Outsourced or In-House Billing System? Worth Giving It a Thought!

Outsourced or In-House Billing System? Worth Giving It a Thought!

After having spoken to a lot of physicians, one common thing I have come across is that by and large physicians are reluctant in making a decisive choice over whom to hand over the responsibility of handling the financial bit of their profession. Whether it should be outsourced or should it be an in house affair. In my opinion, whether an in house system or an outsourced one, they have their own pros and cons.This is one of the most crucial decisions to make since revenue is the soul of any medical practice. An inadequate technology, abrupt interruption, incompetent staff can affect the health of the practice. It is immensely vital for a practice to remain healthy and here by healthy I mean, it should be financially sound which is why the administrative work should be carefully done.Some doctors find comfort in knowing that they can have a complete oversight of their finances. An in house billing system gives you direct control over the staff in the sense that the entire process is in your hands and in case of any issues, accessibility is the biggest advantage. Daily operations can be closely monitored and any changes required during billing can be made instantly, thus avoiding delays and errors.While these are some of the advantages, it would incur huge costs to bring in the new technology and with only 2-3 staff members, in the absence of any one, the work may get majorly hampered. The profitability depends on the proficiency of just one or two billers.Thus in house billing will not be as cost effective and maintaining an optimum level of cost structure will definitely be a major concern especially for smaller practices.On the other hand, there are chances that an outsourced billing may prove less expensive and maintain consistency since it is a group of experts handling it all. It can save you the cost of infrastructure, upgrading your technology, hiring staff and other resources. If you choose to outsource your billing, you can be stress free having a team of dedicated professionals handling your revenue, claims etc. Despite having outsourced, you are still able to have full control of your finances.The much talked about transition from ICD-9 to ICD-10 requires a certain amount of training and this could come easily with an outsourced company. The last but not the least, you can focus completely on your main profession.