Medical providers and staff have a lot to juggle - patient care, revenue cycle management, the ICD-10 transition, Meaningful Use, etc. With so many changes and responsibilities, many practices outsource the components of their business that can be best handled elsewhere. Medical billing is one area to consider; outsourcing can increase your revenue stream and allow you to focus on what you know best: patient care.
So - should you outsource your medical billing?
There are some advantages and disadvantages to both in-house and outsourced medical billing. The right answer is going to vary for each practice, based on a multitude of factors (like size of practice, personnel training, number of employees, etc). If, for instance, you have employees that have coding and billing experience already, it may not make sense to outsource - especially if those employees will likely stick with your company for the long-term. On the other hand, if you have a smaller practice and that employee goes on vacation, falls ill, or quits, the financial position of your practice will be impacted. Here are some other factors to consider when deciding whether outsourced medical billing is right for your company…
How outsourcing can help:
If you outsource, you will not have to pay for additional training when processes and regulations change - which happens often
Outsourced medical billing is typically cheaper than paying a full-time employee (especially when benefits, office space, overhead, etc are factored in)
Third party medical billing companies are experts in their fields, leaving you and your staff to focus on providing excellent care, rather than becoming jacks of all trades
When in-house billing may be appropriate:
Keeping all departments under the same roof can enhance communication and streamline troubleshooting
It is easier to ensure that billing personnel are representing your practice in the same manner that you would treat patients
The costs associated with in-house billing are generally fixed, whereas most medical billing companies work on a percentage basis
How is Keystone Health Partners differentiated from other medical billing companies?
First, Keystone is built to meet the specific needs of healthcare providers. Our philosophy is to provide tailored customer service, the best technology available, and focus on growing your practice. We understand the challenges and pain points associated with small to mid-size businesses and practices, and use this experience to help optimize your success. Keystone is different than larger medical billing companies - you won’t have to navigate a lengthy phone menu to get in touch, and every person you reach will have worked on your account at some point. If outsourced medical billing is the right move for your company, call Keystone at 800.431.6106 to see if we’re a good fit on your journey to success.