According to the American Hospital Association (AHA), estimation canceled surgeries, personal protective equipment costs, workforce support, and other expenses have cost hospitals around $50.7 billion for each month between March and June last year.
In fact, finding a billing team who could help healthcare practice with their billing operation was a challenge itself.
This is why offering unparalleled support with a keen understanding of the best practices of the industry, RCM approach has been way out for many healthcare practices looking for seamless billing solution as well as looking to resolve problems like:
- Shortage of experienced Staffs during any crisis
- Long prior authorization process
- Unparalleled productivity standards
“Outsourcing is the key,” said Dr. Dipak Nandi, M. D, who has been a pioneer in the field of healthcare outsourcing and telehealth solutions. Working for more than a decade with a platform providing solution over cutting edge telemedicine and medical billing services under one roof which is one of his visions of seamless billing solution in fact also observed, it is a cost effective solution for maintaining the continuity of care.
In fact today the global medical billing outsourcing market size was valued at USD 9.3 billion in 2019 and is projected to further increase CAGR of 12.3% over the forecast period which is USD 23.1 billion by 2027; as outsourcing solution increasing healthcare practice’s cash flow also helps in saving on the cost of equipment and software installation charges along with reducing in staff size and employee expenses.
Furthermore outsourcing medical billing segment is accounted for the largest market share in the component segment in 2019 and is expected to witness a high CAGR attributed to rising preference for areas like hospitals, physician office, and startups opting for hassle-free claim management and a faster reimbursement rate at low cost
