Medical billing is the backbone of your practice; it is actually your livelihood. If this part of your practice is smooth and undisrupted you can focus on your other aspects of practice. It is actually the brain of your practice when the brain is performing at its peak all the body parts work efficiently and if your brain is ill working it ruins all body no matter how strong your body is.
Now the question is whether to outsource your medical billing or not? And what are the advantages and disadvantages of outsourcing? This is very tricky since it involves many aspects of your practice to finally reach a situation where you can make a decision to opt for the best suitable option for your business.
It primarily depends on the volume of your practice, a specialty of your practice, are you a solo practitioner or a group, you have your own practice or you providing services at different locations. So, in short, there are many factors.
In today’s medical billing world outsourcing seems to be the only logical choice if you want to obtain the highest level of reimbursement, consistent cash §ow, and regulatory compliance. Don’t continue to have this process disrupted by employee turnover and lack of expertise.
Employee management is a big problem that in house billing has to face, where there are benefits for in-house, there are problems as well at the same time. The biggest of them is to manage the professional employees; if you have two or maybe three employees then you may come across many problems. Maintaining salaries for them would be your first priority, plus annual raises, bonuses and allowances will only raise your expenses far more than a suitable medical billing company to outsource your practice. If they are professional then keeping them intact with you would be another headache for you since they will demand higher salaries.
On the other hand, a nonprofessional may work at a lesser salary but he will ruin your practice in such a way that you will be a lag of months. If you have only one employee for your practice the situation may worsen in this case, if he has to quit or go to leaves or come across any personal stuff, your practice will be at his/her mercy all the time, he cannot be aware of the fluctuation the industry has to face on daily basis. So staffing turnover is a major issue in the medical billing workflow and can affect the efficiencies needed for it to be done successfully.
Timely and maximum payment is what you are looking for in a medical billing company. This is actually our motto, if you get paid we get paid, we consider your money as our money so we strive for you to make sure you get every cent that is due towards insurance companies in the minimum time frame. A professional team of staff can really cause a difference. This is actually teamwork and not a job of one or two employees who may be disrupted by other office works all the time, rather than a focused and dedicated team of professionals whose job is to make your practice more profitable.
In-house and outsourcing both have some advantages and disadvantages which will be discussed here in brief to compare both of them and to make a conclusion about what is best for your practice.
The very first thing is control, in house billing may provide you control over what your employees are doing. You would have held at your practice all the time. Trusted staff will perform the duties in front of you and many doctors prefer the control and administration at their sight instead of obscured. So this is major and big part in making a decision for in house or outsourcing for your practice.
That’s another aspect that one has to keep in consideration for in house and outsourcing your practice. Keep your practice in house will give you better access to intervene at your will and discuss everything with your staff all the time. Convey and carry your prompt actions right away for you. The problems can be identified and corrected right away.
If you have invested in the training of your staff and made them certified, it is better to keep your practice in house and do not waste the money that you have already invested in the training of your staff. Instead, make necessary changes in your protocols to help improve your reimbursements and improve your revenue cycle management. You just have to refine your existing system in order to get more profits from your practice.
The cost of maintaining in house billing is far more than outsourcing. Maintaining the billing staff and their ever-increasing salaries, their benefits and overtimes will only raise the cost. In result, your expense will be far more than expected or than outsourcing. Hence you will earn much less than you are entitled to, and most part of your earning will consume meeting up salaries and other staff expenses.
Everything has some risks associated with it, in this case, if you choose in the house all of your work will be at the risk of one person and his minor negligence may result in bigger loss for you. He may forget to bill any encounter or may lose or discard any supper bill or may forget to appeal on anything or may not be aware of the changes the healthcare industry is undergoing. All the scenarios will result in big loss for your practice and hence a decrease in your financial cycle or may cause a lag in your revenue cycle management.
Maintaining a professional and certified staff is another headache. If your practice is dependent on sole professional then the situation may get much worse than may be anticipated. If he or she has to get leaves or may get sick or has to go on vacation then all of your practice will get stuck at one point, your work will be frozen due to one professional. This is actually the situation that no provider or administrator wants to face for his business. Hence choosing to outsource may be the best solution to avoid this problem.
Cost-effectiveness is surely the most important aspect of taking a decision to outsource your practice or not. If you are unable to meet the expenses of your billing technology, software and salaries of employees then outsourcing is the best resolution for you to improve profitability and bring stability to your practice.
A billing company can provide you in-depth reports of your practice on a weekly basis which will help you analyze your practice. It will give you an indication where your practice is standing at the moment. What areas need to be improved and how you can increase your revenue.
Your billing company will be obliged to provide results in a timely manner. Billing companies would want to increase their business and build a professional trust in their customers. You will receive a team of professionals rather than a sole employee to work on your practice; most of the companies do offer a separate billing manager for your practice.
The price may vary for billing companies, it may vary from one company to another plus it may vary within the company because billing companies charge you what they have collected from insurance for you. So as your collection increases the billing companies charges increases. Price or charges may fluctuate if you choose a billing company. This may pose a difficulty if you have a bigger practice whose revenue is higher but still, the cost would be much less than compared to in house billing.
Although it is easy for someone to hand over his work and burden to someone else and focus on the practice alone and get relieved from the stresses of management it is still difficult to hand over the procedure, protocols and responsibilities to a third party for your financial cycle. But nevertheless, the positive results are all worth it.
You need to read your contract very carefully and must read and understand every line of it, sometimes there are hidden charges that may lead to additional expenses. Such as charges for reporting or printing or startup charges or monthly minimum charges or cancelation charges. All these may outweigh your practice, so instead of getting financial benefits, you may increase your expenses. It is very critical to select the best suitable outsourcing company for your practice. At Aspect billing solutions we have no hidden charges, no startups, no cancelation charges, no reporting charges, no monthly minimum charges. We provide a contract that you can cancel any time. For information and details please contact us.