Have you considered how outsourcing your medical billing could affect your business? While keeping the billing in house can be beneficial in some instances, it’s not always the most effective option. The process of medical billing takes years of experience and technology to master, and a clinic can lose money simply because claims aren’t being processed correctly due to a failing in-house people and systems.
Efficiency is key for any successful business, and a well-tuned billing process ensures that you and your staff are being paid for your hard work. Claims that are submitted incorrectly, an inconsistent process for collecting patient portions upfront, and lack of resources to properly work any denied claims take a bite out of your bottom line. Not-to-mentioned an in-house staff is a fixed cost to your business whereas outsourcing is done by volume. For example, if your business slows a bit during the summer months, less billing needs to be done. With an outsourced option, your costs also go down when your business is slower because you only pay for what is collected.
To better see the differences between in-house vs outsourced medical billing, please refer to the chart below.
Outsourced Billing
- Pay-by volume
- Always current on changes
- Experts in software
- Consistently work denied claims for payment
- Systems in place for efficiency
- Team of experts for all kinds of situations
- Automation for efficiency
- Claims submitted daily
In-house Billing
- Pay by fixed costs
- Lack of consistent training
- Lack of system know-how and expertise
- Only work denied claims when there is time
- Processes are not followed consistently
- Unique situations take longer to resolve
- Little to no automation built into the billing process
- Claims are not submitted daily