The need for outsourcing medical billing operations differs from practice to practice. If you feel that the desired financial results are not being achieved by your practice, you need to assess the problems areas and determine if outsourcing or improving in-house billing and coding process will get you back on track.
Providers need to understand that cash flow depends on how effectively billing and revenue cycle management tasks are being handled. Having an in-house team for coding and billing is certainly the best option but considering the rise in work pressure and time constraint, outsourcing seems to be a more feasible option.
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In case of in-house billing, you can retain control over trusted, long-term employees; however, this will be applicable only till they are working at your practice. If you fail to retain them, hiring and training a new team might prove risky for your RCM
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You can train your in-house billers and coders and keep refining the existing processes to gain desired results. However, time constraint, lack of money, training and staff turnover might affect your revenue cycle in the long run. But when you outsource, you don’t have to worry about these factors because your RCM will be handled efficiently by an expert team, irrespective of any changes
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Letting your in-house team handle coding and billing tasks will be less expensive compared to outsourcing. But, when you consider the ability of a billing company in collecting higher percentage of billed amount, outsourcing will make more sense to your pocket
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An in-house billing department will be more accessible to you and you will be able to address any issues in time. But if any of your billing staff goes on leave/vacation or if there are any support issues, your operations can be stalled majorly. In case of outsourcing, your revenue cycle will be handled year-round even while you are on a vacation
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Since the in-house team will be working in front of your eyes, you can expect transparency. However, you will have to keep a check on the team and micromanage the tasks to ensure timely results. In case of outsourcing medical billing, you can use your time in focusing on patient care while the billing company supplies you performance reports either on request or automatically. You don’t have to micromanage or oversee you staff on your own without compromising on transparency
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Billing companies offer several other services in a package to physicians. There is an option to either take the entire suite of services or customize the package as per your requirements
Outsourcing medical coding and billing has become a popular option among providers who lack time and money to manage an in-house coding and billing team. The key lies in choosing a reputed billing partner that will help maximize your practice revenue.
Medicalbillersandcoders.com is the largest consortium of coders and billers, helping practices put their AR in order. We have an expert team that will help you minimize claim denials and maximize revenue. While MBC micromanages your billing operations, you can concentrate on quality patient care.
Published By - Medical Billers and Coders
Published Date - Dec-04-2013
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