As long as we live in the United States, we understand the theme of capitalism. Most big businesses outsource in order to pay employees less money for doing the same work. “To each his own”, as the pros and cons should be assorted. However, when it comes to Medical Billing and Coding, strict laws in the U.S govern this practice in order to protect HIPPA privacy laws. But now that physicians are outsourcing Medical records to another country, are our Medical records really safe? According to ‘Outsource to India’ Indian coders are professional, skilled, and well versed in international coding practices. They constantly develop and refine internal compliances of contract ICD and CPT coding resources to meet the requirements of the customer. They also have to follow International laws and use latest software like CPT, ICD-10, HCPCS, C++ edit to keep in touch with the constant changes in the medical coding industry.
Basically, people overseas are learning our industry while Americans here are struggling to cultivate skills and find jobs. I personally know of a European company based in South Florida that does insurance but it’s rare that I see Americans handling an outside countries revenue. Only vice versa. Outsourcing for the $300 billion global medical device industry is rapidly becoming a trend, with a projection that the market for medical device outsourcing will steadily rise to as high as $44.7 billion by 2017. When you outsource certain aspects of operations, you are not reducing additional overhead and expenses; you are enhancing your ability to focus on main goals. However, there is an underlying tone of certainty when outsourcing such vital and sensitive information to a different company. Doctors are unable to regulate as easy because no one is as accountable in the overseas office.
My advice? Outsource with a local billing company based in the U.S. Not only do we want to grow the economy and provide jobs but we also want to put create jobs while ensuring the practice is complying with all codes. I rather not take the risk. According to a recent KPMG survey, among 94 respondents in the medical device and service provider industries, cost reduction and improved service delivery are two of the primary drivers for outsourcing. And this was in the U.S alone so it can be done!