In-House Billing vs Outsourcing
Collecting earnings and managing bills is one of the most vital aspects of running a medical practice. While some medial practices rely on in-house staff for their billing needs, many practices are beginning to outsource this crucial task. As with any business decision, it’s good to take stock of the pros and cons before making the call.
Pros and Cons of In-House Billing for Medical Practices
In-House Billing Pros
If you’re lucky enough to already have trained staff and software for billing purposes, you may want to keep your existing system rather than losing that investment by outsourcing. This only applies if you are happy with your current system, though. In-house billing also allows you to deal with any issues immediately since everything takes place right under your roof. Finally, some billing companies tend to fall down on the job if the bill isn’t large enough to benefit their own bottom line.
In-House Billing Cons
It’s very easy to wind up spending more money on software programs, staff, and technology than an outside billing company would charge. An in-house billing department can also run into problems handling the workflow! Most practices just can’t afford to hire enough staff to keep up with the demands of insurance claims, patient bills, and everything else that piles up on a weekly basis.
Pros and Cons of Outsourcing Billing for Medical Practices
Outsourcing Billing Cons
Some practices may feel they are out of the loop when they turn their billing department over to outsourcing companies. The cost of many outsourcing billing companies will depend on the amount of the bills collected. This can require some adjustment if you don’t have a steady flow of income.
Outsourcing Billing Pros
A good outsourced billing company can actually increase the amount you bring in from insurance claims due to their experience with insurance companies and complicated situations. The cost of outsourcing your billing needs is almost always lower than pouring hours of time into training your own staff and purchasing pricey software.
Another benefit of outsourced billing is that you will have more time to manage other departments and programs instead of being consumed with collecting bills.
Get in touch if you’d like to learn about the unique “pros” offered by Billing Advantage – a company that brings years of experience and specialized knowledge to the table. If you found this blog helpful, don’t keep it to yourself!