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What Are the Benefits of Outsourcing Medical Billing and Drawbacks of Keeping an in House Team for Billing?

Among various Dilemmas, one of the dilemma practioners make is whether to outsource the medical billing Services or to keep it in house and manage with own software. However, it becomes a hectic task and best thing to do is give it to outsourcing company. Outsourcing Company would be able to manage billing efficiently and you will still have the control over your medical billing process which an in house team many not perform efficiently because of lack of experience.

Let us have a look at the drawbacks of the in-house billing process, which in turn is beneficial while going for outsourcing.

Not Efficient Billing Process-

  • The Medical billing Companies require lot many functions to be carried. One of them is collecting of payments and delay in the same with not so good collections makes the process inefficient.
  • The third party looks for the rejected claims, speeds up the process by giving various reminders, and reduces the collection time with payment posting. Their coding specialists are efficient to do so.

Staff Attrition

  • In each industry, Staff attrition is a very big issue and it is very much damaging Medical Billing Company Processing the claims, payment postings and collections, reminder notices are all an inevitable process, which would slow down by the entry of new staff. Training them and then making them work on the process would take more time.
  • The Medical Billing outsourcing companies have staff specifically trained for such coding and medical billing services and so the process does not get hamper because of it. They are aware of the HIPPA guidelines, ICD 9 codes, etc.

Technologically Not Advanced

  • For in house billing, the need of medical billing software is a must. The software requires hefty investment and training to the staff. In addition, time-to-time technical upgrades and errors would not be so easy for the staff to handle.
  • The third party is much better in technological aspect as they are tech savvy. They know in and out regarding the software and can deal with any errors and get timely updates. Therefore, outsourcing becomes a better choice.

Work Prioritisation

  • An in house billing team shifts your attention from the core medical practice. It becomes tiresome, stressful and does not allow you to concentrate on the main task of curing the patients. The work cannot be prioritised and hampers medical billing and coding work.
  • The outsourcing company is experienced and have the knowledge as to how and when to do the work. They implement a systematic approach towards the billing process and make it hassle free for you.

It needs intensive thinking before you jump on to any decision. The best decision is to depend on renowned medical billing companies as they have immense knowledge and experience to enhance revenue flow, reduce denials and streamline revenue cycle management.