To quote Shakespeare in the healthcare parlance; “to outsource or not to outsource” is the question that robs providers of their sleep. In all honesty most providers are slowly outsourcing medical billing to experts; so much so that outsourced medical billing service providers are opening shops like the mom and pop shops we see all around. It is true that there are disadvantages of outsourcing medical billing like physicians do not have complete control over the process which might irk them. But then, on the other side is the fact that the physician might have the control but they might not be able to manage the entire process due to which mistakes can happen leading to a revenue loss.
For some it is a catch 22 situation where they need to make a call astutely. They need to analyze that they can run the entire operation but might lose out on revenue due to billing errors; on the other hand they outsource billing tasks to experts who get them their revenue but charge a fee for it. They need to take a call as to what they want to do. They need to see that if the loss they incur because of billing errors due to self – management are lower than the cost of paying an outsourcing company even though they might get lesser denials than it makes sense of not outsourcing; otherwise it is prudent to let the experts handle the billing.
Outsourcing medical billing services will certainly see a surge in 2015, The Bureau of Labor Statistics estimates that the medical billing industry as a whole will increase in 2015. The industry is estimated to grow by about 22% between 2012 and 2022.
Advantages of Outsourcing
- See Increase in the Revenue: In all fairness, outsourcing medical billing does not really mean that one is giving up control; if at all the physician is giving something up is the fear of managing the billing process and ending up facing denials. The outsourcing company understands that if they make the physician feel that they do not have control then they might be uncomfortable in hiring them as their partners. In fact, due to the dedicated outsourced billing staff they make the physician feel that they have entire control of the billing process
- Trained and credentialed staff to work for you: when a physician outsources his medical billing services, he gets a team of dedicated and experienced personnel whose sole focus will be to follow up on the claims. They will work untiringly to improve the p financial performance of the practice and help them to increase their profitability
- Abreast with the changing environment: The healthcare norms and rules and regulations as well as the codes keep on changing on a regular basis. The insurance companies also keep on changing their rules frequently. Hence, it makes sense in outsourcing billing services to experts who can keep a keen eye on such changes so that the physician is ensured that he gets cleaner claims and quicker settlements
It definitely is not easy to share details about the business with a third party; certainly not if it is as sensitive as financial data. However, it is also vital that the business earns revenue else it will not stay afloat. Medical Billing Companies like MedicalBillersandCoders.com can cater all the billing related needs for the practices. MBC has been in the industry for 15+ years & have helped many practices grow manifold.