In-house vs Outsourced Medical Billing Services for Physicians - PowerPoint PPT Presentation

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In-house vs Outsourced Medical Billing Services for Physicians

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Whether to outsource medical billing operations or keep the process in-house is the question that continues to hassle many physicians and practice managers. Many medical offices struggle with the decision to keep medical billing internal or outsource it to experts. There are benefits to both; hence it can tricky to decide which one is the best for you. – PowerPoint PPT presentation

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Title: In-house vs Outsourced Medical Billing Services for Physicians


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  • In-house vs Outsourced Medical Billing Services
    for Physicians

2
In-house vs Outsourced Medical Billing Services
for Physicians
Whether to outsource medical billing operations
or keep the process in-house is the question that
continues to hassle many physicians and practice
managers. Many medical offices struggle with the
decision to keep medical billing internal or
outsource it to experts. There are benefits to
both hence it can tricky to decide which one is
the best for you. There is no right or wrong
choice as it depends on multiple factors such as
age of the business, size of local employment
market, and position of practice finances, among
other considerations. Billing and revenue cycle
management (RCM) are the most important processes
of your practice after clinical services. Cash
flow of the practice is dependent on it. Hence
the decision of whether to keep billing in-house
or outsource should be taken after careful
consideration. The most crucial factors to
consider first in any billing solution are cost,
convenience, service, and repayment success. You
deserve great service, great convenience, low
cost and high levels of reimbursement success.
Many doctors believe that getting all those four
elements covered is impossible hence continue to
suffer with high costs, poor service, terrible
convenience and low reimbursement rate. When all
billing aspects are followed in-house it is
called as in-house billing. An in-house team
provides the maximum level of convenience. After
all, what could be easier than walking over to
your biller and asking for an update? It is also
convenient to have biller in cases when patient
has any queries about their bills. But
reimbursement success rates can be lower with
in-house billing team.
Medical Billing Services in Oregon
3
In-house vs Outsourced Medical Billing Services
for Physicians
This is primarily due to constraints on biller as
he only has the time and skills to follow up on
claims so many times, leaving many claims
under-reimbursed. By functioning with your
in-house billing team or bringing in a
professional to train them, you might be able to
boost their reimbursement rate. It requires a
continuous investment to maintain the rising
expenditure of medical billing and demands
expertise. For this, the healthcare provider has
to go through the toil of recruiting certified
coders and billers which can result in
backlogs/pending work if one of them fails to
show up or is incompetent, therefore, risking the
whole revenue cycle. When healthcare provider
hires a medical billing service provider outside
their practice to do all the billing works, often
giving a fair percentage cut of the total revenue
generated it is called Outsourcing the medical
billing service. A healthcare provider
experiences timely submission of claims when they
opt for an expert medical billing service
provider who is familiar with the latest ICD-10
coding and employs skilled medical billers
coders. It also ensures that a physician does not
need to worry about staff turnover. You may think
that working with an outsourced team will cause
lower levels of convenience. However, a good
outsourced team is equally on hand (via phone and
email) as your in-house team. Another common
problem with outsourced billing services is that
you may not be able to monitor it, mainly because
they are outside contractors, and thus you may
not really know what they are doing, when they
are doing it, and how well they are performing.
One fix for this problem is having billing
software, which many medical billing services
provide to allow physicians complete transparency
into the billing process.
Medical Billing Services in Oregon
4
In-house vs Outsourced Medical Billing Services
for Physicians
Outsourcing also removes the need of training as
the medical billing service provider keeps
up-to-date with the changes in healthcare
regulations and coding system and adheres to the
regulations of HIPAA thus, safeguarding the
privacy, security, and confidentiality of
protected health information (PHI). After
separating the medical billing process from their
niche business, a healthcare provider can
concentrate on their core responsibilities
resulting, an increase in the doctors
productivity. The expenses for in-house vs.
outsourced medical billing service can differ
very much. If you have a smaller practice and
your biller is multi-tasking, conducting multiple
jobs, then it may appear that in-house is a
cheaper alternative. However, you should also
consider the reimbursement success rate of your
in-house team in this equation. Many times a
professional outsource team of expert billers is
able to gain higher levels of reimbursement, thus
offsetting any costs associated with the service.
Medical Billing Services in Oregon
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