Doctors face many questions in their profession. One of which is whether to outsource their medical billing services. They’re the experts and know the complexities underlying billing, so hiring a third-party billing service is worth the cost. Still, others contend that doing billing in-house is safer and gives more oversight on collections.
Before making any move, think hard. Both sides have benefits and drawbacks that you should think very carefully. You will need to weigh the differences of in-house and outsource billing. To help you with this endeavor, we’ll look into key factors on why others have decided to outsource:
![billing statement]()
Cost
The primary reason why doctors outsource billing is cost. Indeed, there is a huge price difference. Hiring medical billing employees could reach an average of $80, 000 plus health care benefits, taxes, training, and office supplies, and other miscellaneous expenses. In an outsourcing, billing companies are often paid hourly. They only work for the hours needed to complete their job.
Cost- Collection Rate
If you have seen your collections decrease while the time of collection is high, you’re having issues with your billing department. But third-party billing services typically decrease the time to receive payment.
- No Time To Control
Physicians do not concentrate on the business aspect of their career. They’re more focused on helping their patients. By outsourcing, doctors have all the time given to their patients.
- High Staff Turnover
Turnovers are a sign that something is territory wrong with your billing procedures. Once an admin staff leaves, and is replaced, this will slowdown the process of claims which is very costly for doctors.
- No Knowledge
Keeping your billings in-house will need you to pay for a management software and pay for training so staff may accurately use the software.