While doctors’ offices are beginning to overflow, the demand for medical billing companies continues to rise. The medical billing factoring specialists at PRN Funding came across an interesting article on Ocala.com and thought this information would be useful to our medical billing readers.
Accounting for about 17% of the U.S.’s GDP, the healthcare industry is growing at an alarming rate. The reason for the sudden influx in the system is the 78 million baby boomers who are now approaching retirement. Getting older means increased frequency in doctor visits, and medical billing companies are being called in as a result.
Because of this, doctors will need more time to deal with patient care and less time to handle the business side of their practices. Instead of hiring full-time employees to take care of the billing, practices can save money in these harsh economic times by outsourcing this service to subcontractors. Submitting claims, tracking denials, and making collections calls can be very time-consuming tasks. So many doctors will outsource the billing aspect of their business to a medical billing company.
Cyndee Weston, executive director of the American Medical Billing Association, reports that over the last 3 years, membership has increased 33%, from 900 members in 2006 to over 1,200 members currently. “Health care providers have been slower to embrace the outsourcing of their billing, but with the downturned economy they’re trying to save money just like everyone else. Billing is costly, especially when claims aren’t paid the first time.”
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