Healthcare providers have many things to consider when deciding whether to outsource medical billing.
On the one hand, doing medical billing in-house provides an array of benefits. For instance, it allows the provider to have hands-on control of financial operations, and the provider's medical billing office is in close proximity if issues arise. A CareCloud blog also points out that providers many times have invested in training medical billers and purchasing billing technology, so moving to an outsourced solution means losing a lot of time and money spent.
However, opting to outsource medical billing, while maybe more unfamiliar, can also be beneficial for some providers, The Sequitur reports. Here are four benefits of outsourced medical billing, as stated in the report.
1. Time saver. It takes a lot of time for a provider's employees to learn the correct procedure and codes, how to use the billing system, how to properly conduct business with insurance companies, how to post charges and payments, and the correct way to submit insurance claims, the report notes. However, healthcare billing services have enough time — and the knowledge — to commit to these difficult tasks.
2. Employees can focus on patient care. When a provider outsources medical billing, employees have more time to concentrate on the everyday jobs which are required for a medical facility to perform efficiently, instead of managing billing jobs in addition, according to the report.
3. Money saver. Paying for an in-house biller can be expensive, with earnings, employee benefits, vacation pay, unemployment insurance coverage, 401k and payroll, among other things, the report notes. Additionally, there are various equipment costs associated with using an in-house biller. Providers can save this money with an outside billing company, according to the report.
4. Helpful in insurance contract negotiations. During insurance contract negotiations, medical billing industry experts can provide invaluable input to providers, the report states. The report also notes that these medical billing industry experts are familiar with the terminology used by insurance providers and can employ it to obtain better payment rates for the provider.
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