The decision to outsource medical billing or continue to manage it in-house can be complex and one that many administrators struggle with. You have to evaluate a variety of factors — from staff size to financial health — and there is no universal correct answer that fits every ASC.
Which path will deliver the best overall results for your overall Revenue Cycle Management?
Let’s take a closer look at how outsourcing billing and collections could be the best choice for your facility.
Outsourced Medical Billing provides:
- Specialty Expertise
When you outsource your medical billing, you partner with a company that specializes in this area. The medical billing company focuses on hiring top talent, maintaining high professional standards, and updating technology and resources regularly. It’s difficult to sustain this level of mastery and attentiveness with an in-house staff that could have many other responsibilities.
- Dedicated Team
Achieving maximum reimbursement requires a targeted team approach and serious attention to detail. Without an organized team handling their respective responsibilities, you are at risk of missing critical details that can negatively your collections. Medical billing companies have separate team members that are responsible for each step of the process which ensures the most efficient revenue cycle.
- Best Practices
Because a medical billing company only concentrates on revenue cycle management, their team develops best practices that benefit your facility. For example, they have refined processes to lower days to bill, minimize denials, forecast trends, and improve your days in AR.
In-House billing comes with disadvantages that simply do not apply when outsourcing these services. Many ASCs who have their billing and collections In-House face staffing issues. When your billing team is understaffed and overworked, your facility becomes more vulnerable to errors and delays. Medical billing requires specialized expertise, an organized workflow and thorough follow up. When you only have one person or a small team of people handling the various aspect of the process (coding, billing, denial management, AR follow up etc.) you can easily run into issues with reimbursement. Mistakes and improper follow up will ultimately cost your facility money.