medical billing outsourcing pros & cons

 

Medical Billing Pros

- Increased Collections
- Outsourced billing has proven to increase collections by 15-45 percent
- Faster payments
- Cash Flow Sustainability
- Reduced Claim Denials
- Reduced staff overhead
- A More Profitable Practice
- A real-time view into the financial health of the business allows doctors to become more agile business people, as opposed reactive healthcare workers.
- Focus on what matters
- Improved practice management allows doctors to focus on their craft and patients.
- Work-Life Balance
- We are giving doctors their life back. They no longer have to worry themselves about revenue issues stemming from internal staff error after a full day of caring for patients.

Medical Billing Cons

-Expensive Cost of deployment and maintenance.
-Requires technical staff to install and update software at each office location on a regular basis Complex and Rigid - Practice processes and work flow are non-intuitive and require highly specialized training for staff. Over time, this results in a practice not agile enough to meet ever changing needs
- Labor Intensive (High staff costs)
- Daily tasks like claim management, follow ups, authorizations require intense office staff focus, usurping valuable resources
- Poor Revenue Management
- Traditional practices are not capable of identifying or acting on areas of business and process management
- Compliance HIPAA, Insurance Providers, and Coding Standards have regularly updated regulations that must be addressed