While the outsourcing of medical billing seems to be gaining a lot of traction in the medical field, many medical specialists remain hesitant to hand over something as important as medical billing administration to an outside party. Understandably so, leaving your medical billing administration to people you don’t know is an intimidating thought seeing that it plays an important role in your medical practice sinking or swimming. For this reason, many physicians in private practice choose to opt for in-house billing as they perceive it to be a safer bet. However, many don’t realize the countless benefits that come with outsourcing your patient billing administration, and how settling for in-house billing could actually be holding your medical practice back.
Below are a few reasons why in-house billing is seldom the best solution to your medical billing and coding needs.
1. Higher operating costs
Having in-house billing staff results in expensive overheads. Apart from the high costs of salaries and permanent employee benefits, expect to fork out a lot of money in terms of setting up a billing system and covering the inhouse billing start-up costs such as equipment, additional office space, and registration with a clearing house.
2. External billing reduces the possibility of fraud in your practice
To keep all your medical billing in-house may increase your risk for fraudulent billing. Fraudulent billing may be reduced by utilizing an external company to independently handle all your medical billing and therefor ensure a clear audit trail.
3. More opportunity for loss of patient data
In-house medical billing may also increase your risk for loss of patient data. Using an external company to handle your patient accounts will ensure that a dataset is kept of all your patient’s info off site. Loss of data may affect your cash flow and jeopardizes your patient-practice relationship.
Hiring an experienced medical billing company such as Data Spot-On solves any of the challenges, mentioned above, that may come with in-house billing. Paying for patient billing administration services saves you a lot more money than starting up an in-house billing department. Data Spot-On is solely focused on medical billing meaning there is little to no room for error and delays. Data Spot -On also ensure proper back up of your patient data at all times.