18 Jul Is Outsourced Medical Billing For You?
In this article we discuss benefits of outsourced medical billing (also known as third party medical billing) for your business.
An in-house medical billing department may sound like a beneficial element to add to your business, but is it the right choice for you? There are multiple points to think about before you jump on either bandwagon. Some things to consider include time, control, and resources at your disposal.
Time vs Control
Both in-house and third party medical billing solutions will take time to implement. However, are you at a place in your business life-cycle where you can afford to dedicate time hiring and training people to follow a stringent billing process, and ensure maintained compliance? If you said no, you’re not alone. Most business healthcare operations professionals would come to the same conclusion.
Outsourced medical billing is beneficial because it creates the same high quality results you expect, without having to manage the process as thoroughly. You can expect a more consistent billing process that works like a machine – and one you don’t have to run.
An in-house billing solution will give you more control and oversight, however. If you have an established billing team and are fine with paying a premium for ease of manipulation, you may find your company going to an in-house solution.
Liabilities, Cost, and Return on Investment
An in-house medical billing team will need to be scrupulous about minimizing errors and negligence. Take a small behavioral health or rehabilitation facility for example. It may only have several employees working on billing management, however without a costly and experienced manager, quality of paperwork can take a hit. Again, this is where control as mentioned above is costly. A third party medical billing company helps out in this case.
An outsourced medical billing company not only takes the liability off your shoulders, it would save you money too. Outsourced companies have dedicated processes and systems with many people working on verification of benefits, appeals, etc.
If your business thrives on consistency of costs you may be looking for an in-house solution. Many outsourced medical billing companies may have variable costs involved, such as payment depending on percentage of collections, but the amount saved by outsourcing in the first place still makes outsourcing attractive. Do a cost analysis to see how much you could save by outsourcing.
Return on Investment of Established In-house System
If your business has an established, and well-trained medical billing team, the draw for staying in-house is the ability to grow your employees knowledge and experience level. Some companies have a hybrid system with some in-sourced; some outsourced people, and can be effective.
See the statistics and decide if you should choose a third-party billing specialist:
(.PFF version) Partner with a Billing Specialist
So what now?
At Elevated Billing, we aim to help those of you who wish to have a third party medical billing solution that is second to none. If interested in going this route, please contact us for an evaluation.