Pros and Cons of Outsourcing Your Medical Billing and Coding Services
The decision to outsource your medical billing can be a critical one, with far-reaching implications.
Should you handle your medical coding and billing in-house, or should you hire an outside company? Below are the pros and cons of outsourcing your medical billing and coding services.
Pros of Using a Medical Coding & Billing Services Company
Higher Collection Rate: Because medical coding and billing is our area of expertise, we have a higher collection rate than physicians, clinics, groups, and hospitals who attempt collections on their own. In fact, our collection rate of 99.7%, which is one of the best in the industry.
Faster Collection Rate: In an era in which banks have virtually stopped lending money and cash flow is key, the speed with which you collect money can dramatically affect the operations of your medical practice. We collect money in an average of 22 days.
Less Headaches: With the implementation of ICD-10, there are now 69,000 medical billing codes The complexities of medical billing and coding grow by the day. If you use Clinic Service, you won’t have to worry about any of that. On a weekly basis, we monitor changes in healthcare laws and regulations, so you don’t have to.
Less Overhead: To perform your own medical coding and billing effectively, you’ll need to hire a trained specialist and pay a fixed cost of salary and benefits, regardless of the ups and downs of your business. You’ll also need to invest upwards of $40,000 in EMR /EHR (Electronic Medical Records / Electronic Health Records) and medical billing software. When you partner with us, there is no overhead or prohibitive upfront fees.
More Money in Your Pocket: Even factoring in the percentage that we charge on the money we collect for you, you’ll still come out way ahead at the end of the year. We’ll bill higher fees (thanks to our accurate coding), and we’ll collect higher percentages (thanks to our persistent collection efforts).
Cons of Using a Medical Coding & Billing Services Company
Change is Unsettling: Any major change that you make in your medical practice has the potential to backfire, making a bad situation worse. Outsourcing will require a change in your employees’ duties, new software, and different processes. At Clinic Service, we understand what a big undertaking this can be, and we have the professionalism and experience to help make the move as smooth as possible.
Loss of Control: If you’re accustomed to controlling all of the variables in your medical practice and walking across the office and speaking to the person in charge of medical billing, switching to an outside company can seem like an enormous shift. At some point, though, you may want to acknowledge that medical billing isn’t your core competency or interest, and that it’s time to take a leap of faith and hire a company. At Clinic Service, we have more than 40 years experience in medical billing, and we’ll be there to take care of you when you’re ready to make that leap.
Privacy Concerns: You may be struggling with medical billing, but are holding onto it because you’re embarrassed about your financial situation and/or concerned about privacy issues. We can assure you that you’re not alone in this. Many physicians, clinics, and groups that hire us to perform their medical billing are in a tight spot, with mild to severe cash flow issues. We can provide the same service for you as we’ve done for them – work with you closely to make the changeover as painless as possible and improve your cash flow as quickly as possible.