Save on Operational Costs by Outsourcing Revenue Cycle Management Services to India

Hospitals, physicians and other healthcare service providers often lose up to three percent of their annual net revenue due to an inadequate revenue cycle process. In the present financial situation, healthcare organizations often find that traditional efforts to reduce expenses are not enough to sustain a good profit margin. By outsourcing your revenue cycle management services to India, the entire revenue cycle right from a patient’s admission to the hospital, treatment and discharge to post discharge claims and accounts settling is efficiently handled so as to improve access management, accelerate cash collections and advance payer performance.

Indian outsourcing companies offer specialized revenue cycle management services with innovative tools that allow you to constantly monitor revenue cycle services and activities relative to claims, denials and underpayments. The revenue cycle processes that can be outsourced include:

• Pre-Registration Processes
• Registration and Patient Access
• Eligibility and Patient Services
• Supply Chain and Pharmacy Management
• Clinical Documentation
• Coding Management
• Medical Billing
• Physician Management
• Component Specialty Billing
• AR/ Denial Management
• Complete Patient Financial Management
• Follow-up for Outstanding Payments
• Accounts Receivables

Service providers employ qualified and dedicated employees who are well experienced in handling both large and small accounts across multiple specialties. With the added advantage of a 24 hour turnaround time, clients can see a marked improvement in the collection ratio and an increase in the probability of payment. Outsourcing revenue cycle services to India also has many other benefits which include:

• Savings of up to 50% on operational costs
• Increased productivity
• Efficient pre-authorization, eligibility verification and medical necessity processes
• Optimization of claims management and collections
• Early identification of potential claims issues
• Rapid claims denial review and denial prevention
• HIPAA compliant proven processes
• Usage of state-of-the art software and infrastructure
• 24/7 service and support

Healthcare organizations outsourcing revenue cycle management services to India gain a value-added support service that aims at achieving an increase in revenue along with complete patient and physician satisfaction.

Outsource to India for Accurate and Faster Medical Claims Processing Services

Most hospitals and medical practitioners are familiar with the complexities involved in processing medical claims. Very often a tiny lapse in patient information or an inaccurate detail could get your claim rejected by the insurance company. A cost-effective and efficient way to make sure that you are paid for the services you have provided is to outsource your medical claims processing services to India. By handling all the activities involved in medical claims processing, Indian companies offer faster and fully automated payment solutions that can help you increase your revenue.

With the use of advanced medical claims processing software, service providers ensure that claims are processed at a much faster rate with minimal errors. Each medical claim goes through the following steps to ensure maximum data accuracy and quick turnaround time:

• Details such as patient demographics, referring physician, CPT and ICD Codes and modifiers are entered into the medical billing software
• The documents are scanned for billing errors and corrected if needed
• Client claims are adjudicated for accuracy
• Explanation of Benefits (EOBs) are prepared
• The claims are filed and submitted with the insurance company
• The client is apprised of the status of the claim
• Denied claims are re-processed and re-adjudicated for claims submission

Indian outsourcing companies employ highly skilled professionals who are experienced in working with varied medical claims processing software. Service providers also cover a wide area of health and medical plans which include vision, prescription drug, dental, disability and COBRA claims. Outsourcing will also ensure that you gain the following advantages:

• More time to concentrate on core activities like providing medical care
• Marked reduction in administrative overheads
• Greater data accuracy leading to greater chances of revenue recovery on claims
• Quick turnaround time ensuring an increase in revenue by more than 20%
• Regular reports on current status of claims
• Work flow flexibility
• Strict compliance with HIPAA regulation

India remains as the proven solution of medical claims services since clients are not only benefited by an increase in revenue brought about by the high levels of accuracy and fast turnaround time, but they also get to invest in partnerships that work towards a common goal.