Payment21® to offer transaction opportunities for Offshore Medical Billing service providers
Offshore medical billing companies, especially those based in India and the Philippines, can now partner with Payment21® to enter the transaction services business allowing them to keep up with the increasing competition from full service companies.
Third-party medical billing companies provide crucial services that greatly impact the healthcare industry. Health care providers rely on these billing companies to a great degree in assisting them in processing claims in accordance with applicable statutes and regulations. Additionally, health care professionals consult with billing companies to provide timely and accurate advice with regard to reimbursement matters, as well as overall business decision- making.
However, these pure medical billing companies are facing an increasing competition from full service companies that provide a range of services from processing billing and clearing claims to full revenue cycle management for medical professionals/hospitals and other healthcare providers.
The offshore medical billing companies can receive Electronic Remittance Advice (ERA), re-billing or secondary billing but are not allowed to process payments. The United States Federal and State laws prohibit any out of country handling of medical third party payments at the moment.
Moreover, there is a rising concern among the offshore medical billing companies that the full service companies will affect their ability to grow. This means that these offshore companies need to diversify into new avenues like transaction services in addition to providing traditional claims processing and coding services. Given these changes in the business landscape, the medical billing companies based out of offshore locations like India and the Philippines are faced with an imminent choice between struggle to survive and practical alternatives to continue in business.
One of the alternatives for these companies is to register as a business entity in the United States and start offering payment services which they cannot at the moment. However, this option could be expensive and time consuming as it involves setting up a new business unit in the United States. The second, a more viable and quick, alternative is to start offering payment services to their existing customers through partnership with an existing payment service providers based in the United States.
Payment21®, with its state of the art payment gateway, can prove to be just the right partner in exploiting this opportunity and contribute toward the growth of these companies.
To know more about Payment21® services, click here.