The modern healthcare business-scape is often defined by change.

As best-practices, expected margins and return-on-investment-propositions continue to evolve, forward-thinking healthcare providers face the ever-growing need to optimize their operations and improve their financial stability.

In this complex environment, the need for reliable and affordable medical billing solutions is a core focus for providers, regardless of their size or specialization.

Balancing the demands of impatient patients, along with insurance companies, coding requirements and claim submissions, can quickly become unsustainable, diverting valuable time and resources from the primary mission of patient care.

Recognizing the need to address these challenges and get ahead of the game, an increasing number of providers are exploring alternative solutions to achieving their growth and delivery potential and optimizing the management of their revenue cycles.

An estimated 70% of North American healthcare companies are leveraging outsourced teams and staff to mitigate the ever-growing global skills shortage and to address their ever-growing staffing costs.

By partnering with experts who specialize in medical billing, providers can streamline their operations, reduce administrative burdens, and allocate more time and resources toward patient and growth-focused activities.

Through their comprehensive suite of services and client-centric approach, reputable medical billing service providers enable healthcare businesses to achieve financial stability while maintaining their focus on delivering outstanding patient care.

By outsourcing their billing processes, healthcare providers can optimize their revenue cycles, reduce claim processing times, and enhance their financial efficiency.

Check out our Sourcefit Blog to learn the 5 benefits of outsourced medical billing and connect to tailored staffing solutions designed specifically to help your business realize its growth potential.

What is outsourced medical billing?

Medical billing is the management of billing and accounts receivable for medical professionals and healthcare firms.

Just as patient care is the primary function of any healthcare organization, reputable medical billing service providers ensure that medical billing is their core function, delivering service-levels that outperform in-house teams across several key metrics.

Efficient, outsourced medical billing can also connect businesses to multiple billing experts, across multiple time zones – all at a fraction of the cost, allowing for continuous revenue processing and improved cash flow.

Why is outsourced medical billing so popular?

The multifaceted nature of medical billing, involving intricate coding, claim submissions, insurance interactions, and regulatory compliance, demands specialized expertise.

Outsourcing to dedicated medical billing providers offers access to highly skilled professionals who excel in these domains, ensuring accuracy and efficiency in revenue cycle management.

Moreover, outsourcing alleviates the administrative burden on healthcare practices, allowing them to refocus on their core mission of delivering exceptional patient care.

With the growing emphasis on technology and data security, reputable outsourcing providers input advanced systems and stringent compliance measures to safeguard sensitive patient information.

This combination of expertise, efficiency, and security has made outsourced medical billing an increasingly attractive solution for healthcare providers seeking financial stability and operational excellence in a rapidly evolving healthcare landscape.

Sourcefit Says: we understand that running a medical practice involves a complex web of administrative tasks, billing challenges, and financial responsibilities.

We’re here to lighten the load, allowing you to concentrate on what truly matters – delivering exceptional healthcare to your patients.

With Sourcefit, you can expect:

• Higher claim acceptance: reduce claim rejections.
• Improved practice profitability: optimize financial success.
• Resource optimization: allocate more resources to patient care.
• Personalized Patient Focus: prioritize individualized patient attention.
• Streamlined claims processing: expedite reimbursement procedures.
• Increased staff efficiency: empower staff to excel in their roles.
• Cutting-edge technology: harness advanced security, software and resources.

Outsourced medical billing solutions benefit 1: Cost savings

Labor costs for staff hired through Sourcefit normally run 50-70% less than equivalent staff in local markets.

According to the American Academy of Professional Coders, ‘the average salaries for popular medical billing and coding positions range from $40,000-$102,000. Medical coding and billing specialists in the U.S. earn (significantly) higher average salaries than those in other regions.’

With local salaries increasing exponentially for candidates with higher degrees and role-specific qualifications, hiring and retaining in-house billing teams can quickly become exorbitantly expensive.

Besides salaries, in-house billing teams incur costs including onboarding costs, continual training on industry developments and regulatory changes, software costs, hardware costs, office space and equipment costs, as well as HR-related costs such as healthcare and paid leave.

All this expenditure, just to keep your business running!

In a bid to manage costs without sacrificing service, budget-conscious medical practitioners are increasingly turning to reputable service providers with years of experience in providing outsourced medical billing services

Reputable medical billing service providers can offer market-leading solutions at market-beating rates due to their focused specialization, and their ability to leverage economies of scale in driving down their price-points, passing on to your practice or business, those very savings.

Sourecfit says: look out for our amazing new ROI Calculator hosted on our homepage – coming soon!

Sourcefit people can fill the following medical billing roles and more:

• Entry-level patient biller/coder
• Medical billing specialist
• Senior medical billing specialist
• Coding quality reviewer
• Medical records technician
• Health information biller and coder

Outsourced medical billing solutions benefit 3: More time for your patients

Is your staff crunching numbers and double-checking billing codes while they could be focusing on patient care and customer service?

Traditional billing processes can be incredibly time and focus-intensive tasks, and often require significant resource-investment from crucial or front-line staff.

26% of physicians indicated time saving as the biggest advantage of outsourcing medical billing

Delegating medical billing solutions not only solves a stressful problem quickly and affordably, but also allows staff to offer the care, service and attention that your patients and clients deserve.

Outsourced medical billing services not only offer curated, reputable billing solutions, but also frees up valuable time, allowing your core team to focus on doing what you actually hired them to do – grow your business.

Sourecfit says: The most important function for your staff is offering high end care. Free your team from unnecessary or time-consuming billing tasks to unlock their full potential

Outsourced medical billing solutions benefit 4: Data protection and security

“Small medical practices are low-hanging fruit for hackers because they haven’t typically tightened down their cyber environment.” Emily Jones, practice leader and director of operations, Warren Averett Technology Group.

While all medical professionals understand that patient and client data security are non-negotiable, Reputable medical billing service providers are, by definition, far more focused on securing client data than traditional internal billing teams.

With the Federal Bureau of Investigation (FBI) estimating that, ‘fraudulent billing constitutes between, ‘3% to 10% of total health spending, and with the Centers for Medicare and Medicaid Services (CMS) stating they spend approximately, ‘$95 billion on improper payments connected to abuse or fraud,’ your internal medical billing processes are more vulnerable than ever.

Due to the very nature of outsourced solutions, high-end outsourcing providers spare no expense or effort in ensuring they are applying the very latest in cyber and data security measures, designed specifically to protect online and system-specific protocols and information.

Sourcefit says: To protect your business against possible intrusion and the potential repercussions, ensure your service provider is connected to safe and secure systems, and enjoys a track record of providing secure solutions.

Sourcefit medical billing solutions are protected by:

 

Outsourced medical billing solutions benefit 5: Billing accuracy

According to The American Health and Information Management Association’s Leigh Poland;

• Unresolved claims denials representing an average annual loss of $5 million for hospitals
• Unresolved claims represent up to 5% of net patient revenue
• Hospital denial rates have increased by 20%+ over the past five years
• Nearly 20% of all claims are denied
• Up to 60% of returned claims are never resubmitted
• Appealing claims averages $25 per claim for practices
• Appealing claims averages $181 per claim for hospitalsSource: Claims Denials: A Step-by-Step Approach to Resolution (ahima.org)

The highly regulated medical billing and coding industry can be extremely dynamic, with constant changes to regulations, process and best-practices.

In this ever-changing space, penalties for inaccurate reporting are unfortunately common. The good news? These errors are now completely avoidable by trusting your billing to high-end professionals.

Professional billing services-providers make it their business to stay current on all policy changes and regulatory notices, ensuring speed of service, data-management accuracy and most important of all – a streamlined, positive experience for your clients and patients.

Sourcefit Says: make sure your business isn’t leaving revenue on the table by entrusting your medical billing to the experts

Ready to connect to efficient, focused medical billing solutions?

Outsourcing medical billing services has emerged as a transformative solution for healthcare practices seeking financial stability and efficiency in today’s dynamic landscape.

By partnering with a trusted outsourcing provider, you can redirect valuable resources towards delivering personalized patient care, confident in the knowledge that your administrative and billing processes are in expert hands.

The advantages are clear – streamlined operations, faster claims resolution, improved staff productivity, reduced errors, enhanced compliance, and ultimately, a healthier bottom line.
When transparency, accountability, and cost-effectiveness are priorities, outsourcing medical billing isn’t just a strategic choice – it’s the prescription for a thriving and prosperous healthcare practice.

Embrace the future of healthcare administration with Sourcefit and experience the freedom to focus on what matters most – your patients’ well-being.

To learn more about outsourcing, you can read our Top 8 Qualities of an Outsourcing Company in the Philippines article. We invite you to follow us on social media and to visit our website to learn more about our services.

About Us: Sourcefit is a widely recognized US-managed business process outsourcing company based in Manila, Philippines. We proudly serve over 100 clients with a workforce of more than 1,300 employees. Our global centers can serve multiple markets, and our staff is highly proficient in English, Spanish, French, and Portuguese. Whether you need a few or many employees, we can help you achieve your business goals and build high-quality offshore teams.

Latest Awards

Sourcefit’s commitment to excellence has been recognized through numerous industry awards and certifications.

We recently received the Fortress Cyber Security Award from the Business Intelligence Group. Sourcefit was also honored with the prestigious recognition of Best Outsourcing Solutions Provider in the Philippines during the 2023 Business Excellence Awards.

Other awards include: FT ranking of 500 high-growth Asia-Pacific, The Marketing Excellence Awards, Inquirer Growth Champion,  HR Asia Awards, among others.

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