in-house vs. outsourced billing
DESCRIPTION
In-house vs. Outsourced Billing. In-House Medical Billing. Pros Maintaining Control (long-time, trusted, hands-on employees) Capitalizing on Investment (trained medical billers and PM system) Proximity to Staff (when problems arise, walk across the office) Cons - PowerPoint PPT PresentationTRANSCRIPT
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In-house vs. Outsourced Billing
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In-House Medical Billing
• Pros– Maintaining Control (long-time, trusted, hands-on employees)
– Capitalizing on Investment (trained medical billers and PM system)
– Proximity to Staff (when problems arise, walk across the office)
• Cons– Increased Costs (labor, technology, office expenses)
– Liability Issues (staff neglect of encounters, superbills, denials, theft)
– Staffing Issues (finding qualified help, vacations, sick-time, turnover)
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Outsourced Medical Billing
• Pros– Lower Costs (lower employee costs/expenses, no turnover
issues)
– Accountability (billing company offers reporting and accountability)
– Consistency (contractual obligation for services)
• Cons– Loss of Control (giving up control to a third party)
– Variable costs (collection % results in charges based on volume)
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Additional Challenges for Consideration
• Declining Reimbursement• Increase patient workload to stay even
financially• Affordable Care Act (aka Obamacare)
• Electronic Health Record deployment• Changing regulatory environment• Claims follow and denials management• Staff turnover, sick time, vacation time, etc.
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How much can you outsource?
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Other Benefits of Outsourcing
• Focus on patients and service quality• Reduced errors and improved accuracy• Decreased labor cost and overheads• Increase % of paid claims, reduced write-offs
• Maximize reimbursement, revenue, cash-flow• Less employee stress and HR issues• Better compliance with regulations• 20% software cost saving with RCM services
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CureMD Corporation
55 Broad Street, New York, NY 10004
Tel: (212) 509-6200
www.curemd.com
Thank you!