Primary Care physicians (PCP) treat patients with all types of acute physical, mental and chronic ailments and diseases. The patients form a wide range of patients; people of all demographics, socioeconomic groups and so on. PCPs are thus expected to have thorough knowledge in multiple areas. The versatility of the physician ranges from seemingly simpler ailments like treating a cold to giving vaccinations to providing healthcare tips like the bane of smoking. Such variety of treatment needs the physicians to be well versed in carrying out appropriate billing for getting his reimbursements.
How can Outsourcing Help Manage Revenue?
Many billing experts work on a one to one basis with the staff to increase reimbursements and minimize the denials. These billing companies work so well that they assign a professional who actually operates as an extension to the physician’s office. They keep themselves abreast with the required changes regularly as billing is the whole and sole responsibility they have.
By outsourcing medical billing to billing partners, physicians can substantially reduce their overheads, improve the cash flow and profitability of their practices. It allows the PCPs to take care of the patients while the billing experts look after their primary care practice billing needs.
PCPs Prone to Acquisition: Are they Really?
Experts feel that many medical organizations will take help of medical billing outsourcing companies for the back office tasks for the simple reason that it is more cost effective than doing it in house.
There is a school of thought that feels PCPs might become targets for acquisition. This means that many small primary care physicians might get acquired by a larger healthcare organization or group and they would make all of them work under them. For instance, many national management services organizations might ponder taking over the administrative functions of a practice for a share in their earnings. There is another school of thinkers that feel otherwise and do not see such occurrence happening. Pros and Cons of Outsourcing Billing Management
The question that gives sleepless nights to physicians is whether to outsource the billing or to do it in-house. Both methods have their benefits and drawbacks, and each physician needs to evaluate it and then decide what will work best for him.
- Cost is one of the most important factors to consider for either of these options. For example, salaries of the in-house staff, the cost of software and hardware involved, the cost of following up, processing claims, etc. Keeping this in mind outsourcing seems a better option
- Billing amount collected is higher in case of outsourced billing services than in-house
- The main pro of having an in-house billing is the physician has complete control over the RCM cycle
From the above arguments it makes sense to outsource medical billing to the billing experts. Physicians can get in touch with MedicalBillersandCoders.com to fulfill their RCM needs as they have the expertise and experience in handling Primary care billing. They also have state of the art technology and are accountable for their transparent billing process.