In- House Vs. Outsourced Medical Billing Service
A debate that continues forever is the in house medical billing versus its outsourced counterpart. Revenue Cycle Management, in short RCM, is how medical billing is known. It is the most crucial part of the healthcare business. Both have their own pros and cons.
Choosing between the two can leave you perplexed. Considering the size of business, duration and financial health is the best way to start the analysis. Find here, the conveniences and the shortcomings of choosing between these two.
What to expect with in-house medical billing?
In house medical billing means the medical billing or the RCM is taken care of in house. It implies that the physician has to recruit experts who can take care of the billing process. Coding experts, billing experts, and executives to take care of Accounts Receivables should be brought in.
Another drawback is that the new trends and updates of the coding industry need not necessarily be understood by the office staff, and this can result in claims aging and staying unpaid for long. Dealing with denials can be devastating when the staff is not experts in medical billing.
On the other hand, the benefit is that in case any issues arise, it is just a floor walk over. Proximity is certainly of great use. The physician can also have ultimate control over the process in inhouse medical billing.
What outsourcing has in store?
The process is less expensive when you give off the responsibility to a third party. There is no liability towards any employee. Another major advantage is that a third party medical billing agency has updated knowledge on the terminologies and coding practices. This means, there are lesser chances of any claims getting rejected for incorrect codes. They also take care of follow up calls to the insurance companies or the patients for the payment due. Aging of claims is restrained when outsourcing happens.
Consistency is one of the characteristics of any outsourcing agency, as they have certainly roles and responsibilities allotted to specific staff. From charging of the codes to follow up of ARs, everything happens in a rhythmic fashion. Do not worry about lack of control, for they can come up with any required report or data the moment you ask for it. You can feel free from micromanaging or supervising your staff, whom you trust with medical billing process, when you opt for the outsourcing of medical billing.
What makes outsourcing a better option?
- You get the assistance of the experts. Any trends in the billing and coding are to be followed to ensure claims are paid. This is not possible unless experts and pros are employed. This is not easy job when medical billing is carried out by the inhouse team.
- You need not worry about any employee taking leaves, quitting the job, or any liability towards employees
- Lots of time is required when an in-house team functions. On the contrary, you can be free from the responsibility of handling claims, and concentrate on patients. When you see that your tasks are flawlessly carried out by others, you can obviously do better on the professional part.