The question of outsourcing medical billing is something that every hospital/clinic has to deal with. Some physicians feel that it is better to outsource medical billing to a third-party provider who would have the right resources and skills to properly process claims. At the same time, there are other physicians who prefer to conduct medical billing in-house with the help of billing software and thereby maintain a complete control over their collections.
Though in-house billing can give you control over your collections, outsourcing can help your healthcare practice save on collection cost, software/hardware cost, direct claims processing cost and billing department cost all at once. Besides the “cost factor”, there are many other advantages of outsourcing billing to India.
Is your hospital, practice or clinic dealing with this crisis situation now? Are you confused if you should go ahead and outsource medical billing to India? If yes, then read further, to get a better idea if you should outsource or not.
1. Your billing process is not efficient: Are your collections dropping? Are there long time gaps between receiving collections? If yes, then your practice may be suffering from an inefficient medical billing process. Outsourcing your billing to a professional third-part billing provider in India can drastically bring down the number of rejected claims. Outsourcing can also reduce the time it takes to obtain payment from a payer.
2. Your staff turnover is high: High staff turnover can affect any industry, but it can be particularly damaging in your billing department. For medical billing and claims processing to be done right, you require a dedicated team of trained billing experts. If you are constantly replacing your staff with new additions, you can be sure of a slowdown in the processing of your claims. However, with outsourcing, you need not worry about staff turnover, as your Indian medical billing provider will provide you with a dedicated team of experienced billing experts.
3. You practice is not tech-savvy: “Is my practice tech-savvy?” is something that you must ask yourself while deciding about outsourcing. If you are planning on managing billing in-house, then you would have to invest on software, technology and training. You will also have to deal with regular software upgrades and sporadic technical issues. If you don’t want to deal with such burdens, then outsourcing medical billing will be a good choice for you.
4. You are a new healthcare provider: if you are a new kid on the block, then you know that you have a lot to learn and worry about, aside from medical billing. Outsourcing medical billing to a professional Indian medical billing provider can give you the much needed relief from the day-to-day stress of managing a new practice. Moreover, you can save your practice from the headache of hiring, training and managing in-house billing employees.
5. Your main priority is quality healthcare: Several physicians are not proficient enough when it comes to the business side of managing a practice, though they are highly efficient doctors. Moreover, your physicians must be free to concentrate on their patients, without having to deal with an administrative task like billing. Outsourcing medical billing to India eliminates such hassles and frees your physicians to focus on quality healthcare.
Outsourcing medical billing to India definitely has a higher net income and several other benefits, when compared with in-house billing. However, your practice should take into account your personal preferences and individual costs when deciding whether to outsource to not.
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