The billing and coding world has been undergoing rapid changes and developments in recent years. To get some answers on exactly where the future of the industry is going, we asked one of our resident experts, Mr. William Baus. Mr. Baus has been working on the frontlines of the billing industry for over ten years, with a special focus on laboratories and medical billing outsourcing growth across the nation.
Check out our interview with Mr. Baus below to learn more about the future medical billing and coding, the role outsourcers like Billing Savi play, and the ongoing impact of technology on healthcare providers.
Why is it so difficult for medical practices, hospitals, and laboratories to keep up with billing and coding regulations?
There are many roadblocks that healthcare providers can run into when trying to navigate ever-changing billing and coding regulations. It is a never-ending job trying to keep up with what’s going on in the industry and that is why these organizations struggle to successfully do billing and revenue tasks in-house. For example, using the wrong code can stop the entire flow of processing for billing claims. This is a major problem today and a common bottleneck for medical practices, hospitals, and laboratories.
Unfortunately, different healthcare providers have different codes, which makes it very difficult to keep track of coding changes across the industry. Thankfully, professional medical billing outsourcers, like Billing Savi, are able to research these changes constantly and are much more aware of coding changes. By having billing experts in their corner, healthcare organizations can significantly reduce the instances in which their claims get denied or delayed unnecessarily.
Why is it better to outsource billing and revenue operations to professionals like Billing Savi? What sets Billing Savi apart from other billing and revenue outsourcers?
Providers should work with Billing Savi because they possess the intricate knowledge needed to handle each billing and coding situation with the level of detail it needs. Billing Savi is a much better billing outsourcing provider than most for a number of reasons. The company is strategically set up to help its customers grow sustainably in both the short term and long term. To do this, Savi experts use technology whenever possible to marry customer data with billing data.
This allows the Savi team to give additional insights to providers about their operations, enabling them to clearly see ways to boost their bottom line. Savi customers are also able to speak to US-based teams to resolve their problems as opposed to offshore support. If however, customers do need a deeper dive into technical issues, Savi does have large offshore teams ready and able to quickly clear up problems.
What are some of the problems you see in laboratories today, and how can outsourcing billing operations help resolve these issues?
Some of the major problems I see in laboratory billing operations revolve around staffing needs and expertise. For example, laboratory samples can vary significantly and require a constant shift in the amount of staff needed to handle sample volume. This can cause labs to hire and let go of staff quite frequently which is an expensive and time-consuming process. Outsourcing laboratory billing operations helps control the size of in house staff in the long run and avoid the need for constant hiring.
In house laboratory billing teams also typically have just a few people available to track billing changes that need to be implemented for different tests. It is quite difficult for staff to know how to manage different policies depending on the healthcare provider and organization in question. For that reason, expertise is also a big reason for laboratories to outsource their billing and revenue operations.
How does a lack of business and financial skill hurt those looking to open or expand their laboratory operations?
Most people setting up a laboratory are focused on the clinical aspect of it and downplay the administrative requirements needed to succeed. Producing samples and clinical work become the main concern for laboratories which leaves the financial side of running the organization neglected. Unfortunately, those administrative and financial details can significantly impact the growth and success of any laboratory.
Thankfully, laboratories can now collaborate with partners like Billing Savi to reduce their risk of financial losses. Savi experts are able to seamlessly complement laboratory operations by aligning with existing research and reimbursement efforts. Our team is incredible at helping laboratories collect the maximum amount of revenues they are entitled to and providing feedback where necessary.
Why do you think the medical billing outsourcing industry is experiencing so much growth in the US and around the world?
As billing and coding complexity increases and it’s more difficult to be competitive in the marketplace, medical practices are looking to outsource these operations more and more. Healthcare professionals understand that money is being lost by their in-house teams as they aren’t as skilled at maximizing revenues as a professional billing company like Billing Savi.
How do you see technology impacting the healthcare industry over the next ten years?
Most people in the industry are aware that healthcare tends to lag behind other industries in terms of incorporating new technology. However, there has been recent progress in pushing the integration of analytics, practice management, and electronic records systems. People are working more on sharing information back and forth while also ensuring security, which is currently difficult to do. Being able to consistently share data that we understand is a big goal for the industry right now.
Although it may sound like a distant technology, the impact of artificial intelligence (AI) is already very real to numerous healthcare organizations. For example, diagnostic AI tools such as IBM Watson are scaling up our ability to analyze the immense amount of valuable data available to us these days. These growing insights will continue to help medical professionals understand patients better as we move into the future. Technology will help us share data freely between patients and medical providers. It will also help us apply AI to the ever growing set of data that we already have. I strongly believe that being able to analyze and gather data on a mass scale will greatly impact the healthcare industry over the next decade.
To learn more about how outsourcing your medical billing and revenue operations can boost your bottom line, please contact us for a free assessment by using the form below.