In the ever changing healthcare industry, the issue of whether or not to outsource medical billing to a specialist organization is a never ending debate. M…
In the ever changing healthcare industry, the issue of whether or not to outsource medical billing to a specialist organization is a never ending debate. Most physicians and IT consultants in the current environment believe that outsourcing medical billing to a medical billing company is the way forward. This belief stems from elementary statistics which suggest that outsourcing is the most efficient method of improving practice profitability and reducing unnecessary costs. For example, exorbitant costs incurred as a consequence of hiring in house billing experts are eradicated. Surprisingly, cost reduction is only one side of the coin, as valuable time is also saved through expedition of processes which translates into greater revenue for clinicians.
“After experiencing the benefits of an outsourced medical billing service, why would I even consider reverting back to hiring in house resources to do the same job? My claims get processed much more quickly and in comparison the ratio of accepted claims is off the charts. I seldom have any problems with rejected or denied claims; I remember it used to be an absolute pain if that happened to me prior to my decision of outsourcing to specialized consultants. It would often take anywhere between a month to 45 days to process claims, whereas now with my outsourced medical billing service it takes a maximum of 14 days. I would recommend all doctors to avoid the billing hassles they encounter while processing claims and focus on patient care by outsourcing their billing”, says a New York based physician.
The logic behind medical billing companies being more proficient is fairly simplistic to comprehend. These companies specialize in formulating strategies which boost the profitability of a business. Due to the fact that these companies hire resources particularly dedicated to the sole task of processing claims, the probability of making mistakes related to entry of information and billing codes is greatly reduced.
Naturally, once practitioners are liberated of external pressures associated with billing issues, they can focus wholly on their primary responsibility which is to ensure the best care delivery. Consequently, patient engagement is comprehensively improved as doctors have more time to pay attention to their patients. This presents a situation in which physicians have to choose between two options. The first being to hire supplemental resources, train them and delegate the task of medical billing operations to them (in-house medical billing). This would however ensue in a lot of unwarranted hassle and will result in wastage of time and money. The second option which seems more feasible and appeasing to physicians across the country is to outsource medical billing to a dedicated company. Keeping the obvious benefits aside, diminished stress levels for physicians will emerge as a by-product of outsourcing medical billing as well.
Due to the massive edge one acquires within their practice by employing a specialist billing company, we can witness that in the healthcare industry proponents of external medical billing services grossly outnumber the physicians who prefer in-house solutions. To compete in the current market environment and achieve greater efficiency, it is absolutely essential to opt for an outsourced medical billing service.