Benefits of Outsourcing Your Billing Services for Pain Management PracticesApril 20, 2023
Many practices may be hesitant to outsource medical billing due to the trust and experience of their in-house staff. However, a small in-house team may struggle to stay current on best practices, not to mention the healthcare industry’s ever-changing landscape. Pain management practices are no exception in this situation. As a provider, you must ensure your staff has the appropriate information and tools to obtain reimbursement.
Meanwhile, the Bureau of Labor Statistics estimates that the healthcare sector will add about 2 million new jobs between 2021-2036, which is a 13% increase in growth. With these statistics, it’s no wonder that practices turn to healthcare outsourcing to increase revenue while keeping up with current trends.
This article will cover what outsourcing is in healthcare, how it can benefit your pain management practice, and reasons to outsource your medical billing.
What is Outsourcing in Healthcare?
Healthcare outsourcing or medical outsourcing involves acquiring services and functions from third-party providers. It includes activities such as IT, accounting, and customer service.
According to research, the global medical billing outsourcing market size was USD 11.1 billion in 2021 and is expected to expand by 12.0% from 2022 to 2030. The advent of new technologies, huge debts, and changes in regulatory requirements have contributed to many healthcare organizations’ increased usage of healthcare claim outsourcing.
Healthcare outsourcing can also provide access to specialized skills and expertise that may not be available in-house.
Benefits of Outsourcing Your Billing Services for Pain Management Practices
Patients in desperate need of rehabilitative services may find having a pain management physician too rewarding. After all, more than 20 million Americans suffer from chronic pain, which often requires pain management or physical therapy.
As a provider, you focus your time and energy on helping people recover from injuries and conditions. You must also do certain things to stay in business, and medical billing is one of those challenging tasks. That’s why many pain management practices opt for outsourcing, not to mention the many benefits that go with it!
Improves HIPAA Compliance
Outsourcing your pain management billing can help improve the Health Insurance Portability and Accountability Act (HIPAA) Compliance. An experienced pain management outsourcing billing services can help you stay current on the latest regulations and ensure your practice is compliant.
In a study, 90.49% of health records have been compromised by hackers—more reason to improve compliance and outsource medical billing.
In addition to being compliant with HIPAA regulations, pain management billing outsourcing reduces the risk of costly fines and penalties.
A reliable method of reducing healthcare costs is to outsource IT solutions. In addition, outsourcing medical billing helps reduce the time needed to process claims and appeals. You can reinvest these cost savings into patient care and improve patient outcomes.
Increases Cash Flow
There are sometimes delays in collecting patient payments. This situation can significantly affect the daily operations of your practice. Hiring more staff can be a good idea, but doing this will add to your overhead expenses.
Pain management outsourced billing services solve these problems for you. The experienced billing team will send timely payment reminders to your patients. As a result, patient referrals will increase, resulting in more revenue for the clinic.
As a pain management physician, you are used to handling various tasks. However, medical billing is a full-time job that requires constant attention. This part is where outsourcing enters. Outsourcing medical billing in pain management practices has become increasingly popular in recent years.
According to Becker’s Hospital Review, 80% of U.S. medical bills contain errors. Pain medicine billing outsourcing services or companies use the latest technology to help you reduce your billing errors and administrative burden. As such, you can streamline your clinic’s operations and improve efficiency.
Better Patient Experience
As a pain management provider, you always strive to provide top-notch patient care. However, managing all of the facility’s tasks at once can be daunting, making it difficult to meet patient expectations. It can also be highly time-consuming for your support staff to handle patient appointments, check-ins and outs, and clinical operations.
Outsourcing medical billing allows your staff more time to attend to each patient’s needs. It also results in better patient experience and higher retention rates.
Should I outsource my medical billing?
Chronic pain costs society $560 billion to $635 billion in medical expenses and lost productivity annually. (Source: The National Academic Press). After ICD-10’s implementation, billing for pain management has become increasingly challenging.
Pain management practices are increasingly sought after by patients dealing with pain, resulting in steady business and revenue growth. However, recent state and federal regulations have presented some unique obstacles to these practices.
Thus, working with a specialized billing company can provide expertise in accounts receivable, medical coding, and claims submission. Providing quality patient care is, therefore, easier.
Also, specialized pain management billing companies have access to resources and technology that can engage patients and provide better analytics. Outsourcing can bring many benefits to help you manage your pain management billing more effectively and efficiently.
Learn more on our blog, Benefits of Outsourcing Medical Billing Management for 2023. Moreover, you can read the reasons to outsource your medical billing in this blog!
Tap Into Our Expertise
While your billing team may work hard, they need more time to cater to denied claims, detailed forms, and upcoming regulatory changes. Having a team of dedicated billing experts manage these responsibilities frees up your time so your practice can better serve your patients.
At 5 Star Billing Services Inc, we offer the highest level of performance for high-quality medical billing and coding. Save your money by outsourcing to a professional pain management billing service.