Debating on whether to do your medical billing in-house or to outsource to another company is something that many practice managers and doctors have to deal with regularly. The right answer might vary between practices and will be determined in part by a few different factors such as how old your business may be, the practice’s financial situation, and how large their local labor market is.
Beyond clinical services, the most important processes of your practice will be revenue cycle management and billing. This means the decision on whether you outsource or do your billing in-house is a big decision. We will compare in-house and outsourced medical billing to determine which option is more suitable for your practice.
In-House Medical Billing
When you do your medical billing in-house, you have more hands-on control of your financial operations. It’s this extra control that can make a practice feel safer. While you do have to train your own employees, which comes at a cost, you’ll make returns on your investment long-term. It wastes time and money if you have trained staff only to outsource your medical billing services later, meaning once your staff is trained, you’re more inclined to keep training staff in-house and refining processes as necessary. It’s also more convenient to have your medical billing done in-house because if any problems pop up, all you have to do is walk down the hall to access your billing department to get them addressed.
The downside to in-house medical billing is that it tends to be more expensive since you have to pay wages to your employees and cover their benefits. You also have to keep a vigilant eye on your billing department because if you don’t, you might not notice important things such as discarded superbills or unappealed claim denials.
Outsourced Medical Billing
Outsourcing your medical billing services has its advantages. It’s cheaper to outsource because you don’t have to spend money on training new employees or paying their salaries and benefits. You also don’t have to micromanage any of the staff working for you. They should be able to give you comprehensive performance reports when you need them.
One of the problems some people have with outsourcing medical billing is that it’s a more hands-off option. This can be fine for some people, but for those who want more control over the process, it can be tough to surrender control to another company. It’s also harder to determine what money you’ll spend because most medical billing companies will ask for a percentage of the collections. This means the money you pay them is proportional to what you bring in, making it harder to budget your expenses. There can also be hidden fees, such as startup fees or for sending reports. You don’t want the money you save to be offset because of the expenses you didn’t notice.
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