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Employing experienced medical billing specialists is essential for healthcare organizations to handle the complicated task of collecting, calculating, and managing payments for medical services. These specialists ensure accurate and timely billing for patients and clients, while keeping their data up-to-date. Medical billing specialists possess an in-depth knowledge of medical administration, and they are relied upon to resolve any billing problems, claims or inaccuracies.
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Employing experienced medical billing specialists is essential for healthcare organizations to handle the complicated task of collecting, calculating, and managing payments for medical services. These specialists ensure accurate and timely billing for patients and clients, while keeping their data up-to-date. Medical billing specialists possess an in-depth knowledge of medical administration, and they are relied upon to resolve any billing problems, claims or inaccuracies.
Medical billing specialists are also known as medical coding specialists, medical billers, and medical coders.
The COVID-19 pandemic has had a significant impact on the healthcare industry, with new medical codes introduced by the World Health Organization and the need for businesses to meet new medical billing standards. As a result, the global medical billing outsourcing market was estimated to be worth U.S. $10.2 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 12.66% from 2021 to 2028.
Outsourcing medical billing tasks can bring significant benefits to healthcare organizations, including cost savings, increased output efficiency and quality levels, business growth and scaling opportunities, and access to 24/7 client support. By hiring an offshore medical billing specialist to handle repetitive and time-consuming tasks at a lower cost, the local team can focus on higher value and strategic work, resulting in a drastic increase in productivity levels.
Attention to detail, effective communication skills, knowledge of medical terminology and insurance providers, and problem-solving skills are key traits for successful medical billing specialists. While a degree or certificate in business, healthcare administration or accounting is desirable, it is not necessary as the requirements of being a medical billing specialist can be taught on the job. Some organizations prefer billers to be certified, which can be obtained through various programs and certifications online.
Medical billing specialist roles can be categorized by years of working experience, including entry-level or junior, intermediate, and senior.
Medical billing specialists rely on medical billing software such as PracticeSuite, Kareo, WebPT, CollaborateMD, DrChrono, CareCloud, and eClinicalWorks.
To ensure the best level of support for your business and clients, medical billing specialists must know your business's systems and software. Effective communication with your talent acquisition team is essential to source the right candidates, streamline the recruitment process, and find the best fit candidates for your needs. You can recruit as many medical billing specialists as required from project to project and even hire senior medical billing specialists in the offshore location to manage your offshore teams. Having one team lead can ensure streamlined communication and effective project updates to your onshore team.