requirements. Also, outsourcing your medical billing and coding practices gives you more time and resources to devote to bolstering and reworking other areas of your facility that require assistance, such as administrative tasks.
Improving your practice’s billing and collections, patient experience, and claims submissions process can all help you in increasing your efficiency and foster a healthier revenue cycle. Any in-house employees who were doubling as coders or assisting with coding processes will now be able to concentrate on their primary roles and responsibilities.
Important to Note!
All these advantages of hiring an offshore medical billing company in India are contingent on partnering with the right service provider. Among the various countries you could look for, India is regarded as the best option due to its skilled English-speaking workforce, a manageable time difference (approximately 9 -15 hours), and a favorable US dollar-Indian rupee exchange rate.
Is your Offshoring Decision Final?
The points listed below should be considered before selecting the offshore medical billing company in India to ensure that the right decision is made.
- Learn about the offshore company’s compliance policies, including HIPAA, compliance certifications, and internal security policies.
- Check whether the offshore company is familiar with Payers by State policies and rules, specialty-specific rules, software expertise, a dedicated and strong team of professionals, and so on.
- Check to see if the offshore company is up to date on the latest changes in the healthcare industry.
- It is critical that there are no language or communication barriers with the offshore company, as business communication is critical to running a successful healthcare practice.
Outsource an Offshore Medical Billing Company in India – Need of an Hour!
As the healthcare costs are increasing and reimbursements are falling, decision-makers at healthcare organizations or hospitals are looking for an optimal solution to improve their financial results.
The best option available is turning to Right Offshore Medical Billing and Coding Company.
A Right Offshore Medical Billing and Coding Partner in India such as Info Hub Consultancy Services (ICS) is one that can help your practice to achieve the end results.
The Results – Increased Cash Flows, Low or No Denials, Higher Reimbursement!
The right offshore medical billing partner can help you improve your revenue cycle performance by focusing on improving your claims submission processes, reducing revenue leakage due to denials, and improving the overall quality and effectiveness of the medical billing and coding process.
The penetration of knowledge-based services, such as medical coding, is also increasing. With a greater emphasis on certifying resources and access to certifying bodies such as AAPC and AHIMA in major offshore destinations like India, an access to top-quality medical coding talent is also growing.
Whether you are looking for a component of revenue cycle processes – medical coding, medical billing, or accounts receivable management – or you want to outsource the entire chain of processes, ICS is the right partner to help you do more with your revenue cycle. Call their Revenue Management Specialists at +1 (888) 694-8634 to achieve the end results.
