Should we outsource medical billing to a third-party service provider or perform it in-house? This is one of the most important business questions that physicians of today ask. While some physicians feel that outsourcing is the best option, others want to maintain control over their collections through in-house medical billing. So, how do you know for sure if your medical practice or hospital should outsource medical billing?
Here are five signs that your hospital requires medical billing services. If your healthcare clinic is facing one or two of the following scenarios, then you may want to consider outsourcing medical billing services to India.
1. A high staff turnover: The problem of turnover is something that every industry faces, but turnover in the billing department can be very damaging. Since claim processing is integral to the lifeblood of a practice, replacements or new additions to your billing department will unavoidably lead to a slowdown in the processing of your claims.
2. An inefficient billing process: If your hospital has been seeing your collections drop, while the time to collect them keeps increasing, your clinic may be facing issues in your medical billing department. If you outsource billing to an experienced service provider in India, you can successfully reduce the number of rejected claims and also decrease the time it takes for your hospital to receive payments from payers.
3. A lack of technology know-how: If you are to carry out effective in-house billing, then you will need to make investments in the latest practice management software. Apart from buying and regularly updating the software, you will also have to provide adequate training to your staff. If your hospital does not want to handle technical issues or software upgrades (which can take up valuable time and effort), then think about outsourcing claims processing.
4. Different priorities: There are several physicians who are not strong on the business side of managing a practice. Most physicians want to focus on helping out their patients – without having to worry about the clerical/administrative side of the healthcare business. By outsourcing the medical billing process, you can eliminate such hassles and free your physicians to focus on providing quality healthcare services to their patients.
5. New providers: If you are new to field of healthcare, then you will have plenty to learn and worry about apart from handling your medical billing. Outsourcing your medical billing right at the onset can give your new hospital/clinic the much needed relief that you require from the day-to-day stress of running a new medical practice. As a bonus, you will also not have to bother about hiring, training or managing a team of new billing employees.
What would your healthcare practice prefer to do? Outsource medical billing or perform it in-house? Let us know your views by leaving a comment in the box below. We, at Flatworld Solutions love to hear from you!
Interested to know more?
- The Pros and Cons of Outsourcing Medical Billing
- 7 Benefits of Outsourcing Healthcare Services to India
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