You can do all the research you like, and you can easily compare the pros and cons of in house vs. outsourced billing. However, no one ever talks about the reality and true nature of the beast. The topics discussed below will help those who are currently on the fence about outsourcing their billing. The reasons to hire a billing service are not theory; they are most definitely tangible.
You will soon realize that it is a no-brainer, and your decision will be made sooner than you think.
The amount of money and time you spend investing in your office staff to perform coding and billing will almost certainly cost more than hiring a service to perform these tasks. Think about it. Not only are you paying more for your staff to take on this role, you are probably paying them for other duties as well–not to mention the miscellaneous benefits you give your employees. It is a huge investment for a non-guaranteed return.
Here is why:
- What if one of your staff members is away on vacation?
- What if they decide to just get up and quit assuming that they are not contractually obliged to your practice?
Your revenue cycle could and will be at an indefinite halt that will cost you dollars. This is assuming your staff is doing everything right to begin with. This assumption is a liability that is completely unnecessary and avoidable.
In-House Pro (There is virtually only 1)
You will have complete control of your billing and have immediate access of records at any moment. Yes, this is definitely a pro…if you’re a certified professional coder or biller. But you may not be. Most physicians want to focus on one thing, their patients. After all, this is what you worked and studied so hard for. Right?
It is crucial to understand that this phase of your practice should be left ONLY in the hands of professionals.
Outsourcing Pros Are Endless
- Professional medical billers and coders do the same thing day in and day out. Their livelihood depends on accomplishing these complex tasks. And they do it for you.
- The cost to pay a medical billing company will be significantly less than investing in your office and billing software.
- Claim denials happen less frequently and when they do occur, they are amended immediately.
- Consistent reporting is available and increased reimbursements are more likely to occur.
- There will be more time for quality patient care and a less overwhelmed office staff. This typically will allow scheduling for more patients.
- Your free time can be spent relaxing or enjoying the things you love since you are not inundated insurance claims.
- Frequently changing regulations are monitored by your billing company. For example, ICD-10 compliance is even more intricate than the previous ICD-9.
- The fear of losing control of your cash flow is another unnecessary stress. You gain more control than you think. Your billers will have answers and reports in a prompt and suitable manor.
Perhaps the greatest benefit of all –