The way you choose to manage your practice's medical billing can make or break you. The cashflow you generate through the services your render is the lifeblood of your practice and what allows you to treat any patients at all. The biggest question you need to ask yourself with regard to the financial health of your practice is whether you should outsource, or keep your billing In-house.
When you should Outsource:
- If you find yourself worrying about your medical billing more than you should, your should consider outsourcing.
- If you spend more time working on your medical billing issues, than treating patients, you might want to google some billing companies.
- If your inhouse biller lives more expensively than you do, FIRE THEM IMMEDIATELY, and outsource your billing.
When to bring your billing In-house:
- If you have zero visibility into what you're bringing in each month, consider bringing your medical billing In-house.
- If the medical billing company you use takes more than 48 house to turn around reports you request from them, investigate new software to manage your billing In-house.
- If, while ousourcing your medical billing, you're spending more time on your billing than the company you've outsourced to, you're already doing your billing In-house! Make it official!!
We all know its not always this simple. There are many shades of gray in between all of these hypothetical scenarios. But either way you shift, there is no reason that it can't get better. Don't just accept problems with your billing!
You can enjoy practicing medicine again..Just treat the symptoms of your unhealthy practice!
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Matt Kelly has spent the last 6 years working directly with medical practices and medical billing companies to assess and help solve some of the most common and costly practice management and revenue cycle management issues effecting those in healthcare today. Through the implementation of easy and affordable technology, and proper planning, he has worked with thousands of medical providers to change the way they practice medicine for the better. Areas of expertise include EHR, Practice Management, RCM and Social Media Marketing.
Follow Matt on Twitter: @ExecutiveHIT