Did you know, according to a study conducted by the Healthcare Financial Management Association (HFMA) 22% of healthcare leading professionals. Tend to outsource urology medical billing services? It helps them fulfill their staffing needs with more. Affordable solutions and adopt them. The best strategies for urology revenue cycle management services. Helps them expand their financial capability.
If you are struggling with the bottlenecks in your reimbursement. Model and less revenue than the services you. Deliver then it’s the right time you should. Review the workflow of your medical billing cycle.
Due to workforce shortages, healthcare providers are always seemed to be super. Busy managing their accounts, handling unpaid claims, and. Making calls with insurance companies. It reduces their efficiency and scatters the practitioner’s attention that is required to deliver satisfactory patient care services.
Therefore, urologists should coordinate with professional medical billing specialists. Who are well-versed in the medical terminologies of urology procedures and diagnostic services. For this purpose, either you can hire urology billing and coding specialists to create an in-house team. For your office or outsource billing services to a urology billing company.
However, if you’re still unsure what will work best for your business. Then this guide would help you make a well-informed decision. I have broken down the pros and cons of in-house and outsourced urology medical billing services. So you can get better insights.
Pros Of In-House Urology Medical Billing Services
I have listed down the primary benefits of in-house medical billing services as follows;
You Can Supervise Your Billing Operations Easily
When your team is handling the medical billing procedures. In your office then you can directly control and supervise your financial process. You can clock into your office and regularly wander through the progressive information of your employees.
You don’t need to comply with the time zones of remote medical billers just like in outsourced medical billing services. You can also easily incorporate any changes in your medical bills. During adjudication and claim scrub right on the spot.
You should also monitor the performance of your billing team with better accountability and transparency.
Utilize Your Own Resource
Since data security regulations are becoming more stringent with the passage of time then. Healthcare practitioners resist handing over their patients’ protected health information (PHI) to any third party.
Therefore, in-house medical billing services give healthcare practitioners to deploy their own medical billing solutions and prevent the data from unauthorized access.
You Can Ensure Flexibility
You can manage the workflow of your medical billing operations according to your office timings and company rules. On the other hand, you won’t have the freedom to deploy your rules on an outsourced medical billing team rather you have to manage your employees your way.
Cons Of In-House Urology Medical Billing Services
Along with some benefits of hiring office-based medical professionals for urology, it also has some adverse effects on the practice’s workflow as follows;
Cost Overheads Increase With The Number Of Employees
Managing an in-house medical billing department could be a sound solution for a small practice or clinic. However, it is not an ideal medical billing solution for large-sized urology practices.
Since urology is a unique field of the healthcare industry that includes distinctive medical terminologies. Not every medical biller and coder is well-acquainted with the in-depth knowledge of medical and diagnostic procedures of urology. Therefore, it is essential to hire expert urology billing specialists and train them constantly.
Small and medium-sized practices can’t afford to pay market-competitive salaries to well-experienced and specialized urology medical billers and coders. Although, hospitals and large-sized healthcare organizations may not find it hard to invest a huge capital amount to pay salaries and incentives (including overtime, paid holidays, salary appraisals, and annual bonuses) for professional urology billing specialists.
Moreover, urologists also have to dedicate their capital investments to set up an IT infrastructure for the medical billing staff. The expenses won’t stop here! You also have to buy and constantly pay the subscription fee for the medical billing and EHR software.
You Have To Ensure The Liability Of Employees
Medical billers are always under the stress of handling tons of billing operations, following up with insurance companies, and following data security protocols. They should understand the repercussions of upcoding, claim denials HIPAA Privacy Policies, and PHI security violations.
Therefore, urologists have to keep a close watch on their billing staff to make sure they aren’t ignoring encounter forms, discarding superbills, or failing to appeal claim denials due to excessive delays or disorganized work culture.
You Can Encounter Support Issues
If you will keep your medical billing team minimal with 1 or 2 employees due to a lack of investment then it will create hurdles in your workflow. If anyone of your employees gets absent then the other one has to perform the job of two people. It will increase the workload and chances of mismanagement of medical claims.
On the other hand, you have to invest a huge amount to expand your medical billing team which can suppress your financial growth.
Now, let’s walk through the advantages and disadvantages of Outsourcing urology medical billing services.
Pros Of Outsourcing Urology Billing Services
Wondering why most healthcare providers tend to outsource urology billing services? Well, the reason could be the following benefits that are offered by the medical billing services of a reliable urology billing company;
It Helps You Improve Business Productivity
If you don’t want to invest your time and money in researching, hiring, training, and managing a huge volume of billing professionals then outsourcing urology billing services could be the go-to solution. With professional medical billing professionals handling your medical billing cycle from a remote location, you can give undivided attention to your patients without worrying about your medical claims and reimbursements.
You Can Ensure Accuracy & Compliance
Professional medical billing companies have experienced staff, medical billing and revenue cycle management software solutions, and all essential resources required to run your medical billing cycle efficiently.
You can simply search out a professional medical billing company that specializes in urology then you can lower your claim denials and billing-related issues. Also, you can inquire about a billing agency before signing a contract if a billing company has proficiency in complying with the regulatory requirements of federal institutes, private insurance companies, and HMOs.
Moreover, once you outsource medical billing services then it will be the responsibility of the billing company to deploy the right solutions required to mend the issues with unpaid or underpaid claims quickly so you can recover your outstanding balance and improve your revenue growth.
You Can Improve Your Finances
It is fairly well-known that outsourcing urology medical billing services can help you reduce your cost overheads. Because you can access a professional billing team at a very small fraction of your administrative expenses. For example, some medical billing companies like CureCloudMD only charge a fixed percentage of the revenue that they collect on your behalf after filing and submitting claims.
So you won’t have to invest a capital amount in retaining your workforce and buying separate IT for each employee. Also, you can save your CAPEX required for in-house start-up costs, software, supplies, and equipment. Because CureCloudMD offers all these solutions with urology billing services inclusively.
Also, if you’re unable to bargain with your patients and insurance companies for the best rates then a reliable medical billing company has got you covered.
Cons Of Outsourced Urology Billing Services
Besides the cutting-edge advantages, outsourcing urology billing services also come up with a set of disadvantages.
You Lose Oversight Of Your Billing Operations
Unlike, an in-house medical billing department where you can directly monitor your employee’s performance, you can supervise your billing operation directly in case of outsourced medical billing services.
Sometimes, you have less control over the management and limited access to knowledge about how your medical claims are processed. For example, if you want to make an immediate change in your services and relevant codes then you may have to schedule a phone call rather than walk down the hall. If some doctors prefer to “pass the headache away” to a well-established billing company but others may not.
You Can’t Easily Communicate With The Patients About Their Bills
If a third-party medical billing company is managing your claims then it would be difficult to immediately answer your patients’ queries about their bills and EOBIs.
Therefore, you should partner with a medical billing company that offers customer support services for your practice and patients all along e.g. CureCloudMD. They offer the most cost-effective package for urology medical billing services along with reliable medical billing solutions, dedicated account managers, and a responsive customer support team.
They guide your practitioners at every step of urology healthcare revenue cycle management and take care of your patients’ questions about their deductibles and bills.
If you’re looking for a reliable medical billing company that offers the most affordable, professional, and well-secured urology billing services then get connected with CureCloudMD. We empower urologists and healthcare providers with sought-after medical billing services and highly responsive customer support services.