24 Oct Hiring A Medical Billing Company Vs Training An Employee
Starting a new medical practice comes with a lot of decisions. At the core of your practice, the medical billing process you use will determine the cash flow and the type of service your patients come to expect. It can be difficult for some physicians to turn over this important area of their practice to a third-party medical billing company, especially if they feel they will no longer be in control. They may feel that training one of their own employees is a better option that will allow them to retain control of their finances. This is especially true for small practices with a lower volume of patients.
Medical Billing Company
When comparing the advantages of outsourcing the billing process to those associated with training an employee to handle the job onsite, hiring a medical billing company quickly becomes the obvious best choice. Even small businesses benefit by using each of their employees to the greatest advantage. The training required and the responsibilities of the person who takes care of the billing needs of the company can be problematic in a number of ways.
The Medical Billing and Coding Technician
The person who takes care of medical billing is called a medical billing and coding technician. The employee in this position usually earns an associate degree or certification in an appropriate program to provide them with the knowledge they need to handle the responsibilities of the job. Although a medical billing and coding technician is not required by law to be certified, most healthcare providers prefer to have employees who understand the requirements for the job.
While a medical practice can become dependent on a well-trained and skilled medical billing and coding technician, this can also be a disadvantage for a number of reasons. The importance of the billing process makes it a bad idea to leave it in the hands of a single employee. When they become ill and cannot work or they decide to leave your practice suddenly, you will be back in the position that you were in when you started your practice. You will need to find a new employee to train and make other arrangements for your billing until they have completed their training.
A medical billing company, on the other hand, is made up of an entire team of billing and coding experts who are always available to handle your billing needs. There is never a concern that the actions of one employee could result in a halt to your cash flow or that delays in filing claims will result in their never getting paid.
Reasons for Hiring a Third-Party Medical Billing Company
In addition to the greater reliability of hiring a medical billing company, it is also the most cost-effective choice. Billing companies work for a percentage of the claims for which they receive pay, motivating them to get more of your claims paid. You also save on the full-time salary and benefits that a regular employee would cost. There are also experts to address every possible scenario related to billing and coding os that each claim is less likely to contain the errors that often lead to claims not being paid.