To survive and sail through the tough times in the US healthcare industry, many organizations have come up with some pretty innovative and out-of-box solutions to reduce costs, increase revenue, enhance turnaround times, and improve processes. Topping the list for many organizations is the natural transition to contract a strategic medical billing services company, often across the globe in India. Initially, turning over part of the revenue cycle management processes to a medical billing services company was viewed purely as an avenue for cost reduction. But cost reduction alone does not fulfill the needs of healthcare providers in the US. They require almost instantaneous support from a services partner acting as an extended arm of their business that can handle unexpected increases in workload, which is an inherent part of the business.
Timely turnaround, which is often a major operational challenge in the industry, is no longer an issue for providers who partner with medical billing services companies. In fact, Indian medical billing services companies are renowned as well oiled machines that can accommodate unexpected spikes in workload volume quickly, even in excess of 40%, without affecting turnaround time. This kind of business continuity is sure to delight any client.
In the past, medical billing services companies were often looked upon as entities that kept the providers in the dark and often served up unexpected, daily surprises. Obviously, times have changed. Today, strategic services companies have matured. They share operational details with providers and send timely analysis reports to help providers take calculative decisions for their future expansion. Strategic services companies have taken over the hassles of the billing process, thus allowing providers to concentrate on their practice, which helps them to expand their service portfolio and patient base. Strategic services companies provide benefits like proactive input on transparent methods for how to enhance the revenue stream without the providers having to become directly involved in the process.
The entire approach towards this symbiotic business relationship ensures it is more of a mutual partnership and a win-win relationship than it ever was in the past. Indian companies especially have realized the importance of giving back to the client and are keen to offer up tips and advice for improving processes and increasing efficiency.
The more strategic medical billing services firms who’ve worked hand-in-hand with US healthcare companies for over a decade, like Vee Technologies have expanded their portfolio beyond the obvious day-to-day services. Many are now mobilizing their think tank away from traditional billing services support towards process reengineering and improving efficiencies. These companies aid organizations with required implementations like ICD10, EMR/EHR, and others that are essential for billing needs. On the whole, farming out medical billing and coding functions to specialized companies is highly profitable and beneficial to medical practices and healthcare organizations across the country.
Statistics revealed that Indian strategic services companies have saved more than $6 billion for organizations that chose to outsource. Despite the benefits, we are all aware about the concerns that have arisen surrounding off-shoring and outsourcing, which have fast become a heated topic. Indian companies are sensitive to the unemployment realities in the US and have started working hard to be a part of the solution and not looked upon as only part of the problem. Near shore delivery centers have created a tremendous number of jobs in the US, which are being filled by Americans and that number will only grow.
As the world grows smaller, we can clearly see that there is much to gain through collaboration. Indian medical billing services companies are working collaboratively with American organizations to help benefit the US healthcare industry as it pushes forward to the next level of sustained growth.