Should You Outsource Your Medical Billing With MedBill Solutions?
One of the most important decisions a physician and his associates can make is whether to outsource their medical billing process or whether to do it in-house using medical billing software. Some offices prefer to maintain control over the collections process and take care of the billing in-house. Other physicians would argue that outsourcing this process is preferred, trusting the medical billing services have better capability and focus to handle claims and collections. However, the answer to the question on how to handle the medical billing process is not as black and white as it may seem. A physician has to consider several things including: the age of the business, the current financial situation in the practice, and other factors that may affect the decision.
Second to clinical services, the most important processes of a medical or surgical practice are the billing and revenue cycle management. The entire practices cash flow depends on these processes, meaning that the decision on how to handle this important part of medical work should not be considered lightly. If a decision is made to move forward with outsourcing medical billing, and understanding of the practices costs should be prioritized and made significant in weighing up the pros and cons.
Pros of In-House Medical Billing:
- Retaining Control – Doing this process within a practice allows for input and control from doctors and administrators, keeping a hands-on approach to the financial running of a practice
- Return on Investment – When practices have already invested time and money on the correct software and in training their employees to do in-house medical billing, outsourcing this process means that money is wasted. If the medical practice already has a working in-house process in place, it makes more sense to refine and develop this process
Cons of In-House Medical Billing:
- Higher Costs – Based on understanding overall costs of both processes, it is recognizable that the cost of paying in-house medical billers salaries plus employee benefits and the cost of purchasing the necessary software ends up more expensive than the cost of outsourcing the whole process
- Liabilities – Due to the complex operational processes in running a medical practice, it makes the one element of medical billing a liability that details may be missed or short cuts made. If a manager is not being careful to overlook the running operations of the billing department, the risk of embezzlement and neglect is high
- Support Issues – If the billing department consists only of a small number of employees, perhaps only two or three, the effect is greater when one of the staff is off sick or away from work for a period of time, or if one quits. This affects the cash flow of the practice altogether due to level workload
Outsourced Medical Billing
Pros of Outsourcing Medical Billing
- Less Expensive – For a new practice or making transitions in the practice due to resignations or change of management, financially, outsourcing is most beneficial
- Transparency – Outsourcing to a medical billing company provides a practice with the opportunity to view the most comprehensive reports and insight into the billing operations without the necessity to oversee their own employees
- Enhanced Consistency – MedBill is contractually obliged to perform certain services to ensure a practice receives maximum pay for their services rendered. This means that services such as appeals and reminders and transferring claims to collections, when necessary are done with high success, bringing in at least a 10% higher rate of payments than in-house billing processes
Cons of Outsourcing Medical Billing
- Relinquished Control – Some doctors and practices may welcome the hands-off approach to medical billing and the management thereof, while some who take a more micro-management approach may have problems being willing to give so much control to a third party
Why Use MedBill Solutions?
As can be seen above, there are various factors to consider in making the decision to switch over to outsourcing the medical billing process, and it is important to also consider the particular medical billing company that is best for your practice.
MedBill is the leader in our field of expertise, for various reasons, including our important approach to our work; ‘Treat clients as we were their own billing department’
This approach means that we take ownership of every client we work for, and our entire staff is trained to work with every one of our clients, meaning that the level of expertise needed is available at any time when a practice needs to make an inquiry or contact us during the billing process.
At MedBill we approach our running operations by keeping our entire staff within the USA to maintain a quality level of teamwork and internal efficiency, benefits that we have studied as we evaluate the challenges of other companies expansion to overseas operations.
Within our staff we have a specific Document Review Team who reviews every single claim before it is submitted to the payer, ensuring accuracy, lowering payment denials and increasing the collections percentage whilst upholding a strong level of communication with our clients.