Why Physicians are Outsourcing Medical Billing?

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Why Physicians are Outsourcing Medical
Billing?
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Why Physicians are Outsourcing Medical Billing?
You will be surprised to know that the medical
billing outsourcing market was valued at USD 11.1
billion in 2021 and is expected to expand at a
compound annual growth rate (CAGR) of 12 percent
from 2022 to 2030. Receiving accurate
reimbursement for delivered services is the
unique challenge any physician is facing in the
post-pandemic situation. Outsourcing medical
billing services could be the solution. Due to
the rising use of IT resources in the healthcare
business and steady government support, the
market for medical billing outsourcing is growing
at a substantial rate. The increasing patient
load and the need to address the ever-growing
record and bills burden health practitioners. To
counter such a situation, hospitals and practice
owners are now outsourcing medical billing. Lets
try to understand why physicians feel outsourcing
medical billing services is the right
option. Access to Expert Consulting Medical
billing and coding is a complicated process that
needs expert consulting. To make things more
complicated, medical billing guidelines and payer
reimbursement policies get updated frequently.
Physicians, whose primary focus is on patient
care, wont be able to dedicate much time to
medical billing functions. Medical billing
company has a team of experts and their prime
responsibility is to assist physicians to receive
reimbursements for each submitted claim. Medical
billing company Legion Healthcare Solutions has
a team of coders and billers as per medical
specialty. They are well versed with billing
guidelines, payer-specific policies, common
billing errors, common denial reasons, and their
resolution. It helps healthcare practices and
hospitals to receive timely and accurate
insurance reimbursements.
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Why Physicians are Outsourcing Medical Billing?
Reduced Medical Billing Errors Inaccurate claim
submission and billing errors result in a major
revenue slump. Its obvious to commit mistakes,
however, when it comes to medical billing and
collections, even a single mistake can lead to
delayed payment or worse, a denied claim. Amidst
inaccurate patient information, duplicate
billing, and authorization errors, billing
mistakes can be an expensive disbursement. As per
the recent survey, the average cost of rework on
rejected or denied claims is 25. This amount
could reach up to 80 for challenging medical
specialties like wound care. Outsourcing medical
billing helps guarantee that the billing process
is up-to-date, free from human error, and most
importantly, profitable. Medical billing company
Legion Healthcare Solutions has internal
quality assurance measures that allow them to
make fewer mistakes and maintain
accuracy. Guaranteed Compliance As you may
already know, regulations in medical billing
constantly change, making it even harder for
medical billing staff to maintain compliance with
new rules and protocols. Each changing standard
needs a dedicated expert whose primary
responsibility is to stay updated with new
information. Physicians may not be able to keep
track of these updates and hence maintain
compliance for every insurance carrier. Not
following billing and coding compliance could be
interpreted as malpractice by insurance carriers
resulting in external audits. Outsourcing medical
billing helps physicians in submitting clean
claims and remaining compliant with payer
policies.
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Why Physicians are Outsourcing Medical Billing?
Reduced Costs The common myth about outsourcing
medical billing is its very expensive. In fact,
when you outsource medical billing, you wont
have to worry about payroll, employee insurance,
training costs, office expenses, and software
costs. Plus medical billing company Legion
Healthcare Solutions offer flexible pricing
options as per healthcare practice requirements.
You can seek expert guidance on entire medical
billing or can take assistance only on medical
coding, old AR clean up, prior authorizations, or
even eligibility benefits check-up. Enhanced
Transparency Another common myth about
outsourcing medical billing is losing control
over revenue cycle operations. Some physicians
think that outsourcing medical billing is like
transferring control of revenue cycle management
to complete strangers. However, this is an
inaccurate comparison. When you sign a service
agreement with Legion Healthcare Solutions,
they then become obligated to offer you positive
results based on metrics you establish. Some
metrics you can put in place are collection
ratios, clean claim submissions, and denial
rates. Outsourcing companies are always obligated
to back up outcomes with data, giving you
outstanding transparency into your cash flow. A
good medical billing company will regularly
generate medical billing reports for you based on
established key performance indicators. They will
post delays and payment concerns better than most
in-house medical billing team do. Because of
this, you can maintain better oversight of your
financial performance and stand without needing
to micromanage.
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Why Physicians are Outsourcing Medical Billing?
We hope that the above-discussed points are
sufficient to explain why physicians are
outsourcing medical billing and this percentage
is increasing exponentially each year.
Outsourcing medical billing is both an integral
and complex part of healthcare practice. It can
increase the revenue captured, reduce liability
risk, and streamline workflow. However, it can be
challenging to find a reliable medical billing
company that perfectly fits your medical billing
requirements. Legion Healthcare Solutions is a
leading medical billing company providing
complete billing and coding services. We are
providing customized medical billing services to
healthcare practices and hospitals of various
medical specialties and patient sizes. To know
more about our medical billing and coding
services, contact us at 727-475-1834 or email us
at info_at_legionhealthcaresolutions.com
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