This past week, Chris Thorman of Software Advice sent me this great article on whether or not a practice should outsource their billing to a medical billing service.
In the article, both the in-house approach and the outsourced approach are compared in terms of costs and convenience for the provider. The results? The outsourced approach came out on top in terms of generating a higher net revenue for a practice but Chris had a point I agreed with wholeheartedly:
It’s important to note that a medical billing service isn’t a silver bullet for in-house billing issues. Billing services can vary widely in their efficiency and accuracy when processing claims. If a provider chooses a billing service that is lax and prone to errors, the headaches surrounding billing issues won’t get better – they’ll get worse.
The percentage of the billed amount a billing service can collect is the major difference between different third party billing services and doing your billing in-house.
Chris also went over a few of the reasons that a provider may be motived to outsource their billing:
• The provider is new to running a practice;
• The practice has high staff turnover;
• The provider isn’t tech savvy; or
• The provider simply isn’t focused on the business side of his practice.
For more information on medical billing, take a look at Preferred Health Resource’s medical billing service page.
By Jordan Glogau
Google