Medical billing is a challenging task including time constraints and considerable pressure. Due to this, many practices have started outsourcing their medical billing in order to manage their practice’s stress levels, time, and money more effectively. Here are five ways that outsourcing primary care billing saves money.
1. Payroll
The first point might be the most obvious, but a practice that is outsourcing their medical billing doesn’t also need to pay an in-house billing staff. This results in fewer people on the team to draw a salary. A medical billing company can give you the same results at a fraction of the cost.
2. Education
Medical billing and coding can be challenging. Outsourcing medical billing eliminates the need to pay for continuing education for an in-house staff.
3. Software
The software for primary care billing is expensive, and it isn’t just a one-time cost. It’s always a good idea to purchase support just in case something goes wrong or there’s an issue with the software. The frequent upgrades also often cost money. Outsourcing transfers the cost of this maintenance on to the medical billing company rather than your practice.
4. Postage and Electronic Claims Submission Costs
In-house medical billing means in-house payments of any postage and submissions costs. Outsourcing passes this cost on to the medical billing company.
5. Time
Of all the resources that outsourcing medical billing saves, time is perhaps the most valuable. Outsourcing your practice’s medical billing will free up an enormous amount of time and ease stress levels throughout the practice. This extra time allows you and your staff to focus on what really matters to each patient as they come through your door. This can even result in better reviews and more referrals.
The Bottom Line
The Medicare Conditions of Participation require that hospitals retain records for five years. Five years is a long time to keep up with your primary care billing records. Outsourcing your medical billing frees up time and space needed for optimal patient care while cutting your overhead and continuing maintenance costs. In the end, only you can decide what’s right for your practice, but outsourcing your medical billing should be a consideration as you assess your time and monetary resources.
