The choice to conduct your practice’s medical billing in-house or to outsource it to a medical billing company is probably one of the most important decisions you will make for your growing healthcare practice. In fact, according to Grand View Research, the global medical billing outsourcing market is expected to reach $19.7 billion by 2026. While there are pros and cons to each approach to medical billing, what matters most is what’s right for your medical practice.
While in-house billing offers you more control, since you remain in proximity to medical billers, it also requires significant investment, takes precious time from growing your practice, and could impact your bottom line. Outsourcing medical billing is more cost effective than setting up medical billing in-house, as it eliminates the need to train and maintain staff. Five reasons outsourcing may be key to growing your medical practice and maintaining a healthy revenue stream include:
#1: Increase Focus on Patient Care
Since your in-house team will be relieved of paperwork and non-core administrative tasks, they have more time to focus on their primary responsibilities. By reducing stress and increasing free time, your staff can focus on value-based patient care.
#2: Remove the Headache of Staffing Issues
Outsourcing to a medical billing company removes the stress of micromanaging your employees and the pressure of dealing with common staffing headaches. Outsourced medical billing companies meet your needs by providing highly trained medical billers. You not only have an on-demand cost effective medical billing team of experts, but you also eliminate the constant search for skilled talent, which is often hard to find.
#3: Keep Pace with Evolving Industry
It can be exhausting for physicians to meet the ever-changing government regulatory changes and compliances, and to complete the steps necessary to get paid. Outsourcing helps medical practices stay current in the evolving regulatory landscape. Since medical billing companies specialize in RCM and specific medical practice domains, they can effortlessly manage compliance and regulatory issues without burdening their staff.
#4: Submit Accurate and Clean Claim
Outsourcing to medical billing specialists results in cleaner claims on the first submission, so you get paid faster. With the expert focus on patient eligibility verification, paperwork, documentation, and other aspects of revenue cycle management, errors, which result in denied claims, are prevented. Outsourcing allows you to leverage the latest technology in automation, predictive analytics, RPA, and reporting tools, to maximize ECM productivity.
#5: Improve Cash Flow
Outsourcing to a medical billing specialist strengthens your revenue cycle management, which in turn ensures cleaner claims and faster payments. Moreover, by eliminating the need to hire full-time in-house medical billing staff, outsourcing also reduces expenses such as employee benefits, tax liability, and training costs.
Even as outsourcing is an important way to boost growth, choosing the right medical billing partner can make all the difference.
Analytix works with medical practices and physicians to identify and implement medical billing processes that can be streamlined and optimized. We offer a full range of medical billing services that can be combined to provide an end-to-end customizable solution.