American Business Systems Explains Medical Bills During the Pandemic and How It Helped Billing Companies
American Business Systems is a nearly 30-year-old company that helps small-scale entrepreneurs start, set up, and maintain medical billing and coding businesses. With its comprehensive platform that includes marketing tools, 24/7 assistance, income calculators, and other resources, ABS gives medical billing businesses the best chance at success.
While there were many downsides to the recent pandemic, specific industries like medical billing and revenue cycle management benefited. Additionally, entrepreneurial vacuums gave rise to business opportunities for new entrants. The upswing in medical bills during the pandemic begs the question, how did the pandemic help medical billing companies?
This article examines the pandemic's positive impact on revenue cycle management, medical billing, and coding franchise support by American Business Systems.
Importance of the Healthcare Industry
From health insurance to patient care to testing, the healthcare industry comprises a fifth of the American economy. This industry is especially critical when a new disease infects the population.
Since the beginning of the pandemic, the healthcare industry has continued to experience challenges beyond the scope of recent years. Understaffed hospitals, changes to the style of providing affordable care, and a new disease burden the industry.
However, the pandemic also demonstrated that healthcare isn't going anywhere. As a result, medical billing companies are equally immune to extinction as their services provide essential financial assistance to healthcare providers.
Changes in the Healthcare Field
The pandemic ushered in one significant change in the healthcare field that benefits medical billing companies: telehealth. Before the pandemic, telehealth was only beginning in most medical spaces. Since the pandemic, telehealth has increased by 65% and is a widespread offering.
More importantly, billing for telehealth is now on-par with in-person billing, providing doctors and medical billing companies with more avenues to generate revenue.
Right Business at the Right Time
Increased medical bills during pandemic times are not solely due to the new disease. There are more adults ages 50+ than ever before due to the maturing of the Baby Boomer population. As a result, there is a need for doctors and companies involved in revenue cycle management.
Two interconnected business catalysts caused by the pandemic also make this an ideal time for new medical billing companies: decreased doctor revenues and the small business boom. While the pandemic demonstrated the importance of healthcare industries, financial duress made it so many people could not afford health services. Since medical billing companies help doctors increase their revenue by decreasing rejected claims, the healthcare field needs their services now more than ever.
Growing Field
The revenue cycle management field is also a fast-growing field. In 2020, this field will be valued at $105.8 billion and grow to $249.44 billion by 2028. These significant figures demonstrate the potential for growth and new entrants in revenue cycle management primarily due to the pandemic.
Want to capitalize on the increase in medical bills during the pandemic? American Business Systems is a leader in helping entrepreneurs work smarter, not harder, to establish highly profitable medical billing and coding companies. Call (866) 565-8413 to learn how ABS can help start a revenue cycle management business today!
