Revenue Cycle Management is the backbone of healthcare; driving the Medical Billing Company, Physician Practices, Hospitals, and Medical groups financially successful even during the dire straits. The importance and benefits of Revenue Cycle Outsourcing or Offshoring are multifarious and cannot be contained or limited to certain points of discussion, however, listed below are a few primary reasons to answer the question of why Revenue Cycle Outsourcing is Important in Healthcare?
- Eliminate Administrative Burden
- Increase Healthcare ROI and Profitability
- Optimize the Financial health of the Medical Billing Company.
- Achieve expected business growth and development within the targeted timeframe
- Efficient Staff Management covering all aspects like hiring, training, absenteeism and absconding related issues and responsible for continuous process flow at any given situation.
- Experienced team of billers and coders
- Quality work with reduced claim denials and an increased higher first-pass rate.
- Streamlines work process and strategical approach to meticulous details.
Further to the above-listed advantages of Revenue Cycle Outsourcing, there is a myriad of qualifying benefits that makes it not only important but also an inevitable part in U.S healthcare.
Outsourcing Revenue Cycle Management has been a boon during the COVID19 and global pandemic. Healthcare firms and Medical Billing Companies in the U.S choose outsourcing and offshoring over in-house billing to sustain the drastic effects of inadequate staffing, ongoing changes and update, and an abrupt increase in the telemedicine process with related changes in Medical Billing and Coding guidelines, protocols and regulation. These situations had brought Medical Billing companies to a blind alley, Providentially with Revenue Cycle Outsourcing Services, U.S healthcare has not only sustained but according to the Market Analysis Reports published in April 2022* Revenue Cycle Management grew at the rate of 17.2% from the year 2019 to 2020 and the market post COVID outlook is estimated to witness approx. 10% -11% growth year on year until the next five years.
The increase in financial growth and profitability along with increased quality services and stress-free medical billing experience is the reason why many have opted out for Revenue Cycle Outsourcing. With Offshore Revenue Cycle Management Services, billing companies are entitled for:
- Time Advantage of 9-12 hours: Offshore Outsourcing guarantees the Billing companies with the benefits of time advantage by having all the claims data entry-related activities processed by their night hours, thereby speed up the process and cash flow.
- Specialty Based Expertise: An established Revenue Cycle Management Partner does not only cover end-to-end scopes of services but also pitches in with their unlimited support with any new medical specialty or understanding the nuances of a certain complex specialty in Medical Billing.
- Software Expertise: With experience handling various clients across the US with different medical billing software for claims processing day in and out, the team is efficient and adept in handling or taking over any Practice Management System or EMR in the market and can kick start the billing process with standard quality percentage.
- Physician Credentialing: Apart from the RCM scope of Services, an offshore-based Medical Billing Company can also support with Physician Credentialing, Provider Enrollment and Re-credentialing requirements of the physician and Billing Companies to help keep them up to date with their credentials and CAQH profile.
About e-care India
ecare india is a 21-year-old Medical Billing Company providing complete Revenue Cycle Management services across the U.S. Fully compliant with HIPAA compliance certification and internal security policies to protect information confidentiality and PHI, ecare guarantees cost-effective Medical Billing Services with Increased ROI. To know more about ecare call 1-813-666-0028 or log on to www.ecareindia.com
Source: * https://www.grandviewresearch.com/industry-analysis/us-revenue-cycle-management-rcm-market