Proper medical billing and coding is the foundation of a practice’s revenue cycle management (RCM) process. RCM includes diverse components, ranging from patient scheduling and registration and insurance verification to medical billing and coding and claim submission. Dealing with these tasks along with patient care can be complex and time consuming. That’s why many providers now outsource the RCM task. A professional medical billing and coding company can help practices navigate complex billing and coding processes, and changing payer rules and regulatory requirements. Medical billing outsourcing provides diverse benefits for practices which include: more time to focus on patient care, billing compliance, reduced risk of billing and coding errors, on-time reimbursement, and increased patient satisfaction.
According to a Grand View Research report highlights that the global medical billing outsourcing market size which was valued at USD 10.2 billion in 2020 is expected to expand at a compound annual growth rate (CAGR) of 12.66% from 2021 to 2028. Key factors driving the market include the increasing usage of billing and medical coding procedures in revenue cycle management and frequent revisions in the classification systems for medical coding.
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