One of the most complex components about running a medical practice is determining your medical billing process. The primary component when discovering the act of keeping your billing in-house or deciding to outsource your billing should begin with your knowledge of the billing and coding procedure. For practices that want to be front in center with the operations of their billing, accounts receivables, and the back office, in-house billing may be the best option for you. If you prefer to hand off your billing for cost-prohibitive efforts then you must make sure decisions are being made to increase the probability of your practice.
The idea of having one – four trained billers to four providers, in-house billing can cost major overhead. Between the payroll expenses paid to experience biller and coders, equipment, registration with a clearinghouse, record storage, and annual training billing and coding courses, practices can spark a major financial burden.
Ideally, for smaller practices, the better option is to use cost-effective resources such as hire a reputable medical billing company that has experienced biller and coders in place to take claims hands-on with minimal rejection rates. The day-to-day operations of in-house billing operations have beneficial benefits because of the following factors:
Consistency in Billing
Medical billing companies are mandated to regularly send claims to insurance companies that are contractually obligated to follow-up on all unpaid and denied claims. A reputable billing company can detect inaccurate documentation before a claim is fully submitted to the insurance companies. This act can minimize a rejection. Finally, The medical billing company can detect your maximum reimbursement amount and can increase the revenue the practice receives.
The medical billing company main focus is to bill on behalf of the practice on time and in regular sequence. Practices have the right to request a performance report to discover the performance of the practice’s bottom line.