{"id":9394,"date":"2022-11-04T03:15:16","date_gmt":"2022-11-04T03:15:16","guid":{"rendered":"https:\/\/risefoc.com\/?p=9394"},"modified":"2023-06-30T18:32:00","modified_gmt":"2023-06-30T18:32:00","slug":"realizing-the-benefits-of-offshore-collections","status":"publish","type":"post","link":"https:\/\/risefoc.com\/realizing-the-benefits-of-offshore-collections\/","title":{"rendered":"[BLOG] Realizing the Benefits of Offshore Collections"},"content":{"rendered":"

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As tough economic conditions continue to affect Americans, more consumers and employers are choosing health plans with higher deductibles and higher co-pays to avoid paying higher premiums. Under the Affordable Care Act (ACA), out-of-pocket maximums are established for plans sold on the marketplace for the upcoming 2023 plan year<\/a> is $9,100 for an individual and $18,200 for a family. For many families, these expenses are difficult to budget for, and anything but affordable. In fact, across the country, the patient has become the number three payor<\/a>, right behind Medicare and Medicaid.<\/p>\n

The Cost of Collection<\/h1>\n

While medical debt is rising across the nation, the cost that healthcare providers incur to collect the debt has quadrupled<\/em><\/strong>. That\u2019s right \u2013 it costs 4 times more to collect patient debt than it did a few years ago. As providers also struggle with declining reimbursement, readmission penalties, value-based care, and other challenges, finding savings and efficiency in every part of the revenue cycle matters more than ever.<\/p>\n

Why Offshore Makes Sense<\/h2>\n

Outsourcing has been happening for at least the last three decades, as technology makes the world smaller and communication faster than ever before. Sending work to countries with lower wage ranges has less stigma than ever, especially as the labor market in the U.S. is experiencing labor shortages in nearly every sector.\u00a0 Let\u2019s look at some key facts<\/a> about the world of outsourcing in general:<\/p>\n