19 Jun 5 Common Issues that Affect In-House Medical Billing
Outsource or In-House? This is one question about medical billing that haunts every medical practice and hospital. There are pros and cons to both medical billing methods. Yet outsourced medical billing has great benefits that practices may not be aware of.
In-House Billing is Expensive
While it may seem that you have to pay a company to take care of your medical billing, you are still paying thousands of dollars in salaries, benefits for the in-house billing staff and the office space and infrastructure costs for the same. There are additional costs for buying and upgrading computer hardware and billing software.
A professional medical billing company would only charge you on paid claims, eliminating many of the above-mentioned costs.
In-House Billing may not let you Focus on Patient Care
Medical practices and hospitals that do not have dedicated medical billing employees may also be hurting their bottom line. The true mission of any medical practice is providing the highest quality of patient care. That is the only reason patients will keep coming back to you. When your staff is busy with medical billing, patient care may suffer.
In-House Billing may negatively impact Cash Flow
Practices with a designated medical biller depend on that employee to create and submit medical claims with accurate diagnosis and procedure codes. That person is also responsible for reimbursement and dealing with any insurance-related problems that arise. If the employee is not around for some reason, your cash flow is negatively impacted.
A professional medical billing service, on the other hand, continuously submits claims to maintain a healthy cash flow.
In-House Billing is likely to have More Errors
Medical billing professionals are continuously retrained in the changing coding procedures and regulations. This may be difficult with in-house billers who are also carrying out other tasks apart from medical billing.
In-House Medical Billers may miss Denials and Unpaid Claims
Many claims end up being denied due to inaccurate coding and billing. If a claim goes unpaid, medical billing companies ensure they are followed up, resubmitted and paid. This may be a challenge for in-house medical billers who have too much on their plate.