Pros and Cons of Medical Billing Outsourcing

There is nothing in the world that can be deemed perfect. Everything has its share of positives and negatives, and Offshore medical billing services are no exception to it. Let us look at the pros and cons of Medical Billing.

PROS:

1. Reduction in billing errors: Billing errors have remained to be one of the main areas based on which the insurance companies deny the claim. When you have professionals in medical billing doing the job for you, there will be a high level of accuracy. Therefore there will be a reduction in billing errors, which will lower the claim denial rate by the insurance companies.

2. Economical: When you do the medical billing in-house, you need to splurge your money on various aspects like technology, staff, and their training. However, an Offshore medical billing company will have them all sorted out for you. They will have their team of experts who are trained and know the medical billing process in depth.

3. Guaranteed billing compliance: change is the only thing that remains constant, and it holds true to the medical and insurance industries. With continuous changes in regulations, it must be difficult for you to keep your medical billing process always in accordance with the recent developments. But, Professional medical billing companies will ensure that they stay up-to-date, and the bills comply with the latest developments. 

4. Improved patients satisfaction: As you have outsourced the tedious billing process has to the third-party vendor, you can have some respite. You can use this time and resources to provide your patients with better healthcare service. Also, as there will be a reduction in denial rates due to the high level of accuracy from the offshore medical billing team, the patients won’t need to worry about their claims being turned down by the insurance company.

CONS:

1. Lack of Flexibility: When you have a high volume of patients flocking your door, you may need extra resources to handle all their medical billing process. As the employees of your vendor won’t be under your direct payroll, you can’t have them do overtime work to help you with the increase in volume. 

2. Concern over Security: Medical billing is a process is a job that requires a lot of data such as personal, financial, and medical. Giving access to such confidential data to a third-party vendor will have them saved in their database. A breach in their database will put all the Patients’ under risk at the hands of un-social elements.

However, don’t let the cons of Outsource medical billing services deceive you. The advantages of it outweigh the drawbacks by a mile. Also, the disadvantages can be mitigated if you go for a company that prioritizes data security and be flexible enough to accommodate your demands.
Bristol Healthcare Services is a Medical billing services company that has over 20 years of experience in the arena. They follow the guidelines laid out by HIPAA regarding Protected health insurance to ensure the safety of the patients’ data. Also, you can reach out to them anytime with any demand, and they will always be at their toes to get them done for you. You can know more about them here.