When attending medical school, aspiring doctors are excited about all that they are learning, and eager to graduate and open their own practice helping people live better, healthier lives. But as all doctors find out, they are also starting a business. That means finding and outfitting an office, hiring staff, acquiring malpractice insurance, marketing for patients, and putting a billing system in place to generate revenue. The overarching goal in any private practice is to remain profitable while providing the highest level of care for patients. One of the biggest challenges to profitability is employing the right staff with the right skills to manage a large number of insurance plans, as well as Medicare and Medicaid programs. It can seem a frustrating, bureaucratic maze at times. Each insurance plan has plans within plans, each with its own set of criteria for payment back to the physician. Some plans will cover certain procedures, drugs, tests, etc. and other plans will not cover or only partially cover those things.
More Time for Patients
Many physicians opt to outsource the billing and collections of fees to outside companies that provide medical billing program options. This allows the physician to specialize in what they do best: practice medicine. The financial argument is that by off-loading the day-to-day billing to an outsourced group, a doctor can see more patients, generate more revenue, and require less staff in the office. The question each doctor or practice group must settle is, are they making more money billing directly from their office with the extra office staff, or is the monthly payment to the medical billing program a worthyinvestment? For a general practice group dealing with a wide array of medical needs and lots of insurance companies, it may make more sense to use a medical billing company. However, if the doctor’s office specializes in only certain areas, it may make more sense to assign one person on staff to become an expert in those areas and train them to be efficient at billing.
One advantage to working on a medical billing program through a company is that these companies have a wide array of experts on staff who take a team approach to specialized issues. They also have processes in place to help with not only billing, but also collection on delinquent payments. Collecting on outstanding medical debt is difficultand can pull on your heartstrings, but it is a legitimate debt. By outsourcing these services, the doctor’s office does not have to pursue their patients to collect outstanding bills.