Orthopedic Billing: In-House Vs. Outsourcing Unlike any other practices, billing is a very crucial factor, even to orthopedic practices that are looking out for steady cash flow and decent revenues. It is a major decision that medical practices need to make whether to handle the billing in-house itself, or to outsource it to a professional orthopedic billing company? You will need to make the decision based on several factors depending on your specific practice, the resources at your disposal, and your style of operation. You need to consider every single option carefully before coming to a decision. In-House Orthopedic Billing As the term itself implies, in-house billing signifies a situation where the practice employs staff on the payroll to handle all the orthopedic billing requirements. Of course, when you have a person working directly under your supervision, you can have full control over the entire billing process, provided you have the time to spare, and can surmount the inherent difficulties like:
Cost factor: When you choose to do the billing in-house, it means that you need to hire a full time employee who will be dedicated to take care of billing. In addition to paying annual salary (quite high for qualified and experienced hands), you need to take care of other benefits like health care and insurance. You time also need to spend and money on training run. In the long, you will notice that these costs far outweigh the cost of simply outsourcing your orthopedic billing to a professional billing company.
Problems with personnel: When you employ a person on full time basis, you need to think of associated issues like the person taking days off reporting sick, or going away on vacation. Moreover, you will not be able to question inefficiency and poor performance apart from poor productivity levels.
Added responsibilities: While hiring employees on full time basis, it is the practice’s responsibility to monitor the performance, and look out for mistakes and errors that can happen easily. Even if errors manage to creep in, it is the responsibility of the management and not on a particular employee, though he or she can be pulled up for it.
Outsourced Orthopedic Billing While you outsource your orthopedic billing to a professional billing and coding company, you need to pay a percentage of the total revenues that they bill on your behalf. This way, you ensure that you are paying only for the work executed, though the percentage of commission has to be agreed upon mutually.
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