For any medical professional, one of the most important decisions to make is whether to have an in-house Medical Billing or having an outsourced Medical Billing Service.
Among others, the major benefits of an outsourced Medical Billing Service include time, – time to spend and focus more on quality patient care, having experts in billing and coding at your disposal, increased collections and an overall stability in your financial and billing workflows.
Another important factor that many physicians seldom realize is the constant wave of regulations rolling out regarding billing and insurances take a lot of time to follow, essentially making it harder for them to focus on their care delivery.
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Furthermore, an in-house billing requires additional staff to be allocated to handle billing operations, hence, adding the overall cost of running the practice. Research has repeatedly proven and suggested that it is better to outsource billing to Medical Billing Service companies because it costs a lot less than what it would in an in-house billing situation which increases overhead costs.
Medical Billing Service companies are capable of providing billing and A/R services since they have experience and expertise in billing, procedural and diagnostic coding and ensuring the highest amounts of reimbursements. The better companies also have the necessary resources to protect physician data since they are liable to the regulations imposed by the government. Another good thing about Medical Billing Service companies is that they already have established relationships with insurance companies and other stakeholders in the billing and insurance community.
Given everything, it is important to consider the fact that a third-party organization will not have the same level of commitment, attachment and loyalty as staff in the practice will have.
Yet the final decision lies with you, and which angle you consider to be your decision making point – whether its cost, benefits, or level of commitment.
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.
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