Is Outsourcing Medical Billing Services More Viable Than In-House Practices?
According to Self Growth, the dilemma for doctors to decide whether to keep their billing in-house or to outsource is becoming increasingly clear. And the trends are heading towards outsourcing. Here’s a comparison between the two:
Inability of the internal staff to adequately devote to the requisite medical demand: Torn between medical and administrative functions, medical staffs might not be able to show the degree of flexibility required to efficiently carry out medical billing, coding, submitting, and realization of medical claims. Consequently, there can be frequent incidence of denials or delays in claim realization.
Limited adaptability: Given the rate at which the medical billing and coding norms are undergoing transition, staffs are already grappling with inadequate time and might not be able to match up to the demands of radical billing and coding transitions. As a result, it is going to show up in medical claim retrieval rates.
Employee-turnover factor: As in the case of any industry, medical industry too is prone to a high degree of employee attrition. Practices that operate in such attrition-prone environment find it impossible to run their medical billing solutions effectively and seamlessly.
Frequent capital outlay on technology make-over: Prompted by the frequent transitions in medical and coding norms, physicians’ practices are called upon to undergo capital-intensive technology make-over for accommodating electronic recording, billing, coding, and processing medical claims. Given the prevailing competition in the medical industry, physicians might find it impossible to operate even at sustainable margins.
Superior expertise and resources: Outsourced medical billing services come with a tag of superior expertise and resources. With the single most objective of improving clients’ reimbursement rates, medical billing companies are usually self-sufficient in specialized medical billing tools, techniques, technologies, and knowledge
Greater control over operating costs: Operating in a voluminous market, medical billing companies – along with achieving operational efficiencies – can easily pass on the economies of operation to their clients or physician fraternity.
Seamless claim realization: As a result of superior competency, and operational efficiency, medical billing companies are known for ensuring seamless claim realization for medical services rendered by their clients.
Directing internal staff to core-activities: With a dedicated outsourced medical billing practice in operation, physicians’ internal staff can be diverted to core medical services, thus elevating the quality of medical care.
Risk aversion: Amidst the highly demanding government regulations (HIPAA), competition, financial conditions, and technology demands, physicians’ can avert the risk by outsourcing their medical billing needs from competent sources.
Improve core business focus: Consequently, because of being free from the shackles of medical billing, physicians are able to devote time and resources to their core concern of keeping the practice-benchmark in congruence with the prevailing best practices.