For most hospitals, clinics, and private practices, the answer to this question is a resounding yes. If you take a closer look at your accounts receivable management, you will likely find that ignored insurance claims are the reason for slow cash flow. And you are not alone. Over 200 million insurance claims are denied every year in the US—and many of those denied claims are no longer followed up, leading to loss in income. Like many other billing companies yours is probably losing a huge amount of reimbursement because of underpaid, unpaid, or delayed insurance claims. Denials are usually caused by coding errors, and unattended claims remain ignored for years because of irregular (or non-existent) follow up efforts.
What you need to do is hire an offshore medical billing company that can take care of everything. One of the best is located in India, and they have over 16 years of experience. They provide end to end medical billing services—including patient registration, physician credentialing, indexing of medical records, denial management, insurance eligibility verification, AR follow up, and much more. With them, no stone is left unturned and no dollar is ignored. They work round the clock, using the latest software in medical billing such as Medisoft, GE Healthcare, Eclipse, Lytec, CureMD etc.
There are many benefits in partnering with an offshore medical billing company. For one, it costs less to outsource your medical billing than to build an entire department for it. Since they are experts with medical billing software and various medical specialties, they can work on any project as soon as possible and transition is sure to be hassle-free. The time difference between United States and India also works in your favor since they process claims a day ahead because US offices open the following day. By hiring an offshore medical billing company, your worries about irregular follow ups, ignored and denied claims, coding errors and such are over. All you need to do is focus on your patients and clients and leave the billing up to your offshore vendor.