To outsource or not to outsource medical billing—that is the question. The answer? According to most health-care experts, the answer is yes!
First, medical collections operations are essential for the success of any medical practice, not only to achieve the required degree of regulatory compliance but to receive proper reimbursement. Medical billing specialists are expensive to employ, and as your practice begins to grow, so too will your medical billing and coding needs and workloads. Outsourcing medical billing changes your fixed-cost expenses to variable costs, allowing you the flexibility of hiring a billing expert part time or as needed. Moreover, collecting money from patients is a time-guzzler and headache for most doctors and health-care providers. An expert in medical billing processes will help you manage your business, take care of all the administrative duties involved, and free you to concentrate on the lifeblood of your practice: delivering high quality patient care.
Still debating the pros and cons of outsourced versus in-house medical collections? Consider the following benefits of choosing a third-party expert to handle cash flow and other business aspects of your practice:
* Revenue cycle management is essential for the success of your practice and career
* Outsourcing medical billing saves money, with fewer expenses such as employee salary and benefits or purchasing hardware and software
* A medical-billing company supports your needs year-round, so that you don’t have to deal with sick leave, vacation pay, worker’s compensation, health-care insurance, leaves of absence, or an employee quitting
* A medical-billing expert guarantees complete visibility and compliance in billing operations, precluding any problems from scrutinizing regulatory boards
* You will have less paperwork and fewer administrative headaches
* Your practice will stay up-to-date with the incredible amount of change occurring in the health-care industry and on the medical-billing landscape in particular
* A trained billing expert ensures that you will achieve the most timely payments and highest reimbursements for your medical claims
What are some of the potential drawbacks of outsourcing medical billing?
You will not have full control, you cannot ensure quality customer service standards (i.e., how your hired bill collectors talk to your patients), and you will have to call a third-party agency instead of walking into the next room to speak to your employee.