The question whether to outsource your practice 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, truly depends and varies from practice to practice. Each practice should evaluate their financial position, their financial goal and assess if their in house billing is maximizing the practices financial long term goals and needs.
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.
Doing your own medical billing usually means that other staff members have to assist in resolving billing issues, which takes away from the time they should be spending on front office 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.
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.
Doing your own medical billing usually means that other staff members have to assist in resolving billing issues, which takes away from the time they should be spending on front office 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.
In-House Billing Pros
Retaining Control: Especially when trusted, long-term employees are executing medical coding and RCM duties, doctors and administrators appreciate having hands-on control of financial operations through in-house billing. - IRMB uses your own EHR/EMR and billing software to provide transparency, trust and leaves you feeling secure knowing you can see all your billing reports, etc just 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 lots of time and money spent. When there’s a valid infrastructure in place, it’s worthwhile to just refine existing processes to generate the best ROI. - IRMB's stays up to date with industry changes and eliminate the cost of training and administrative costs. We also use your own software so there is no lost money moving to a new software or the purchasing of new licenses.
Close Proximity: Should issues arise, the accessibility of your in-house billing department is a major advantage since all it takes to observe the billing process and address any problems is a walk across the office floor. - IRMB's hands on approach eliminates the fear of not having an on site biller. We can staff on site and customize your practice needs.
Return on Investment: Once a practice has invested in training medical billers and purchasing billing technology, moving to an outsourced solution means losing lots of time and money spent. When there’s a valid infrastructure in place, it’s worthwhile to just refine existing processes to generate the best ROI. - IRMB's stays up to date with industry changes and eliminate the cost of training and administrative costs. We also use your own software so there is no lost money moving to a new software or the purchasing of new licenses.
Close Proximity: Should issues arise, the accessibility of your in-house billing department is a major advantage since all it takes to observe the billing process and address any problems is a walk across the office floor. - IRMB's hands on approach eliminates the fear of not having an on site biller. We can staff on site and customize your practice needs.
In-House Billing Cons
Higher Costs: On average it costs a practice 30-40% more to staff for their billing dept, and generally accepted that the expenses of paying billers’ salaries, covering employee benefits, and purchasing technology systems add up to more than is commonly paid out to a third-party billing solution.
Liabilities: Medical billing departments can be hotbeds for embezzlement, and general employee neglect (think ignored encounter forms, discarded superbills, and unappealed claim denials) 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 may not stay up to date on industry changes that happen in this ever changing industry, causing higher claim denials and rejections, costing the practice more money and lost revenue.
Liabilities: Medical billing departments can be hotbeds for embezzlement, and general employee neglect (think ignored encounter forms, discarded superbills, and unappealed claim denials) 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 may not stay up to date on industry changes that happen in this ever changing industry, causing higher claim denials and rejections, costing the practice more money and lost revenue.
Outsourcing Pros
Cost Effective and Less Expensive: 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: A medical billing company should be able to supply you with comprehensive performance reports automatically or upon request. This capability grants you unparalleled visibility into your billing operations without requiring you to micromanage – or even oversee – any staffers.
Enhanced Consistency: Your outsourcer will be contractually obliged to perform certain services, such as appealing denials, for you with a certain level of success. Plus, you never have to worry about staffing, since it’s their job to support your needs year-round. Saving your practice upwards of 40% a year on administrative costs.
Increased Revenue
Infinite Revenue Medical Billing, LLC can increase your revenue by:
Fast Turnaround time by using your own EHR and PM software. Provides transparency and security. Increase cash flow with less claim denial and/or rejections.
Transparency: A medical billing company should be able to supply you with comprehensive performance reports automatically or upon request. This capability grants you unparalleled visibility into your billing operations without requiring you to micromanage – or even oversee – any staffers.
Enhanced Consistency: Your outsourcer will be contractually obliged to perform certain services, such as appealing denials, for you with a certain level of success. Plus, you never have to worry about staffing, since it’s their job to support your needs year-round. Saving your practice upwards of 40% a year on administrative costs.
Increased Revenue
Infinite Revenue Medical Billing, LLC can increase your revenue by:
Fast Turnaround time by using your own EHR and PM software. Provides transparency and security. Increase cash flow with less claim denial and/or rejections.
"We pride ourselves on being a Revenue Driven, Hands-On, Customizable Client Experience"