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Revenue cycle management has become a common place practice for healthcare providers and medical practitioners across the US. Nevertheless, the number of independent practitioners and large hospitals who have actually aligned their revenue streams in an efficient manner is very limited. Most medical practitioners are still struggling to adapt to the new CPT alterations, and with ICD 10 changes just round the corner, coding and billing is going to become nightmarish for care providers. Most care providers will once again only focus on remaining financially viable despite the increasing claims rejections due to coding errors and thus, concerns with revenue cycle management will simply become a thing of low priority.
However, outsourcing medical billing can be the first step to make your revenue cycle management effective. Medical billing service providers bring more than just billing software and offshore transcripts for medical care providers. The complete service based approach can overhaul the way your healthcare practice carries out its billing and collection cycles. Some of the key benefits of outsourcing medical billing and revenue cycle management include -