Medical Billing Companies Spill About Outsourcing Operations - I-conic Solutions

Medical Billing Companies Spill About Outsourcing Operations

A recent survey of medical billing companies shows a positive outlook on revenue cycle outsourcing,
  1. Nearly two-thirds of medical billing companies have a rising positive outlook about the current state of the revenue cycle outsourcing industry
  2. The majority of respondents worked for businesses that cater to practices and clinics with fewer than 10 locations.
  3. Outsourcing medical billing was cited by almost 43 percent of respondents—up from 27 percent in 2018—as a key opportunity to use technology to improve services, cut down on tedious procedures, and increase revenue.
  4. According to the survey report, the COVID-19 epidemic increased interest in revenue cycle outsourcing, particularly for medical billing.
  5. A serious risk to their business, according to about 43% of medical billing companies, is the acquisition of practices and clinics by bigger organisations. A significant risk, according to 30% of respondents, was posed by doctors leaving their practices to retire or join bigger health systems.
  6. Given that almost 50% of medical billing businesses believe they face increased competition and struggle to draw in new customers, there are chances. One of them is automation.

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