Profit is the ultimate end in any profession. Period.
Many medical practices now consider outsourcing their billing services to medical billing practitioners because they are better at the job than regular billing staff. They have many reasons for that, but the most prominent ones are the cost-effectiveness of the service, it stays updated with the trends, and it is equipped with better software to carry out the work.
But as new entrants to the field, some medical practitioners are still confused whether the billing services they hire will be beneficial for them.
Let’s explain this answer with the help of an example.
Medical billing services save training
A medical billing practitioner undergoes a few months of training before he can handle the paper work and financial matters of the company. It isn’t accomplished in a day, and when recruits are hired in the medical billing department, they take at least a year to learn the technicalities of the service.
In comparison, a medical billing service is formed with that purpose alone. It has the medical billing staff, well-trained professionals, updated software, knows about the latest trends and codes of conduct in the medical billing industry and comes at a much lower cost, which we will discuss in the next few paragraphs.
Medical billing services save research
Similarly, staying updated with latest trends in the medical profession and learning the new codes of conduct by heart is not so easy for a single medical billing professional. However, as a medical billing service has a dozen of billing professionals, the learning environment becomes easier for those who are new to the field. The research is an ongoing matter in the medical billing agency, unlike a medical practice where a few employees handle billing department, and who will have to take time out of their schedule to learn about the new researches in the field.
Medical billing services save operational time
Just as above, employees of a medical practice are numbered and can take thetime to file the claim and follow it up. However, that is not the case with medical billing services that have a dedicated person or each task. They save operational time by leveraging the efficiency of task specialization.
Professional medical billing services, to specialize in the services they offer, create a pool of well-trained professionals suitable for covering all spheres of the medical practice.
This approach also decreases interruptions in revenue flow, unexpected leaves and staff turnover.
With task specialization, the team further improves the efficiency of the medical billing company by compiling skills of the whole team and distributing tasks. This further reduces distractions among other activities as well.
Medical billing service saves money
Let’s take an example of a physician who sees on an average around 30 patients per day. The total patients he sees in a week come to around 150. Now, an in-house billing employee will find it difficult to follow-up with 150 insurance claims in a week that too with high accuracy, but the same can easily be done by a medical billing service that will distribute the tasks among specific individuals.
Further, an in-house medical billing department will require office space for the employees, furniture, devices and equipment, software – that needs to be regularly updated, and of course regular training and research. This is time-taking, money-spending and arduous. In comparison, the medical billing service takes all the fuss away from the profession and provides only the required services.
According to Ezine article by K Allen, it saves a medical practitioner around 30%-40% when they hire the services of a medical billing company instead of building an in-house unit for the same.
It is now known that a medical billing service is much better than an in-house unit since it has specific individuals for the tasks and is lower in cost. Therefore, medical practices should consider their overall cost savings, work efficiency and prospects before deciding whether to outsource or build one in-house.