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One of the many business questions physicians ask is whether to outsource their medical billing to third-party medical billing service or do it in-house with medical billing software. Some physicians would assume outsourcing billing to a medical billing service makes the most sense. After all, they're the experts with the resources to properly process your claims, right? Others might want to maintain control of collections and do it all in-house.
Both methods of revenue cycle management have benefits and drawbacks. It's up to the individual practice to weigh the pros and cons before deciding which approach is best.
AZMBS has broken down in-house billing and outsourced billing in terms of cost and qualitative factors. You'll need to weigh the differences carefully when assessing the needs of your practice and decide if outsourcing makes sense. You'll also need to consider your EHR strategy, and whether your billing service can support you with both EHR and billing services. For example, A-Z Medical Billing Services, Inc. offers a combination of billing services and integration with Practice Fusion EHR and Office Ally.
IN-HOUSE: The percentage of revenue that a practice collects varies widely by specialty as well. Our hypothetical practice collects 60% of what it actually bills. According to industry experts, this describes an in-house billing department that is average at bill collection.
OUTSOURCED: A practice can expect a 5% to 15% increase in the amount they're able to collect by switching to a billing service. We factored in a 10% increase in the amount of money collected by a billing service as an average between the two. Many firms can help increase collection rates even more.
Our cost comparison favors outsourcing billing, mainly based on the ability of a billing service to collect a higher percentage of the billed amount. Of course, this introduces a big "if." That is, outsourcing makes more sense if the billing service improves collections significantly. We have the greatest incentive to collect on your money.
Because if you donít get paid neither do we.
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