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To outsource or not to outsource. That is the question. Balancing the two, what are the pros and cons of in-house billing and outsourcing medical billing.
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Pros & Cons of In-House Physician Billing Services vs. Outsourcing
The nature of episodic patient visits within an emergency department and urgent care center creates special challenges for medical billing, reimbursement and cash flow. Cash flow can slow down considerably from patient eligibility verification, claims submission, sending statements to patients, billing insurance and troubleshooting coding issues that cause claims to be denied. In-house physician billing services may be performed by employees trained to work in the billing department or staff who also answer the phones, perform scheduling and also assist with patient exams. When medical billing is outsourced to a company outside of the practice, the outcome will vary considerably based on the company’s scope of service and knowledge of emergency and urgent care specialty needs.
The Downside of In-House Physician Billing Services Budgeting can be more difficult – Many billing companies base their fees on how many claims are sent. So, if the provider is doing more business one month, they will be charged more. The possibility of hidden fees – It’s always important to ask about extra fees prior to hiring a medical billing company. Some companies charge a sign on or start-up fee. Most medical billing companies are not specialists in meeting the unique needs of emergency and urgent care facilities – companies not accustomed to these specialty areas are likely to have more claims rejected, causing delays in reimbursement with associated cash flow issues.
Disadvantages of Outsourcing Physician Billing Services Budgeting can be more difficult – Many billing companies base their fees on how many claims are sent. So, if the provider is doing more business one month, they will be charged more. The possibility of hidden fees – It’s always important to ask about extra fees prior to hiring a medical billing company. Some companies charge a sign on or start-up fee. Most medical billing companies are not specialists in meeting the unique needs of emergency and urgent care facilities – companies not accustomed to these specialty areas are likely to have more claims rejected, causing delays in reimbursement with associated cash flow issues.
The Pros of Outsourcing Physician Billing Services Consistency in billing – Not only will a medical billing company regularly send claims to insurance companies, they follow up on all unpaid and denied claims. Regularity of billing – Providers do not have to worry about bills not being sent out in a timely manner because of staff illness or heavy workload. Bills and claims are sent regularly and on time through a medical billing company. Improved billing operations – medical billing companies routinely give a provider performance reports. These reports provide valuable information on the financial health of the practice as well as the performance of the billing company.
Not all medical billing companies provide the same type and quality of services. 360 Medical Billing Solutions are specialists in medical billing for emergency and urgent care groups. Besides specialty billing, we offer additional services including assistance with negotiating favorable managed care contracts, methods to account for all medical records generated, and providing detailed reports that assist in practice management.
Contact Us Address: 2000 N Classen Blvd., Suite 1300, Oklahoma City, OK, 73106 Call Us: (405) 607-1326 Website: www.360medicalbillingservices.com
