Many psychologists, psychiatrists and general practitioners often wonder about the pros and cons of in-house versus outsourced medical billing. Of course, the answer does somewhat depend on a range of characteristics regarding your practice. This may include: age of the business, the size of the local labor market, state regulations and more. Of course we don’t have to tell you how important billing and the revenue cycle are for your business. Aside from the clinical services that are offered at your practice, billing just may be the biggest concern, as your whole cash flow depends upon it. Before determining billing practices, you should do an assessment of your practice’s cost, staffing and volume metrics, as these will help determine the right medical billing processes.
A major advantage of in-house medical billing is the option of retaining control. When trusted, long-term employees are executing medical coding and billing, practitioners will appreciate having the opportunity to dictate the practices behind the medical billing process. Another helpful advantage is the return on investment that a practice will receive after investing in trained medical billers, or purchasing technologies for billing. Especially if there is already an infrastructure set forth in your office, a medical biller is a great option to refine the process that your company has initiated.
The Importance of a Virtual Billing Office:
However, there is no need to pick! With the Psych Biller, you can have the best of both worlds. Allow The Psych Biller to create a virtual billing office through outsourced medical billing for your practice, so you can focus on what you do best.