Efficient medical billing practices are central to proper revenue management. When setting up a new health care practice, healthcare professionals are faced many administrative issues. One important question is whether they should outsource their medical billing and coding services to a medical billing company or set up the infrastructure to do it in-house. In-house medical may seem like a good idea if you think it can help you keep track of what’s going on quite easily. However, there are many practical issues involved, as explained below.
In-house Medical Billing � Requirements and Issues Involved
Carrying out in-house billing and coding would require you to invest in the complete set-up for these task. This would mean:
�Allotting space in your practice to a billing section
�Hiring a team of medical billing specialists. They would need to be well-versed in current billing and coding practices
�Investing in equipment, software and reference material
�Registering with a clearing house
Supporters of in-house billing argue that it gives the practice more control over financial operations. Financial reports are readily available whenever needed. Issues can be dealt with as and when they occur and appropriate action can be taken.
But there’s the flip side. Setting aside additional space for billing is not easy, especially in a small- or medium-sized practice. Your expenses would include the salaries and employee benefits for the billing team as well as the cost of the equipment and technology needed to perform the task. You would also have to deal with software upgrades and occasional technical issues. Besides, if a key employee in your in-house billing team decides to quit, you may be left with a lot of unfinished tasks. Turning your attention to billing issues would mean less time for patient care. This would seriously affect your bottom line.
Outsourcing Medical Billing � A Feasible Option
Medical practitioners are discovering that hiring the services of an established and reliable medical billing company is a much better alternative to in-house handling of these specialized tasks. Outsourcing billing and coding services to billing companies can take much of the burden associated with the billing process off your shoulders.
�The provider is well-equipped with advanced billing software and hardware including support services. They can even work with your own medical billing software.
�You save on hiring a team of experts. The outsourcing company has a certified billing and AAPC certified coding professionals to handle your process. Coding is performed efficiently, which minimizes rejected claims. The billing specialists verify all demographic details, and insurance eligibility and benefits to ensure accurate claim submission for maximum reimbursement. They also follow up with insurers on rejected claims.
�Stringent QA measures ensure high levels of accuracy.
�Timely and customized reports keep you informed of progress.
�With a HIPAA compliant billing company, all standard security norms are adhered to when handling all your documents.
�The right company would provide your practice with a comprehensive suite of services even without a long-term contract.
�Services come at affordable rates.
Outsourcing billing and coding also allows physicians to focus on their core tasks and provide better patient care. The right service provider can help them save up to 30-40% on their costs. It’s amply clear that outsourcing has a definite edge over in-house management of these important tasks.
