As budgets are reevaluated for the new year, many clinics may still be on the fence about potentially moving over to outsourcing their billing. To help decide, here are some common pros and cons discussed before the decision.
- Lack of proximity. For some clinics, having the billing team outsourced is not a comfortable situation, and they prefer the billers close by for any questions that arise. Clinic Managers want to make sure their accounts are being worked and any patients issues can be addressed if they arise.
- Security issues. Medical billing requires a high level of safe guarded technology and processes to protect patient data. When looking for a company, be sure to ask them how they would ensure the safety of your patient’s information.
- Initial costs. Depending on the company you partner with, there may be some updates needed like new software. This can be avoided, however, by finding a billing team that works with all types of software and will learn if need be.
- It’s cost-effective. The salaries, benefits, and training needed for in-house billing employees adds up to much more than hiring an outside team. Billing companies typically charge a percentage of receipts, so they only get paid on what they generate. If you have a slow couple of months, for example, then you won’t be losing out on too much in the overall revenue cycle.
- Improves consistency. With a team of billing experts with proven processes on your side, issues like denied or unpaid claims will go down. The right company will be able to evaluate the current billing process and locate any areas of concern, such as incorrect codes being or system setup issues. They can then advise the clinic on how to improve coding or front desk data entry, which will result in less potential lost revenue.
- Better customer engagement. A clinic that’s struggling with their billing puts a strain on the entire staff. Without the right experts to help, the clinic may be spending too much time on their operating processes that don’t garner the right results. All of that time put into training and hyper-focused productivity can then affect patient outreach. Leaving most of that to the professionals will free up the staff’s time for better patient care.
- Improved revenue. Every billing company is different, but the right one for your clinic will help you increase your overall revenue. In our case, ORI’s current clients save 15% overall on what they currently spend on medical billing.
Outsource Receivables Inc. has been partnering with practice administrators nationwide to improve their medical billing processes since 1998. We work with clinics nationwide, so contact us if you’d like to learn how to improve your revenue.