In House Medical Billing vs Outsourcing Medical Billing

Posted on May 16th, 2017 / Under Medical Billing / With No Comments

Many healthcare providers are now turning to outsourced medical billing. But what are the pros and cons of in house medical billing and outsourcing? Is there really any difference?

Control

Healthcare providers like to have control over every aspect of their business. In house billing can provide providers with this control. It allows you to pick your own staff and run every part of the billing process. This could be a disadvantage to outsourcing medical billing. However, many providers do not completely understand the billing process and hiring their own staff can actually be a disadvantage! These staff may not be the best at what they do, and this can lead to a number of issues including getting caught up in red tape and decreased revenues.

Time

When it comes to your time, outsourced medical billing is the clear winner. Outsourced medical biller like One Source Medical Billing will take control of every aspect of the billing process. Outsourced providers like One Source Medical Billing hire the most experienced staff who are fast and efficient at what they do. In house staff are a lottery pick at best. If you don’t understand the myriad of red tape around the system, it is incredibly difficult to know how well a member of staff will perform.

Jumping the Legal Hoops

In house medical billing is at a significant disadvantage to outsourcing when it comes to mediating the mountains of red tape associated with the billing process. In the past year alone codes have increased more than 3x. That massive increase in complexity is unrelenting and looks set to continue. In house medical billers often find it difficult to keep on top of all this paperwork. However outsourcing medical billing does not always have this problem. Our experienced staff work with multiple clients and bring experience from different healthcare providers.

Patients First

A massive upside to outsourcing medical billing is that you get to focus on the most important thing to your business, the patients. Not having to deal with the hassle of hiring in house staff or chase up non payers means you have more time to do focus on the patient’s. This is the bottom line of any business, and more time spent with patients always equals a better business.

In conclusion, whilst outsourcing your medical billing may relinquish some control, the benefits significantly outweigh the small downsides. As a health care provider, outsourcing means you get more time to focus on the patients and less time spent dealing with irritating legal hoops. You are likely to find your revenue stream is faster and more constant. Overall, outsourcing to medical billers like One Source Medical Billing is the clear answer.

ICD-10 and How it Impacts Your Medical Billing Process

Posted on March 11th, 2017 / Under Medical Billing / With No Comments

If you’re not an expert on it, it could delay your payments and require painful re-submissions.

The medical billing industry has changed drastically in the past few years. In October 2015, the updated ICD-10 came into effect. The ICD-10 is also used to code and classify mortality data from death certificates. Whilst many improvements in the codification of mortality were made in the ICD-10 over the ICD-9, it also comes with a massive increase in complexity. The update includes a further 50 000 medical DX codes (up to 70 000 from less than 20 000). Doctors and billers need to be far more precise with their diagnostic codes in the update. On top of this, the estimated time to code 1 patient has increased 69% with ICD-10 (because of this increased complexity). This means that in house billers need to work faster to achieve the same results.

The issue is that this increased in complexity makes the process far harder to follow. The ICD-10 is draped in fresh red tape and unless you are an expert, it could delay payments and require painful resubmissions. Outsourcing your medical billing to One Source Medical Billing can alleviate this stress. With us, you know you are getting experienced staff with years of experience and multiple clients. They are experts at mediating the highly complex ICD-10 to decrease resubmissions and delayed payments.

ICD-10 has profoundly impacted the medical billing community by increasing complexity. This has caused in house billing to suffer a number of issues. Errors in coding have gone up and time to code has also increased. Overall this has caused decreased revenues and increased payment times for many healthcare providers. Switching to an outsourced solution can fix these issues. Our team of experts are fast and make fewer mistakes. Get in touch with our professionals for a quote now.

Our Expertise and Knowledge of Constantly Changing Guidelines

Posted on February 6th, 2017 / Under Medical Billing / With No Comments

Our expertise and knowledge of constantly changing guidelines and insurance submission, help you get paid faster, minimize re-submissions, boost revenues, and decrease labor costs.

In the past few years, the red tape and guidelines surrounding the medical billing industry has increased exponentially. In 2015, the ICD-10 was updated to include a further 50 000 medical DX codes. This complexity makes in-house medical billing increasingly difficult. Many of our clients complain that when they were using an in-house solution, resubmissions were common and insurance submission mistakes plentiful. All of this influences one thing – your revenue stream. Mistakes and resubmissions equal longer payment times and a troubling cash flow.

Outsourcing your medical billing can provide a quick and easy solution to this issue. Our experts work with multiple different clients and have a wealth of experience with changing guidelines. This means they are excellent at payment submission and follow up with non-payers aggressively. Their mistake free, hard work can drastically improve payment times for you. This results in improved revenue, allowing you to spend more time on the important parts of your business and stop worrying about medical billing.

On top of this, outsourcing means you don’t have to worry about hiring and firing in-house medical billers. Knowing which staff are experienced enough to understand the guidelines when you yourself do not. It is not an easy job and many healthcare providers find that their in-house billing department is slow and inefficient. At One Source Medical Billing, all we do is medical billing and our employees are experts at navigating the red tape. On top of this, Labor costs are significantly reduced with an outsourced solution. You need not worry about pay raises, insurance, and benefits for staff. Instead, you get an expert team of billers whose only goal is to improve your revenue stream.

If you find the changing guidelines troubling, or simply want to decrease payment times and increased revenue get in contact with us now to speak with an advisor. Our team knows the red tape inside out, and could drastically improve your payment times. An outsourced solution can also save you a ton of money in labor costs.