Outsourced vs. In-House Medical Billing

In this competitive environment, it is becoming more challenging for medical practices and hospitals to focus more on patient care. Although there could be several different reasons behind this, the most common issues and challenges are transitioning to a different reimbursement model and EMR billing. As a healthcare provider or owner of a medical practice, you would like to have control over all aspects of your business. 

It is worth noting that in-house billing can provide you with this control. This is because it allows you to choose your own medical staff while running every part of the medical billing process. However, keep in mind that many providers in the US don’t completely understand the medical billing process. This is why hiring their own staff can really be a disadvantage!

For example, if your staff isn’t the best at what it does, this may lead to various issues and problems, such as decreased revenues, and you don’t want that. You should know that in-house billing services can be rendered by staff trained to work in the medical billing department. In contrast, when you outsource medical billing to an organization outside of your practice, the outcome and results will likely vary significantly based on the provider’s scope of service as well as the knowledge of emergency and urgent healthcare specialty needs.

Note that medical billing is the crucial and meticulous process of handling and tracking medical claims efficiently and effectively between the payers and providers in order to ensure the healthcare provider gets reimbursed for the service provided. This certainly signifies the importance of the billing process for any medical practice to keep its business running successfully and smoothly.

In most cases, outsourcing medical billing to a reliable provider, such as UControlBilling, is more cost-effective than hiring, training, and maintaining medical staff in-house. And that is not all; outsourcing the billing process allows you to be more hands-off, which removes the need to deal with billing issues, micromanage employees, and constantly put out fires.

If you are not sure whether to outsource medical billing or use an in-house team, this outsourcing vs. in-house medical billing comparison will help you make the right decision.

Pros of In – house Medical Billing

Retain Full Control

Did you know that many healthcare providers consider having complete control of the medical billing process an added advantage? This is because working closely with talented and experienced staff that has been with you from the start will boost your trust and confidence level in handling the billing process.

Process Managed at Close Proximity 

Note that simply walking across your medical office floor to discuss or look into any major or minor issue, if any, offers you close accessibility to the billing process in your organization and the team.

Also, you will be happy to know that it makes the delegation of instructions and execution of standard procedures much simpler, which is convenient.

Return on Investment (ROI)

This is another crucial benefit. Managing the medical billing process in-house helps keep your finances under control. This is because even trivial matters and processes are under your purview for immediate attention or action. This is beneficial as it reduces any unwanted expenses and improves your business bottom line.

Cons of In – house Medical Billing

Challenging and Tedious

There is no doubt that in-house medical billing requires close attention. This can be time-consuming for the healthcare provider, given the core job responsibility of providing top-notch patient care.

 Although in-house medical billing provides you with complete control and accessibility, note that it also compels you to take sole responsibility for the whole billing process.

More Risk for Liability

You should keep in mind that in-house medical billing can also result in some hefty liabilities for your organization. For example, if you are a doctor and hire a biller who does not perform accurately, you may end up with incorrect billings. And this may lead to patients receiving inaccurate estimates, and you could be held responsible for this.

More Expensive 

In many cases, handling the billing process in-house can be comparatively expensive. This is because practice and infrastructure costs, investment in technology, staffing, and training, will likely add up more than the cost to outsource your billing.

Pros of Outsourced Medical Billing

Cost-Effective 

Outsourcing your medical billing services often makes the best sense for your finance, whether you’re a start-up or a large organization. You will be happy to know that a medical billing company, such as UControlBilling, provides you with an experienced and competent billing team, considerably reducing the amount you spend on a billing department.

Fewer Billing Errors

It is no secret that companies providing medical billing services are well known for their reliability and accuracy. By opting for outsourced medical billing, you can lower the risk of errors. This will reduce the number of denied or rejected medical claims that your healthcare organization has to deal with.

Experienced and Competent Team 

The main benefit of hiring a third-party medical billing provider, such as UControlBilling, is that it has experienced and highly trained medical billers handling all your claims efficiently.

The billing team handles every medical claim with the utmost care in order to ensure proper filing and timely reimbursement.

Also, note that an outsourced medical billing firm also complies with HIPAA regulations to safeguard your PHI as well as the privacy policy.

Improved and Streamlined Billing Operations

You may know that medical billing companies regularly give healthcare providers performance reports. And these reports offer valuable and insightful information on the overall financial health of your medical practice and the performance of your billing company.

Focus on Patient Care

If you provide undivided attention and top-quality to your patients, it will help you attract more patients. A great benefit of outsourcing your billing process is that it can relieve you from the hassle and inconvenience of getting involved in the complicated billing process. As a result, you will have more time to focus on patient care.

Comply with Billing Practices

You may find it difficult and time-consuming to keep updated with the rapidly changing and dynamic medical billing laws and regulations in the US.

However, if you outsource your medical billing process, you will not have to be concerned about staying up to date on various medical billing practices while still ensuring that your medical practice is compliant.

Cons of Outsourced Medical Billing

Less Control

Note that outsourcing medical billing usually means less control over the process. You don’t have the accessibility to your team, and you do not get the chance to get to the bottom of every matter. However, if you choose the right provider, you can be confident that your billing process is in the hands of capable professionals.

Budgeting Issues

Did you know that many billing providers base their fees on the number of claims they send? This is why if you are doing more business in a given month, you will likely be charged more. In contrast, if you have a slow month, the fee charged that month would be considerably less.

This is problematic as it can make it quite difficult to create a medical billing budget. Moreover, hidden fee and variable costs can exacerbate this issue.

Final Thoughts

You may know that not all medical billing firms provide the same quality and type of services.  UControlBilling has specialists in medical billing for various care groups. Are you still wondering whether billing outsourcing is ideal for your practice? You should contact UControlBilling today!