Why Outsource Medical Billing?

Posted by mgsionline on November 19th, 2013

Lately, the medical billing and collections staff of Healthcare Providers and Facilities is having a busy time working on the changes introduced by the Affordable Care Act. The outcome of these upcoming changes and its impact are unpredictable in the US healthcare domain. These continuous changes have not only increased the work pressure of Providers, but also impacted the normal course of medical billing functions and hence impacting the cash flow. As an aftermath, the revenue cycle management also gets affected. One of the best physician billing solutions to handle this situation is to outsource medical billing. The following aspects will justify as to why one should look to outsource medical billing functions:

Affordable Care Act: An enormous increase in the number of newly insured individuals is one major aspect of the Affordable Care Act, which will come into effect by January 1, 2014. With a shortage of Providers and medical resources in the US, handling the newly insured individuals will be a tough task. Moreover, Providers will be pushed to a situation where they must handle more patients and claims. To keep the medical billing and collections pressures off their plate, outsourcing medical billing will be the best revenue cycle solution.

HHS Sequestration Cut: Payment reforms like the 2% HHS sequestration cut, which came into effect on April 1, 2013, has directly impacted the normal cash flow of Providers. In that scenario, handling medical billing and collections in-house might not be efficient as it might increase the risk of claim denials and cause a huge revenue loss. Undoubtedly, outsourcing medical billing will be the best of all physician billing solutions.

ICD-10 Implementation: This revolutionary change that is expected to come into effect by October 1^st, 2014 is going to alter the usual workflow of medical billing and collections. An addition of over 200,000 new codes will increase the coding complexity, calling for recruitment of additional coders and ICD-10 training for the existing coders. Instead of investing so much revenue on recruiting employees and training them, Providers can choose to outsource medical billing - one of the best physician billing solutions.

Payer Specific Changes: The recent reforms have induced so many changes to the coding techniques and reimbursement patterns. In addition, they vary from one Payer to another, which has to be carefully analyzed and executed before processing claims. Adapting to these new changes can cost the Provider a huge amount of time, which can otherwise be devoted to quality patient care. Therefore, the prudent choice would be to outsource medical billing.

Choosing a reliable and experienced medical billing and collections company is highly essential. In that scenario, outsource medical billing functions to MGSI, which has one of the best revenue cycle solutions.

About MGSI:

MGSI, one of the most reliable outsourced medical billing companies in the US performs medical billing and collections at a national level. With more than 20 years of experience in the domain, this Florida-based billing company has been providing unsurpassed physician billing solutions for its clients across the US. For more details, log on to www.mgsionline.com