In-House or Out-House? …I Mean, Outsource!

              Could a third-party firm save you thousands of dollars & hundreds of headaches?

 

Whether you are a CFO of a healthcare organization or the medical biller, a third-party may be the solution you don’t know your facility needs.  Let’s weigh the pro’s and con’s of hiring outside of your facility for a more efficient Accounts Receivable operation.   

 

Consider your facility’s in-house billing methods; think about the routines, the hassles, the “easy stuff”, the headaches, the questions- visualize Everything… even the stapler.  What are the most important factors in your medical billing processes? It is likely you are thinking labor costs of billers, return on investment of said labor, and reports or statistics on efficiency.^[1]  Keep in mind were talking about the processes here and optimizing said processes via in-house or outsourcing.  I challenge you to use your open mind and compare all of the dynamics of both in-house and outsourced billing methods.  Of course, feel free to ask any questions in the comments below, or even shoot me an email at dbarry@mcaskilled.com!

In-House Billing

In-house medical billing departments are most beneficial for facilities who prefer a more hands-on management of their operation.^[4] This is because it allows you to have direct oversight, the billers are accessible, there is an assurance of security of sensitive materials, and even the convenience of maintaining your existing system and software.^[2] 

Now on the other hand, consider the cost of having an in-house medical billing operation: managing personnel (salary, benefits, time off, training), entry errors, liability (embezzlement, physically on site), and employee turnover.^[3]  I got a headache just typing that out!

 

Let’s consider outsourcing your medical billing…

Of course, utilizing a third-party billing company, you do give up some control... but relinquishing some control comes lowering YOUR responsibilities as well.^[4]  Let’s face it, who DOESN’T want to give up some of their responsibilities!?  Also, sometimes with third party companies comes a lack of transparency with hidden fees, variable costs, and even security.^[3]  Additionally, you may want to consider quality control, company culture and how bringing in a third-party will affect the morale of your team.^[2]

Do the benefits outweigh the costs with outsourcing your billing? I will let you decide, after all, you know your company and your needs much better than I do! I would love to play a role in this decision process so please feel free to email me with any interests or questions on the matter!

Imagine having 25+ experienced billers to work your claims… these billing managers are trained to be accurate, compliant, timely, knowledgeable, and efficient as possible.  Along with 25+ billers, there is an RPA (Robotic Process Automation) working on your claims and follow-ups with automated follow-up scheduling, automated notetaking, accuracy, and SPEED!  That’s right, ROBOTS doing your medical billing… Robots who never take off, never get tired, don’t require benefits, and do not need training due to high turnover.  With a third party, like REVEX, your billing costs lower, cash flow increases, and your time frees up to get more done outside of your medical billing shenanigans!^[1]  REVEX, for example, offers a customized billing package ranging from routine follow-ups, denial management, old AR collections, and complete billing services. With our combination of billing service and software we can create the ultimate customer experience to meet your needs.  REVEX is a combination of service and software to create the ultimate custom billing solution your facility needs.

 

These statements are based on our market research, feed back from clients, as well as on years of experience REVEX has in the industry.  Every healthcare facility has different needs. We’d love to hear about your experiences and gain some insight on whether a third-party solution is optimal for you.

Please email me for your free consultation, quote, or trial!

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^[1] Barry, D., & Cobb, H. (2020, June 10). [REVEX Market Research Survey]. Unpublished raw data.

^[2] Casarez, C. (2018, April 09). In-House vs. Outsourced Medical Billing: Pros and Cons. Retrieved June 30, 2020, from https://www.carecloud.com/continuum/in-house-vs-outsourced-medical-billing-pros-and-cons/

^[3] O'Connor, S. (2015, August 18). Weighing the Pros & Cons of Outsourcing Medical Billing. Retrieved June 30, 2020, from https://www.adsc.com/blog/weighing-the-pros-cons-of-outsourcing-medical-billing

    ^[4] Patel, D. (2017, July 17). The Pros and Cons Of Outsourcing. Retrieved June 30, 2020, from https://www.forbes.com/sites/deeppatel/2017/07/17/the-pros-and-cons-of-outsourcing-and-the-effect-on-company-culture/#2b9363cb562d