In order for a medical practice to thrive, physicians must ensure that they are using the best HER system to accurately code and send out claims to insurance. A lot of physicians, log this information with the system provided by the facility or medical group. Here are some reasons why:
· Retaining Control: Especially when trusted, long-term employees are executing medical coding and RCM duties, doctors and administrators appreciate having hands-on control of financial operations through in-house billing.
· Return on Investment: Once a practice has invested in training medical billers and purchasing billing technology, moving to an outsourced solution means potentially losing lots of time and money spent. When there’s a valid infrastructure in place, it’s worthwhile to just refine existing processes to generate the best ROI.
· Close Proximity: Should issues arise, the accessibility of your in-house billing department is a major advantage, since all it takes to observe the billing process and address any problems is a walk across the office floor.
However, the cons include higher costs, liabilities and support issues. It’s generally accepted that the expenses of paying billers’ salaries, covering employee benefits, and purchasing technology systems add up to more than is commonly paid out to a third-party billing solution. Medical billing departments can be hotbeds for embezzlement, and general employee neglect (think ignored encounter forms, discarded superbills, and unappealed claim denials) can go largely unnoticed if managers don’t keep a stringent eye on billing operations. Also, If your billing department consists of only two or three staffers, your operations – and cash flow – can be majorly stalled when even just one employee gets sick, goes on vacation, takes a leave of absence or quits altogether.
Staggering numbers of physicians outsourcing have grown because it now allows
· More Focus on Patient Care
· Saves Money
· Reduces Billing Errors
· Ensures Billing Compliance
· Improves Cashflow
What happens when your billing agent calls out or goes on vacation? Claims have to wait until they come back to work in order to be submitted. Billing interruptions ultimately affects the timeliness of reimbursements and your cash flow. Using a medical billing service allows a continuous, steady flow of claims going out and cash coming in. A steady cash flow is important for your bottom line and the success of the medical practice. Feel free to visit medicalbilling.biz to learn more information about Outsourcing. The fate of the physician practice depends on how quickly it can generate revenue from claims.