In House or Outsourced Medical Billing – Which Model Is Right For Your Practice?

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However,In House or Outsourced Medical Billing – Which Model Is Right For Your Practice? Articles if you are a medical practice and not sure which system will work best for you, this article will help you understand both of them in-depth and make an informed decision.

In House Medical Billing

Pros

More Oversight of Day-to-Day Operations

Having an in-house billing department provides you with direct control and oversight over the financial operations and processes. You can physically reach your staff at any time and get quick feedback on any queries. Plus, in-house staff will also implement any instructions you pass on right away. Strict in-person oversight of your finances will lead to greater transparency in your operations.

In-house billing is a suitable option for if you are reluctant to relinquish control of your billing processes to a third party.

Flexibility

When you have a dedicated in-house billing Chronic Care Management team, you can make your own rules. Contrarily, when you outsource a third-party billing company, you will be locked by rules in line with the contract you will sign off with them.

High ROI

Since you manage every little billing process of your practice on your own, it would be easy for you to keep your cost under check. Needless to say, greater cost control will maximize your return on investment (ROI).

Cons

Higher Costs

The costs for in-house medical billing is certainly too high than outsourced billing because you will have to spend money on recruitment, infrastructure and software etc.

Liabilities

Liabilities are likely to increase when you have an in-house team to manage your business processes, particularly your billers aren’t aware of the repercussions of HIPPA privacy and PHI security violations. You will have to ensure that your billers are not discarding any superbills or ignoring encounter forms to minimize the possibility of claim rejection.

When your billing operations are outsourced, liabilities on your side will be lesser.