Outsource vs. In-House: What’s the Best Way to Go About Medical Billing and Coding?

According to the American Association of Medical Colleges (AAMC), there are 135 medical specialties and subspecialties available for graduating physicians to pursue – and that’s being rather modest.

With the healthcare industry constantly expanding, that list could be several hundred deep by now. 

And while degrees, residencies, and fellowships will teach you a lot about the field you decide to enter, there are a few things they won’t prepare you for – or, at the very least, won’t prepare you well enough for. 

Medical billing and medical coding are at the heart of that discussion – no matter what field you’re in. 

Without it, your medical practice would fail the moment you ran out of startup funds and loan money. With it, your practice can remain open for the long haul – ensuring your patients are taken care of to the max.

If you want to set your practice up for success, medical companies in New York are ready to help! 

Medical Billing & Coding: The Backbone of Your Medical Practice

Before we delve into the different ways to go about medical billing and coding, let’s first make sure we understand what medical billing is, why it’s important, and how it can help your medical practice succeed. 

• Medical billing is the process of invoicing patients and health insurance companies for the services you provide. If not done correctly, your practice won’t get paid on time – if at all. 

The process involves everything from collecting patient information to submitting (and following up on) claims with health insurance companies, resolving claim denials, and managing patient billing inquiries.

• Medical coding is the process of translating a patient's information – including their symptoms, diagnosis, and treatment – into universal alphanumeric codes for health insurance companies.

Healthcare professionals need to have a solid understanding of the three primary medical coding classification systems – CPT (procedures), ICD (diagnostic), and HCPCS (Medicare and Medicaid). 

In-House Medical Billing: Putting All Your Eggs in One Basket

As mentioned previously, there are plenty of ways to go about the medical billing process. And there’s no real right or wrong way to do it, so long as the way you choose gets the job done – and gets you paid. 

With that said, most healthcare professionals believe in-house medical billing is the way to go. 

In-house medical billing is when you create, hire, and manage your own medical billing team. 

It allows for greater control over the billing and coding processes, guarantees immediate help when issues need to be addressed, and makes communication a lot easier – since everyone’s under one roof.

It looks good on paper, but it usually doesn’t end well. 

The cost can become astronomical when you figure in salaries, benefits, and ongoing training costs – and managing a team takes up just as much time, energy, and effort as doing the billing and coding yourself.

And that’s time, energy, and effort that could be spent with patients.

Outsourced Medical Billing: Taking the Weight Off Your Shoulders

If in-house medical billing isn’t working out – or if it’s taking away from the exceptional care your patients expect and deserve – then you might benefit from outsourcing your medical billing and coding needs.

Outsourced medical billing is when you hire an external company to do the billing for you. 

A medical billing company will handle everything from medical billing to coding, patient billing, collections, accounts receivables management, credentialing, reporting, posting, demographic updates, and more. 

Just imagine having all of that taken care of – without lifting a finger. 

No more sifting through applications and going through the hiring process. No more salaries, benefits, or HR complaints. No more having to train your team every time codes change. And no more headaches. 

You get to focus on your patients – knowing you’ll get reimbursed in a timely manner. 

In-House vs. Outsourced: Which One Is Right for You? 

There are pros and cons to both in-house and outsourced medical billing, but healthcare professionals consistently prefer the outsourced route because of how streamlined and effortless the process becomes.

For example, here are some of the most impressive benefits of outsourcing medical billing: 

• Reduced overhead costs and lower administrative expenses
• All medical billers are already trained and proficient with medical codes
• Less errors, which translates to less denials and faster reimbursement
• Doctors and nurses are more focused on patient care, less focused on patient billing
• Ensures a steady and predictable cash flow for your medical practice
• Maintain compliance and feel confident that medical billing is being done correctly

Choosing between in-house and outsourced medical billing will ultimately come down to your personal preference, and we’ll respect your decision either way, but we’ll always be here when/if you need help!

Millenium Medical Billing: Your Practice’s Key to Financial Success

Is the medical billing process taking up too much of your time, energy, and effort? Are your claims getting denied or rejected left and right? Are payments and reimbursements coming in too late – or not at all? 

If you answered ‘yes’ to any of those questions above, then you’ve come to the right place. 

Welcome to Millenium Medical Billing – where your medical billing needs are taken care of. 

We understand how frustrating the medical billing process can be, but that’s why we’ve dedicated our entire lives to mastering that process – so you don’t have to. After all, you have bigger fish to fry, right? 

‍If you want us to take that weight off your shoulders, contact us today to schedule an initial consultation.