To outsource or not to outsource? That is the question that a lot of medical practitioners face when it comes to their billing. After doing billing in-house for years, some practices may find shifting to outsourced medical billing services as more of a risk, as it turns majority of the control on collections over to the billing services provider. But outsourcing can be extremely beneficial, if it is done within the right circumstances.
So when is the best time to outsource your billing service? Below are some of the scenarios where outsourcing has proven to be the better alternative:
- When it’s more economical. The main concern that most medical practitioners have when it comes to outsourcing is cost. What if it only ends up costing more than in-house billing? Or worse, what if the costs end up higher than the practice’s revenue? To set your mind at ease regarding these concerns, make sure you assess the total cost of outsourcing versus in-house billing before making any decision. If outsourcing proves to be more economical and beneficial, then that would be a good time to outsource.
- When current in-house processes prove inefficient. If collection times are increasing and actual collections are decreasing, your current billing process may just need to be replaced by a more organized and efficient outsourced billing service.
When staff turnover is high. It takes time and effort to train billing staff. If staff turnover is high, that means more time and effort is spent on training and less on claims processing and collections. Also, new staff are almost always going to slow down billing operations since they’re still learning the ropes and are often more prone to committing errors. If this is the case with your practice, then it would definitely be better to outsource billing operations.
- When you’re not tech-savvy. Not all of us find it easy to handle practice management software, which is necessary if you’re going to go in-house. Handling practice management software can be challenging especially when it requires above-average technical skills and several upgrades, or experiences technical issues now and again. With outsourcing, you never have to deal with these technical troubles.
When you can no longer focus on your practice. Medical practitioners should primarily focus on t
reating patients, not on the clerical side of the business. If it’s the latter that’s taking up more of your time and energy, then it’s definitely time to outsource.
- When you’re a new provider. There’s a lot you have to learn and handle when you’re a new provider, and billing will only add to those concerns. Ease into learning the ins and outs of managing a medical practice by having a separate medical billing company take care of your billing for you.
If you realize once and for all that you do need to outsource your billing, make sure you choose a reliable and experienced company such as Park Medical Billing.
At Park Medical Billing, we combine state of the art technology with experienced and trusted personnel to ensure that your billing process goes as smoothly as possible. We invest time and resources in the initial claims process to avoid costly denials and delays while achieving maximum results.
Make billing simple, easy and efficient for your practice. Get in touch with Park Medical Billing today by calling 1-201-585-7306.