Medical billing in new york is one of the most complicated aspects of running a medical practice. With thousands of possible codes for diagnoses and procedures, and multiple payers, the ability to have efficient billing is a real challenge. There isn’t a one-size-fits-all solution when it comes to medical billing, but the two main options are in-house billing through a practice management system (PMS), with or without an electronic medical record (EMR), or outsourcing to a medical billing company in new york.
In order to determine whether to keep billing services inhouse or to outsource them, you should conduct a costbenefit analysis to weigh the costs of billing to your agency for personnel, training, technology, and other resources versus the cost of contracting with an outside organization.
How to Choose between In-hosue & Outsource Medical Billing?
There are three overarching considerations when evaluating whether to implement in-house or outsourced billing:
1) the cost
2) a clinic’s capacity to execute billing
3) how to maintain confidential health services while billing
Costs will vary by the number of annual claims a clinic submits and its existing internal capacity to carry out billing functions. Regardless of whether a clinic bills inhouse, it should be prepared to do some billing functions, like collecting insurance and demographic information necessary to process the claims. Lastly, it is possible to bill and provide confidential services, but a clinic must develop a set of policies and procedures and contracts with outsourced billing companies in new york that are consistent with the goal of confidential billing.
Benefits of Outsource Medical Billing:
1. Cost
Outsourcing billing is less expensive for clinics starting to bill or with a small number of annual claims.
2. Timely
It can be quickly implemented without spending a lot of time and resources training staff on how to do billing and accounts receivable.
3. Minimal staff billing expertise
Staff must collect insurance and demographic information and ensure that coding, documentation, and quality assurance mechanisms are in place, but they do not have to handle individual claims or reimbursements.
4. Benefit from experience
Because outsourced billers workwith a large number of clinics and third-party payers and process a lot of claims, outsourced companies are more likely to identify denial trends, new edits, or other reimbursement issues more quickly than your clinic would billing on its own.
5. Many program options
Some billing companies that have their own practice management software will offer various levels of services. The relationship may start with the outsourced billing company billing on behalf of the clinic, and advance to the clinic billing directly. This approach allows for billing to begin quickly, organizational learning to occur while billing is being done by the outsourced billing company in new york, and time to assess when it would be best for the clinic to take over billing.
6. Minimal IT needs
Outsourced billing agency will accept claims through a secure website, via fax, or by email.
You May Also Read: How I Can Get the Affordable Outsourcing Medical Billing? , Why Practices Should Outsource Medical Billing Business? , Why should I try Outsource Medical Billing?