What Are the Benefits of Medical Billing and How Does It Work?
The medical billing industry is expected to grow at a CAGR of 6.5% by 2023 according to market research analysis predictions. Medical billing and coding specialists offer a wealth of medical billing benefits to both the medical professional and the patient. In this article, we will examine many medical billing benefits.
Market Research Growth Analysis for Medical Billing Industry
Factors that are influencing this market growth are fueled by the increasing demand for internet, risk and compliance management, and digitalization in the healthcare industry. The United States commands the largest market for medical billing due to rapid growth in the information technology industry.
This market research growth is forecasted for the period of 2017-2023, and the medical billing market is expanding in more ways than one. The global Medical Billing Software market is experiencing exponential growth as well due to the demand for cloud-based software in the Medical Billing industry. The forecasted period for growth is predicted to impact the industry from 2018 to 2025 according to market research analysis.
What Is A Medical Billing and Coding Specialist?
A medical billing and coding specialist is a healthcare professional who works behind the scenes to help maintain the accuracy and integrity of the billing functions of healthcare providers according to the Branford Hall Career Institute. These healthcare professionals process and code health insurance claims while managing patient bills and tracking quality assessments. We are going to jump right into the best medical billing benefits.
Medical Billing Creating Jobs in the United States
The medical billing and coding career also provides a potential boost for the economy by creating more jobs in the United States. Fellow Health Partners is a medical billing solutions company in New York that recently established a call center in the United States. While most customer service call centers are off-shore, Fellow Health Partners CEO, Michael Brown, listened to the advice of an overwhelming 99% of physicians and bill administrators who said they preferred to work with a U.S. based vendor.
“We are hiring locally, bringing jobs to New York State and meeting the doctors’ needs by offering American-based managers and billing experts, which reduces misunderstanding and miscommunication for everyone. Creating jobs in America is the right thing to do because it helps people support their families, keeping our neighborhoods strong. It’s also the right thing to do for our customers,” Fellow Health Partners CEO Michael Brown stated concerning the new call center.
Medical Billing Company: Universal Billing Solutions
Universal Billing Solutions is an award-winning medical billing company that takes pride in “helping practices focus on patients” as they provide medical billing services to their clients. They offer a free evaluation to potential clients, and their team of professionals is focused on improving healthcare operations by implementing cost-savings, new technology, and a streamlined process. Universal Billing Solutions is dedicated to saving clients time and money by finding new solutions to classic problems. According to their website:
“In today’s healthcare climate, quality patient care is more important than ever. With changing regulations, it’s increasingly difficult to manage your healthcare operations, its cash flow, and patients’ needs. More and more, healthcare operations are choosing to outsource their medical billing to professionals like us, who stay on top of ever-changing regulations.”
Medical Billing Specialists Reduce Billing Errors
There is currently a lot of outrage in the news about individuals being over-billed by hospitals. For example, in Austin, Texas a 44-year-old high school teacher named Drew Calver was hit by a massive hospital bill after he suffered a heart attack that required a 4-day emergency hospital stay. In spite of his health insurance coverage, the medical bill he received amounted to a staggering $108,951.
Fortunately, medical billing and coding specialists help to reduce billing errors. An experienced, professional medical biller ensures that patient claims are submitted accurately and efficiently. Patient claims often are denied and rejected by insurance companies due to billing errors, and medical billers can also offer feedback in assisting the patient to maximize their reimbursements on future claims. This is one of the best medical billing benefits.
Medical Billing Specialists Provide Clarity Amidst Chaos
The healthcare industry is complicated and constantly evolving and insurance companies only add to the chaos with their demands. Another medical billing benefit that can be offered to practices is an updated knowledge of the latest changes in Medicare, Medicaid, and third-party payers. Medical professionals can devote more time and provide better service to their patients if they aren’t bogged down by following the proper protocols required by each payer. Medical billing companies make it their top priority to stay up-to-date on all of the current regulations and requirements to both maintain compliance and ensure that only clean claims are submitted on the behalf of patients.
Medical Billing Specialists Save Doctors Money
One of the top medical billing benefits offered to medical professionals by a medical billing specialist is saving them money. Outsourcing the medical billing to companies saves doctors and hospitals thousands of dollars in salaries, benefits, software, and computer equipment. Medical billing companies either charge a flat rate per claim or a percentage of the reimbursement per claim. It is far less costly for clinics and hospitals than maintaining a medical billing staff.
Medical Billing Specialists Offer Freedom to Clinics and Hospitals
Just to give you an idea of the challenge that medical billing presents to office staff, there are over 17,000 medical billing codes. That number is expected to climb to 140,000 codes once the new ICD-10 is set in motion! Medical professionals face enough stress just doing their job. It is time for clinics and hospitals to let the medical billing specialists do their job so that the medical professionals can focus on theirs without fear of bad audits or legal battles. Plus, they can reap the many medical billing benefits we have seen.
In conclusion, medical billing specialists provide medical billing benefits to both medical professionals and patients by providing clarity amidst a chaotic process, financial freedom, and stress reduction. The medical billing industry is a boon to our national economy, and medical billing specialists will continue to make a beneficial difference in healthcare as dedicated and efficient healthcare professionals.