According to a recent survey among 2176 healthcare practices, 441 facilities are facing a financial threat that is putting them at risk of closure. In fact, the pandemic had affected rural healthcare practices more than others. Though the federal relief which was offered to the healthcare practice during the crisis has helped them slow the closure rate; however, it is not a permanent solution as there are many healthcare practices still struggling with financial and staffing challenges even today.
With negative operating margins and problems of recruiting and retaining staff, a recent survey has shown healthcare practices experiencing staff burnout, inadequate compensation, and stressful environments as primary issues of concern for many healthcare practices today.
This is why healthcare practices today are opting out of a convenient alternative of outsourcing their medical billing services.
Advantages of outsourcing medical billing operations today:
Taking care of all the billing headaches, update of new codes and up to date regulations, partnering with an operational extension ensures your medical billing process is done correctly and properly in a timely manner. Providing you ample time to concentrate on your core business strategies, outsourcing your medical billing practice save a lot of time and resources. In terms of money, it further eliminates the headache of billers’ and coders’ salaries, office infrastructure, purchasing, upgrading, maintaining billing software and more.
Decreasing the overhead costs and timely accurate claims submission, outsourcing operation is further known for increasing the reimbursements rate which will result in increased revenues of the practice and help you run a better healthcare practices business. Keeping up with the constant changes which can be quite a time consuming and cumbersome task, outsourcing aids you to focus on other operation areas which help you run your practice smoothly. Offering you well trained, experienced and dedicated resources to ensure regular follow up and constant communication which in-house billing and coding departments often lack, today 96 % of healthcare practices are looking for outsourcing alternatives for better ROI.
Dr. Dipak Nandi, MD, a New York based renowned neuro-psychiatrist and a pioneer in the healthcare industry in fact also expressed that understanding the importance of entering the right information in your medical billing process so there are no delays or denials, partnering with an operational extension helps you with a better billing approach and faster reimbursement.
