You may be a single-physician practice, a mid-sized super-specialty healthcare center, or a mammoth multi-specialty hospital chain. If you have been part of the US healthcare industry for a considerably long time, then you would have certainly experienced exasperation as you tried to navigate through the maddening maze that is Medical Billing! With each new challenge, from the constantly shape-shifting regulatory landscape to the unprecedented pandemic situation we face today, the maze gets more complicated. How do you grow your healthcare practice while trying to keep up with these complexities in billing? How do you strike a balance between focusing on your patients’ health and maintaining the financial health of your facility?
Ryan Khan, Founder of The Hired Group hints at a possible solution when he says, “Master your strengths and outsource your weaknesses”. Outsourcing has been the route that many a healthcare business has taken to regain focus on what is central to its existence— patient care. Billing is much more efficient when handled by professionals who have specialized knowledge and experience in billing. Especially now, when the healthcare industry is staggering under the weight of the COVID-19 challenge!
While on one side we hear of hospital beds being too full, and staff being overworked, on the other we hear of many practices shutting down and healthcare workers losing their jobs. For healthcare facilities not treating COVID-19 infections, it’s a call to “Adapt or Perish” as patient visits have dwindled, elective procedures have been deferred and revenue flows have become erratic. Healthcare facilities are now switching to alternate ways of delivering healthcare, like Telehealth. But again, when it comes to billing, Telehealth is a tough terrain to navigate because Telehealth billing norms and regulations are changing almost every day. In a demanding situation like this, it makes perfect sense for healthcare practices to entrust the heavy lifting task of billing to professional agencies.
This white paper presents some of the reasons why choosing outsourced medical billing will sustain you through this crisis and also boost your strength to face the challenges and crises of the future.
Minimize Revenue Losses
The pandemic and the lockdowns spurred by it have led to a 50 to 70% drop in revenues of the healthcare sector. The main reason as we all know is that patient flows have slowed down to a trickle. But low staff turnovers and the resultant inefficiencies in billing have also contributed to the shrinking of revenues. Having a dependable team of experienced billing professionals working from a remote location to handle your billing tasks helps you minimize such losses
Keep Pace With Changing Norms
The scale and the impact of the COVID -19 pandemic are unlike anything we have seen in the past. Just as Healthcare Providers are grappling with evolving treatment protocols, industry regulators and insurance providers are grappling with the challenge of adapting billing codes and norms to make room for the changing needs of the industry. New codes are being introduced regularly for COVID-19 Billing and Telehealth Billing. For healthcare providers already reeling under the pressure of the frontline fight against the virus, adapting to new codes and implementing them can be a big challenge. Medical Billing companies who have already invested in billing technology and resources are better poised to keep themselves up to date with the regulatory changes and implement them.
Improve Patient Satisfaction & Engagement
Another important thing that the pandemic has changed for healthcare service providers, is the way they engage with their patients. Patient Satisfaction and engagement are more important now than ever. As days and months pass, the anxiety patients have about their health is getting higher and their incomes are getting lower. Delays and inaccuracies in billing in such difficult situations can exacerbate the stress that patients go through. Smooth billing and empathetic engagements by well-trained billers can go a long way in reinforcing the positive opinion that your patients have on your services
Limit the Number Of Your On-Site Employees
Social Distancing is rightly being advocated as the only way to slow community spread. While technology-based firms have managed to move to the remote working mode fairly easily, hospitals and healthcare practices have been forced to function on minimum strength. Keeping your in-house billing department running would need you to take the risk of having more non-essential workers working from your facility. Outsourced medical billing can help you avoid this risk while also maintaining your billing efficiency. If you are looking for more information or assistance in medical billing, reach out to us or visit Rannsolve Inc.