I have a client right now who is trying to decide between hiring an in-house billing staff or continuing to outsource to an outside medical billing company. Here are the reasons I believe he should continue to outsource his billing – these reasons are true for anyone in a small practice that cannot support a full-time team of at least three billing staff members.
Access to the Best. A small practice benefits from the staffing of a billing company. A great billing company has industry experts who get great results and you will benefit from this expertise. A small practice likely cannot support full-time positions for people with such expertise.
Get Paid More, Faster. Industry experts will have fewer claim errors and will know the best codes and modifiers to use to bring in the most for your practice.
Staffing Issues Are Not Your Concern. Whether someone wants to take a vacation or they leave the company for a better opportunity, it is up to your billing company to handle the transition and you do not have to. When a billing person on your staff goes on vacation and they are part of a one- or two-person team, that vacation may lead to cash flow concerns. If you have a billing company, though, they will have plans in place and the staffing to deliver continuous collections for your practice.
Up-to-Date Regulatory Information. A great billing company constantly seeks out the latest information on coding and can ensure this is incorporated into your practice.
Some physicians believe that they are giving up some control if they hire an outsider to do one of the most important functions of their practice, but the right billing company should be able to give you access to information, expertise and insights that you would not be able to get from a small team in your office. As the client, you decide what information you need to see to feel like you have control of the financials of your practice and let someone else worry about the daily oversight of the team producing those results.
For insight into what you should expect of your billing service, click here to see a post from last month, Expectations Your Billing Service Should Exceed.