When it comes to medical billing, healthcare providers always have an option either to operate an in-house department to take care of the billing procedures or simply outsource it to a third party. Where many physicians approve of the in-house billing department, a number of physicians oppose the view. According to the later, outsourcing medical billing service is the most cost effective as well as efficient way to cater to the medical billing needs of a practice.
There are various reasons why physicians prefer outsourced medical billing service. Specialized expertise is one of those. Since the medical billing specialists are trained to solely optimize billing procedures, ensuring utmost quality and accuracy is never a problem for them. Moreover, having the medical billing outsourced, providers have ample time to concentrate on their core responsibility of engaging patients rather than worrying about revenue collection.
“Since physicians specialize in providing healthcare, they should focus on patient centric issues rather than being involved in billing issues. Simply outsource your billing to a third party and focus on your core responsibilities”, says a Chicago based physician.
Another important reason to outsource medical billing service would be cost reduction or cost effectiveness. To run a in-house billing department, physicians would either have to hire a resource dedicated solely to billing procedures or would have to train the already existing staff, not only does this accumulate to higher monetary costs but also ends up wasting valuable time. Moreover, with few of the renowned medical billing services available in the market, who would only charge as much as 3% of the claims, physicians would surely not want to get into the hassles of operating an in-house billing department.
There have been instances where in-house billing departments have resulted in numerous claim denials. According to statistical surveys, outsourcing medical billing service can significantly reduce the number of denials. A supporting evidence of this statement would be reduced number of coding errors.
No doubt, outsourced medical billing service alleviates the burden from physicians and reduces the stress level amongst them. More interestingly, the established medical billing service companies also provide physicians with financial reports – helping them assess the financial health of their practice and also providing them with strategies to increase practice productivity.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
