Uncategorized / By Myclaim Advantage
Problems with In-house Medical Billing
More medical institutions than ever are outsourcing their medical billing and records in lieu of employing an internal department. This is usually due to a range of problems with in-house medical billing teams arising from invoice errors, misplaced documents, and auditing failures.
While different locales deal with various challenges, including tax implications and statewide regulations, setbacks are common for medical facilities that operate in-house medical billing departments.
Higher Costs
Dedicating an office solely for billing, complete with manager and staff, requires substantial capital. By outsourcing professional medical billers, you’ll save on wages, comp benefits, equipment, software, and the occasional insurance claim. Otherwise you’ll be cutting into your operational expenses and potential revenue.
Meanwhile, an outsourced company sets a packaged fee that includes all the record-keeping solutions your business requires. All you need to do is pay them.
Employer Liability
The billing department manages all the money that goes into your company. If your billing team is not detail-oriented or is too busy with other duties (as hospital staff usually are), they might easily miss out on claim denials and encounter forms.
Even something as simple as a misplaced decimal point can spell legal trouble for your business. You wouldn’t want your practice to get derailed merely because of a failure to audit and organize. We therefore recommend that you hire an outsourced medical billing company with a proven track record.
Internal Limitations
Internal limitations are one of the most common problems with in-house medical billing you’re likely to encounter as a business owner. In order for any medical billing department to run at full speed, there’s a number of requirements to be put into effect.
These range from hardware and software to office facilities and storage spaces for documents. If any one of these ceases to function, a department’s operations and collections may be severely compromised.
Likewise, your available workforce also determines the extent of your billing process. Whether or not you employ a lean team, absences and employee leaves have adverse effects on collection efficiency and consistency.
Staff Attrition
In-house medical billing setups are notorious for having high attrition rates. Poor turnover practices will bleed your company dry. Given that time is crucial when it comes to billing and collection, you’re left having to train recruits to grasp the entire billing system in the fastest way possible.
Besides the short timeframes, there’s a steep learning curve required of new employees to effectively fulfill their roles. You can eliminate this hassle by gaining the benefits of working with an outsourcing company whose goal is to provide you with systematized records.
Many medical billing service providers offer custom solutions to benefit your business. Myclaim Advantage is the top choice of medical institutions in Baltimore and has the go-to experts you need for your in-house medical billing issues.
Our primary objective is to increase your revenues and manage your billing system so you can focus on growing your practice. To learn more about our electronic medical records system, reach out to schedule a free practice analysis and demonstration today.
