Running an in-house billing department has various advantages. Physicians can have complete control over their RCM. They can keep a close watch on the daily billing operations, implement changes quickly and address issues in real time. Providers can exercise more control on their AR through in-house billing.
Starting and maintaining an in-house billing team requires investment. Practices need to hire skilled and experienced coders and billers. They also need to pay a good salary in order to retain them. Apart from the salaries and employee benefits, practices are required to invest on equipment such as software and computers, space for storing records, registration with a clearinghouse, annual coding courses, coding books and other reference materials.
Why are Physicians Opting for Outsourced Medical Billing?
Growing numbers of physicians in Texas are outsourcing their billing requirements. Irrespective of the benefits of having an in-house billing team, the complex regulatory compliance and lack of skilled resources has forced many physicians to hire a medical billing company.
This is a good option for doctors who don’t want to manage an administrative team. Since the finances are being taken care of, they get ample time to concentrate on clinical tasks. Reputed billing companies have a team of certified and well-trained coders and billers who are aware of the billing requirements for different specialties. They not only use the latest technology for procuring payments but also remain updated with the changes happening in medical billing industry.
Here are some of the main reasons due to which outsourcing has become so popular in Texas:
- Difficulties in hiring, training and retaining experienced coders and billers
- Reduced productivity of in-house billers that leads to improper coding and lost claims
- Usage of outdated technology
- Increasing number of complex regulatory compliances
Benefits of Outsourcing Medical Billing
Outsourcing has various benefits to offer such as:
- Regular updates on payer fee schedules
- Customized billing reports
- Timely preparation of patient statements
- Tracking and following-up on denied claims
- Payment posting
- Submission of paper and electronic claims
- Data entry of all charges
Outsourcing is ideal for small practices because some specialized medical billing technologies and tools are cost prohibitive. Here are some factors that can be considered by physicians when deciding between outsourcing and in-house billing:
- Convenience
- Staff turnover
- Issues related to technology
- Insufficient billing process
- Focus on clinical rather than administrative tasks
By seeking assistance from a billing company like MedicalBillersandCoders.com, providers have been able to focus on delivering quality patient care. Outsourcing has also helped them maximize revenue and make their practice more profitable.
MBC has certified and experienced coders and billers who have been meeting the billing needs of practices across all the states of US. The team is well trained and aware of the ins and outs of medical billing in Texas, helping physicians sail through reimbursement challenges. The company offers HIPAA-compliant billing solutions, denial management, assistance in EHR implementation and various other services.