The question of whether to outsource your practice's medical billing operations or to continue to operate with in house billing can weigh heavy on the administration and practice owner. The right answer to that question varies from practice to practice. Each practice should evaluate their current financial position and goals as well as assess the effectiveness of their in house billing in maximizing those goals.
Aside from clinical services, your billing and Revenue Cycle Management are the most important processes of your practice. Your cash flow depends on these and should NOT be taken lightly. Assess your practice's administrative costs, volume metrics and staffing needs immediately and determine what is right for your practice needs.
Tackling medical billing in house often means that staff members have to assist in resolving billing issues, which takes away from the time they should be spending on their other responsibilities and with patients. Letting us handle your billing will create a happier and more productive staff, which in turn means happier patients, who will continue to visit your practice.
A good medical coding and billing company will ease your workload while increasing your revenue. Imagine everything you could achieve if you could focus all your energy on your medical profession instead of paperwork.
Aside from clinical services, your billing and Revenue Cycle Management are the most important processes of your practice. Your cash flow depends on these and should NOT be taken lightly. Assess your practice's administrative costs, volume metrics and staffing needs immediately and determine what is right for your practice needs.
Tackling medical billing in house often means that staff members have to assist in resolving billing issues, which takes away from the time they should be spending on their other responsibilities and with patients. Letting us handle your billing will create a happier and more productive staff, which in turn means happier patients, who will continue to visit your practice.
A good medical coding and billing company will ease your workload while increasing your revenue. Imagine everything you could achieve if you could focus all your energy on your medical profession instead of paperwork.
In-House Billing Pros and Cons
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Retaining Control: When trusted, long-term employees are executing medical coding and RCM duties, doctors and administrators appreciate having hands-on control of financial operations right in the office. - IRMB uses your own EHR/EMR and billing software maintaining transparency and trust with all billing reports available to you at the click of a button.
Return on Investment: Once a practice has invested in training medical billers and purchasing billing technology, moving to an outsourced solution means losing out on time and money already spent. When there’s a valid infrastructure in place, it’s worthwhile to evaluate and refine existing processes to generate the best ROI. - IRMB stays up to date with industry changes, eliminating training and administrative costs on your end. Close Proximity: Should issues arise, the accessibility of in-house billing staff is a major advantage. - IRMB takes a hands on approach to eliminate the fear of not having an on site biller. We can staff on site, customizing our approach to your practice's needs. |
Higher Costs: On average it costs a practice 30-40% more to staff a billing department due to the expenses of billers’ salaries, employee benefits, and technology systems. These expenses add up to much more than the cost of a third-party billing solution.
Liabilities: Medical billing departments can be hotbeds for embezzlement and general employee neglect (for example: ignored encounter forms, discarded superbills, and claim denials that do not get appealed) can go largely unnoticed if managers don’t keep a stringent eye on billing operations. Support Issues: If your billing department consists of only two or three staffers, your operations – and cash flow – can be majorly stalled when even just one employee gets sick, goes on vacation, takes a leave of absence or quits altogether. Staff also often do not have the time to stay up to date on the latest laws and regulations in this ever changing industry, causing higher claim denials and rejections which result in lost revenue. |
Benefits of Outsourcing with Infinite Revenue Medical Billing LLC
Cost Effective: Especially if you’re starting up a new business or transitioning because of an employee’s resignation, outsourcing makes the most financial sense. Check out this hypothetical cost analysis on the topic from Physicians News Digest.
Transparency: IRMB is able to supply you with comprehensive performance reports automatically or instantly upon request. This capability grants you unparalleled visibility into your billing operations without requiring you to micromanage – or even oversee – any staffers.
Enhanced Consistency: When you contract with us we will perform all services, such as appealing denials, processing claims, etc. for you with a consistent level of success. Plus, you never have to worry about staffing, since it’s our job to support your needs year-round. Saving your practice upwards of 40% a year on administrative costs alone.
Increased Revenue: Infinite Revenue Medical Billing, LLC can increase your revenue through fast turnaround time using your own EHR and PM software and less claim denials and/or rejections.
Transparency: IRMB is able to supply you with comprehensive performance reports automatically or instantly upon request. This capability grants you unparalleled visibility into your billing operations without requiring you to micromanage – or even oversee – any staffers.
Enhanced Consistency: When you contract with us we will perform all services, such as appealing denials, processing claims, etc. for you with a consistent level of success. Plus, you never have to worry about staffing, since it’s our job to support your needs year-round. Saving your practice upwards of 40% a year on administrative costs alone.
Increased Revenue: Infinite Revenue Medical Billing, LLC can increase your revenue through fast turnaround time using your own EHR and PM software and less claim denials and/or rejections.