The healthcare industry is one of the most crucial sectors that have a direct impact on people’s well-being. The medical billing market was estimated to be hovering above the $3 million mark back in 2016. It is estimated that by 2024, one out of every five dollars spent will be on healthcare in the US. There is absolutely no margin for error here. The industry has undergone a sea of change with the Affordable Care Act (ACA) being passed. This has led to a plethora of new regulations and consequently, a much higher volume of data to process and distribute.
BPMS to the Rescue
BPMS and Medical BPO services have been around for decades. We’re very familiar with the term, but what exactly does it do for clients? In essence, a business process management service will study a prevalent business process, identify aspects that are ineffective or causing negative cash flow, and make necessary changes to streamline or improve it. They monitor the daily workflow and ensure that it runs flawlessly, making timely modifications as the situation requires. Here we take a look at how BPMS can contribute to the overall improvement in the medical billing process.
Tough Road Ahead
The healthcare sector is currently facing the challenge of having to implement new processes in conjunction with providing high quality care for a rapidly increasing number of patients. Health care providers are under tremendous stress with having to carry out additional administration duties apart from their regular diagnostic and consultation processes.
Medical billing is an area where physicians are struggling to catch up. It requires a flawless stream of communication between various departments within the shortest span of time. With newly implemented guidelines, the process has gotten even more complex. This is especially the case with small medical care providers comprised of one or two physicians. These clinics or care providers find it extremely challenging to manage the documentation process that is associated with medical billing.
Why Take on a BPMS?
In such a scenario, Business Process Management manifests itself as an essential tool to ensure that necessary changes are implemented seamlessly and physicians have the opportunity to focus primarily on patient care above everything else.
Taking on BPM services can have a major positive impact on the quality of services provided by a healthcare provider. Physicians and their assistants cannot be expected to be experts at processing financial data of the patients. This is not an efficient employment of resources. There is bound to be some compromise made at some point in certain areas, which would eventually lead to a loss in credibility of that provider.
By taking on a BPMS to manage the medical billing process, you can witness an overall spike in efficiency, makes revenue processing smoother and quicker, and ultimately results in an improvement in the income generated by the service provider. In short, it allows the physician to do his job.
The Apt Solution
Billing outsourcing is the solution for any medical practice as it removes the burden of keeping additional staff. Medical BPO services cover everything from EMR entry, transcription to billing and coding. The work is processed by trained professionals who are capable of executing the major share of the administrative and financial processing involved with any healthcare service. This translates to higher efficiency, smooth workflow, higher profits, low costs, and uncompromised health care.