In-house vs. Outsourced Billing. In-House Medical Billing Pros –Maintaining Control (long-time,...

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– Increased Costs (labor, technology, office expenses)

– Liability Issues (staff neglect of encounters, superbills, denials, theft)

– Staffing Issues (finding qualified help, vacations, sick-time, turnover)

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)

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.

How much can you outsource?

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

CureMD Corporation

55 Broad Street, New York, NY 10004

Tel: (212) 509-6200

www.curemd.com

Thank you!