Often medical companies are caught up doing multiple back-end tasks. One of their major back-end tasks revolves around cutting down their medical bills, managing their medical bill errors, or improving their cash flows. The back-end tasks are complicated and can divert attention from patient care, which is the primary concern. Besides, such tasks are highly resource-consuming.
Consequently, medical hospitals and healthcare institutes find it convenient to outsource their medical billing. It saves resources, time, and effort needed to produce medical bills. Outsourcing of medical billing incorporates the same methodology of establishing the client-customer relationship. In outsourcing medical billing, the interaction is usually between customers, medical hospitals, and insurance companies.
Let us dig into the benefits of outsourcing medical billing to understand it better.
The benefits of outsourcing medical billing
There is no doubt that India has emerged as a top-most outsourcing destination in the world. Here are a few reasons why US Medical Companies prefer to outsource medical billing to India.
1.Cost-Effectiveness: The medical companies in the US have to spend a considerable amount of money on building infrastructure, resources, and training personnel. If medical billing is outsourced to India, the overall cost is drastically reduced by 50% on an average. This tremendously increases their profits, forcing the medical companies in the US to outsource medical billing to India.
2. Recruitment and training of resources: Medical billing is an elaborate process that involves insurance claims like Mediclaim to be processed regularly. The entire process is complicated and time-consuming. Moreover, it is challenging for medical companies to continually find the right people for the job and train them.
Outsourcing comes across as a significant relief in such cases; talent management and on-time work delivery are wholly taken care of by the outsourced firm. The medical companies get the final product without putting any effort at a much quicker turnaround time.
3. Language Benefits: India has the highest population of English-speaking people. Indians can easily communicate with medical institutes and their clients in the US. Communications skills come as the most significant advantage to India, which is missing in most other nations.
4. Good Quality Service: The education system in India trains people on various other skills, enabling them to deliver good quality work. The chosen candidates by outsourcing firms are put through a series of tests to be assured of their capabilities. This entire process automatically ensures that the best quality of work is delivered.
5. Infrastructural support: India has excellent infrastructural and technology support. It has fast internet connectivity, which has dramatically reduced downtime. So, it has become extremely convenient to outsource work to India.
6. Political Stability: India has a stable political environment and a progressive economic environment. The Indian government is encouraging international firms to enter the Indian market through the ‘Make In India’ campaign. The government has also announced various subsidies for IT and IT-related companies to keep their costs to a minimum.
7. Relevant Industry Exposure: Indian industry has colossal exposure and relevant experience in the US medical industry. The Indian companies are well-updated with US policies, processes, procedures, etc.
With over a decade of experience, the Indian medical companies can suggest to US medical companies how to innovate or improve. Thus, outsourcing work to India works out much more convenient for US companies.
8. Easy business expansion: Buying infrastructure in the US works out very expensive for businesses to scale-up. The overall expense of recruiting resources, real estate, infrastructure, etc. is enormous in the US vis-a-vis in India.
Owing to the above-mentioned benefits, it is obvious for the medical companies in the US to outsource billing work to India.