Medical providers, health insurers and software vendors have been in a tizzy ever since the news of implementing the ICD-10-CM code system and expected compliance with the new Hitech Act that has hit the circuit. Though the extension of the deadline to October 1, 2013 has given healthcare providers some breathing space, this does not change the fact that medical billing companies need to start preparing for this significant change that will increase the outpatient diagnosis codes from 13,500  to 68,000.

With the massive decline in reimbursements in 2009 and frequently changing health insurance regulations, more healthcare providers are turning to medical billing companies to manage their medical claims processing. Healthcare practitioners  including hospitals and medical centers are more than happy to turn over the arduous task of filing error-free claims and other back-office operations to professional medical billing services firms.

Medical billing firms are always on top of the changing rules and policies surrounding medical billing. They have trained professionals who have experience and expertise in medical billing services.

Medical billing companies can help with:

• Filing Electronic claims to reduce rejection rates and shorten the revenue management cycle
• Identifying and eliminating bottlenecks in medical billing processes
• HIPAA (Health Insurance Portability and Accountability Act) compliance
• Analyze daily and weekly medical billing reports to resolve discrepancies, if any.
• Patient invoicing and inquiries
• Training front-desk personnel in copay and collecting outstanding balances
• Medical transcription

Outsourced Medical billing can help shorten the revenue management cycle time resulting in significant efficiency gains in healthcare practices. With the substantial changes on the horizon, outsourcing medical billing can relieve the pressure off medical practices so that they can devote more time towards their profession and expertise – healthcare. Retiring baby boomers, increasing billing complexities and a new healthcare bill to be passed by the US congress will make outsourcing medical billing hot  in 2010.