As a medical facility, especially if you are working in administration, this is a question that you have asked yourself time and time again. For making a proper decision you should weigh all pros and contra or turn to specialists like the ones at ParkMedicalBilling who can solve all your issues. To help you reach a conclusion about medical billing once and for all, look through the following tips.
Difference between in-house billing vs medical billing companies
If you are a medical practitioner, you will have to deal with money from different parties e.g., your patients, suppliers of services, and insurance companies. This means coming up with reports, balance sheets, and payment sheets. Sorting this out can be a pain, especially if your team is not delivering results.
And that’s what matters in a hyper-competitive world. It can be hard at times to coordinate with local billers and coders. Their incompetence manifests itself in the delayed and low payments and administrative and organizational complexities. These are the usual problems associated with in-house billing.
On the other hand, medical billing companies take care of the bills while you continue practicing your craft. This is what is termed outsourcing. This method is very convenient and can save you time, money, and effort concerning paying bills.
For example, if you are in the United States and hire experts in billing and coding from India, you can save yourself a lot of money. This is because of the difference between in purchasing power of the two currencies. Offering 3000 dollars to an American citizen and Indian is not the same. In most cases, the party in India is much likely to be satisfied with the amount you offer.
Also, you will not need in-house employees. This will save on space. The good part about outsourcing is that you can save a lot on it.
So, what’s the best practice?
The answer is quite subjective. For instance, if you are just starting your medical journey and do not have the resources, outsourcing is the best option. This can allow you to save on employee costs and make savings that can be moved to other elements of the company. At this time of your life, you do not have much even though you are generating great revenue.
All you need is to have clear-cut email communication and sufficient technical know-how in technology, and you are good to go. However, you need to be careful with this process. Remember, your lack of physical presence creates a great disadvantage. Your absence means that there is no supervision, and you can lack sight of the actual financial position your company is in. This means that you have to identify your managerial style before considering outsourcing. If you are the type who likes face-to-face interactions, then outsourcing might not be your thing.
Also, it is best if you understand the customer experience. Understand your target audience and the type of leverage that they might want to receive. A good example is how millennials are more likely to communicate on their phones rather than coming to your center to collect the records. If that’s the case, you should hire a good outsourcing team since they are fast and efficient. Other clients might want to have a physical copy of their financial records because they just like its old-school style.
It is irrelevant to seek outsourcing if you are generating satisfactory revenue, practicing with time restrictions, or your practice requires a preferred oversight – either from the client or you. You can verify your decision by looking at various similar practices and assessing the pros and cons. In the process, you will realize that you cannot rush this process. You have to be slow and deliberate with what you choose. This is because it will have a significant impact on the future of your practice and the reputation you will build for your entity.