Should You Train Your Staff or Outsource Your Medical Billing?

Medical billing has been going through a drastic change in the last couple of years.

If we overview the overall process and costing, we may find asking, is it time to outsource medical billing or do we need in-house resources to manage it?

If you are confused about whether you should outsource your medical billing or keep it in-house, then you are reading the right analysis.

We will also be discussing the changes the American Medical Association (AMA) has gone through recently and how it impacts medical billing and coding.

Benefits to Small and Solo Physician Practices

With all the changes that we have seen in recent years, small medical practices or private medical practices are finding it time-consuming, extensive and difficult to carry out medical billing on their own.

This is why practice managers or a lot of physicians are deciding on outsourcing their medical billing to professional medical billing companies.

Being extensive and challenging for a private practicing physician or a medical manager, apparently, it looks like that it is better to outsource medical billing because of its value proposition and benefits it brings for healthcare services providers.

Conducting medical billing in-house affects a lot of other operations of the medical practice, which is eliminated by the decision of outsourcing the task to professionals.

Here are some facts summarized for you to help you reach a decision.

Benefits of Outsourcing Medical Billing Services

Outsourcing Keeps a Practice Updated

Outsourcing medical billing to professional and updated companies keeps you on the same track as the updated codes used in medical billing.

A professional outsourcing company is always up-to-date about the requirements and changing regulations of the insurance industry.

The outsourced medical billing company will keep up with the procedures, the latest industry regulations, and ICD and CPT annual updates.

Healthcare services providers will automatically be upgraded to the latest updates by the outsourced medical billing company.

Integration of Billing with Practice Management

Outsourcing medical billing will allow the effective use of EHR and other integrated practice management tools. Outsourcing to a professional medical billing company automatically translates into the comprehensive use of EHR.

By using EHR effectively in medical billing, medical practices can get system alerts and can detect errors and coding issues at a very early stage.

Almost ‘80 percent of all medical bills contain billing errors’ and most physician practices a big part of their revenues due to errors in medical coding and billing.

If you don’t want your medical practice to end up missing the revenue goals, outsourcing is the answer for you.

Cost of Resource Training

Outsourcing companies, who are in the medical billing can provide you with critical information that is necessary for the specialty and keep resources updated according to the latest requirements.

However, training your in-house staff to meet the latest requirements might be expensive and requires regular up-gradation of resources.

Professional medical billers make sure that the claim is filed in time and accurate medical bills are submitted to avoid denials.

Reduced Cost and Improved Processes

Outsourcing medical billing can reduce up to 30 percent of costs. When medical billing is outsourced to billing companies, a dip in the results of the operating cost and which in effect increases revenue.

While the claims filing procedure, billing and coding are outsourced to a medical billing company, physicians can focus on improving the care delivery.

The billing company can also help to manage the other tasks, such as, credentialing, scheduling and claim follow-ups which add value and expedites processes.

Reduced Claim Denials

Denials in claims are reduced once the billing task is outsourced to a professional billing company.

Professional medical billing companies can submit accurate claims, which results in reduced processing time.

Moreover, expert billing professionals make sure that there are no coding errors, which in turn helps in reducing claim denials.

Conclusion

If you decide to outsource billing, then you can bring in immense value to the services you provide.

It can be as simple as to jot down the cost you are bearing by keeping the billing services in-house and what you would be saving if you outsource it to a professional medical billing company.

Most of the medical billing companies agree to work on a certain percentage of collections they make and do not involve any additional costs.

This type of outsourcing is beneficial for small practices in many ways, as they don’t have to bear any services costs and the billing company also strives to increase the collections to get their profits.

Outsourcing medical billing also comes with giving the responsibility of Accounts Receivables (AR) to experts at the billing company.

Seamless and continuous business operations are promised by the outsourced billing company, which results in submitting a claim in time and error-free.

Outsourcing is a cost-effective, efficient and hassle-free solution for physician practices.

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