26 Aug Advantages and disadvantages of hiring the services of medical billing and coding company
The decision as whether hire or not hire the services of medical billing and coding companies is not an easy one as there are far reaching consequences associated with the same. Is it best to handle the medical billing and coding in-house or outsource your requirements? Here are some of the pros and cons associated with hiring a medical billing company.
- Higher collection rates: When you hire the services of a medical billing company, you can expect a higher collection rate as this their area of expertise. They have a higher collection rate than hospitals, physicians, clinics etc. that attempts to make the collections on their own.
- Faster collection rate:Cash flow is the key when it comes to ensuring the proper operation of any medical services and this depends on the speed at which their bills are collected. When you hire the services of a medical billing company, this is something that you need not worry about. These companies would do the necessary follow up and make sure that your bills are cleared by your patients within a specific time frame.
- No headaches: There are more than 17,000 medical codes and this number is likely to rise in the coming days as well. These complexities are likely to grow day by day and when you hire the services of such a company, you need not worry about any of these. These companies consider the changes in healthcare regulations and laws and also update their software as per needs and most of these companies would not charge you extra for these updates as well.
- Less overhead cost: These services are hired by physician practice management companies as the cost of hiring their services is less as compared to hiring an in-house specialist. When you hire specialist, you would need to pay a fixed salary and benefits no matter how your business is running. You would also need to invest in the EMR or EHR software. When you hire the services of a medical billing company, there would no upfront costs at all.
- More income: Though these companies would charge you a percentage of the fees they collect on your behalf, you would earn more money at the end of the year. These companies bill higher fees due to their accurate coding fees and this ensures that you earn more at the end.
You Can also check this article: Top Medical Billing Companies
- Change can unsettling: Any major change in terms of your medical practice can backfire and make a situation worse. When you outsource your medical billing requirements, it might need a change of the software and the processes that were used previously. Any good medical billing company has the required experience and professionalism to handle such changes and make the move smooth as soon as possible.
- Less control: If you are into controlling the variable of your medical practice and checking everything in details or talking to your billing professional now and then to ensure how things are going, then hiring the services of such a company might seem like an enormous shift. However, you will get used to these and this is the best choice when it comes to ambulatory surgery center billing company as the benefits offered outweigh these disadvantages.
- Privacy issues: There are people who do not hire the services due to privacy issues as they are embarrassed about their financial situation, no matter how much they are struggling with the billing. By hiring such services, you can improve your financial situation quickly.