Outsourcing some of your business activities saves you time while increasing your revenue simultaneously. As far as Medical Billing is concerned, there are several practitioners who outsource billing services to a third party. This helps them gain control over their billing problems, while increasing their revenue at the same time. Meanwhile, a few practitioners feel that having these services done in-house is better and more economical too. Any practitioner looking to outsource any of their work can hire medical billing and coding experts in India.
Here, we'll discuss the pros and cons of outsourcing medical billing:
Advantages of Outsourcing Medical Billing
1. Reduces Billing Errors
When you hire medical billing and coding experts, they ensure that your claims are submitted precisely and on time. Medical billing companies are specifically meant to offer professional and accurate medical billing services to their clients. They are aware that it is their responsibility to make sure they provide thorough training to their team to equip them better with adequate knowledge so that they can properly submit medical claims.
This will not only reduce the number of denied and rejected claims owing to billing errors, but it will also play a major role in providing feedback and yielding greater reimbursements on future claims.
2. Increased Focus on Patient Care
After outsourcing your medical billing services to India, you'll have more time to focus on what you are pro at i.e. concentrating on patient contentment and offering quality care to them.
Outsourcing medical billing services to India is especially beneficial for smaller physician groups as they cannot afford a dedicated and large medical office staff.
3. Saves Money
Outsourcing can help you save thousands of dollars. You could save on annual salaries and benefits, office supplies and furniture, upgradation and maintenance of billing software etc. Whether your medical billing companies charge a flat rate on every claim or a percentage of the reimbursement, it will still be cheaper compared to what you would pay to an in-house medical billing staff for the same services.
4. Outsourcing Improves Patient Satisfaction
All medical professionals strive to provide excellent customer services to their patients. But juggling the demands of patients while handling billing issues is difficult.
Similarly, a medical receptionist is responsible for greeting patients and making them feel comfortable. When you outsource medical billing services, you reduce the extra burden you place on yourself and your front staff, thereby increasing productivity, efficiency, and employee morale.
Another additional advantage is that it can also increase patient satisfaction as patient flow improves as well. Ultimately, your patients will be a lot happier as they receive uninterrupted and professional help for their billing queries, making the entire process smooth for them.
Disadvantages
1. No Control Over Employees
Medical office managers are responsible for revenue cycle, finance management, and accounts receivables. With outsourcing, they lose direct control over the medical billing staff that puts them in a vulnerable position. They have no option but to believe that the outsourced duties are going to be performed efficiently and timely.
2. Possibility of HIPAA Privacy and Security Breaches
Outsourcing medical billing can pose a problem vis-a-vis HIPAA privacy and security. Even though violations of HIPAA privacy can occur in the case of in-house billing too, the risk can be greater when medical billing is outsourced.
3. Less Personal Interaction for Patients
Many patients like the idea to talk directly with their doctors to make payments or discuss their billing details. Such interactions help build a personal relationship with customers that only in-house billing can ensure. Patients are not very keen to receive services wherein they can discuss important matters over the phone only.
4. Limitations Due to Outsourcing
Outsourcing works well only if there's clarity in communication and smooth flow of information between the two parties. But if there is a lack of access to information and miscommunication between a medical office and an outsourcing company, this may aggravate the limitations.
An in-house billing staff, meanwhile, has easier access to medical records.
Proper communication channel should be established so that medical billing outsourcing functions smoothly, ensuring the best service to patients.
It is advised to contemplate all of the advantages and disadvantages of outsourcing medical billing before taking the final decision.
