Global Medical Billing Outsourcing Market is expected to register a CAGR of 10.5% forecasted periods of 2019 to 2023

Medical Billing Software

Updated on Nov 20, 2019

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Medical billing outsourcing isn’t a new concept for practices in the US. By letting a third party handle this task, growing number of providers are making profits and getting ample time to focus on quality patient care. The global medical billing outsourcing market is expected to register a CAGR of 10.5% between the forecasted periods of 2018 to 2023.

Here are top seven reasons planning to outsource:

Cost Reduction
• Approximately 10-12% of practice collections is spent on medical billing procedures
• Majority of administrative cost in the US healthcare system (approximately 62%) has been attributed to billing and insurance-related activities
• Billing costs are very high in US, costing nearly 4 times more than the cost of medical billing in Canada
Cost reduction is one of the topmost concerns of medical practices and by outsourcing billing to a reliable company; practices can reduce overhead costs significantly. An expert team of coders and billers can get the practice paid on time, reduce denials and increase revenue.

Revenue increase
• As per a survey, with a good billing team, practices can experience 95% claim payment upon initial submission within 45 days.
Outsourcing can help practices save time as well as money. Timely submission of error-free claims leads to increased revenue for practices.

Increased control
• It has been estimated by statistics that more than 20% of a physician revenue is lost due to mistakes or loopholes in the billing process.
If billing is being outsourced to a reputed company, providers can enjoy better control over their medical billing processes and the money involved. Their staff will not only send reports regularly to ensure transparency but also help identify loopholes in the revenue cycle.

Improved Collections
• Did you know, it costs four times more to collect from patients than it does from insurance companies?
• More than 70% providers within the medical billing industry have reported that it takes 30 days or more to collect from patients
Patient payment collection requires expertise and experience. Since more than 30% of average healthcare bills come from patient’s pocket, outsourcing this service to a third party seems like the best thing to do as these companies have trained personnel.

Access to trained staff
When providers choose a reliable medical billing company, they get access to the expertise of their staff. Medical billers and coders make use of the latest tools and technology to deliver best results to their clients.

More time for patient care
• According to Medscape’s 2019 report, the biggest contributor to physician burnout (59% respondents) was too many bureaucratic tasks
Physicians are getting enough time to focus on patient care. They are spending too many hours at work but less on delivering care and more on administrative tasks.

Adherence to ICD-10 and HIPAA
Adherence to HIPAA rules and ICD-10 is a must for practices. With outsourcing, they don’t have to worry about adherence to coding or regulatory changes because they have experts working for them.

About 247 Medical Billing Services:
We are a medical billing company that offers ‘24/7 Medical Billing Services’ and support physicians, hospitals, medical institutions and group practices with our end to end medical billing solutions. We help you earn more revenue with our quick and affordable services. Our customized Revenue Cycle Management (RCM) solutions allow physicians to attract additional revenue and reduce administrative burden or losses.

Contact:
247 Medical Billing Services
Tel: +1 888-502-0537
Email: [email protected]
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