The Healthcare Landscaping is Changing – Billing Services are the Safe Bet
By Brice Voithofer, Senior Vice President of Anesthesia Services & Corporate Accounts
Through continuous process improvement (CPI) successful companies constantly re-evaluate their business process to assure they are running their business in the most effective, efficient and innovative manner. Medical practices are no different and must adapt to the ever-changing landscape to survive long-term. Companies that thrive are the ones that create the correct environment for success.
Is it time to re-evaluate your in-house billing operations’ effectiveness and associated costs?
Five thoughts as to why using a professional billing service are gaining momentum.
- The cost of outsourced billing has dramatically declined over the past 5 to 10 years while the cost of in-house continues to increase (physical space, payroll, insurance, retirement plans, etc.) every year. In-house billing costs are fixed while outsourcing is variable based on practice volumes.
- Opportunity Cost – Only so many hours exist in a day, where should a highly trained physician spend them (clinical, hospital committees, family life, managing billing operations) to create the best value for the organization? As practices become busier clinically, there is a lack of time for physicians to successfully oversee a billing operation and keep up with the increasing complexities of government and private payer reimbursement and compliance rules.
- Owning and maintaining an in-house computer system is increasingly a security risk. A successful hack or ransomware attack could be financially devastating to a practice. A HIPAA security breach could result in government fines and expensive requirements to notify patients.
- Attracting and retaining qualified employees gets more difficult every year. What do you do if a key billing individual retires or leaves for another job?
- Mistakes are costly, outsourcing provides additional insurance-related protections.
Should your practice explore outsourcing and weigh the benefits of in-house versus outsourcing? Download our whitepaper on In-house Billing or a Billing Service at https://hubs.ly/H0kBF070 to learn more or contact me at email@example.com to run an analysis of in-house verse a billing service costs.
Brice Voithofer is the Senior Vice President of Anesthesia Services & Corporate Accounts, AdvantEdge Healthcare Solutions, and a nationally recognized anesthesia expert working with anesthesia practices across the country to improve their billing and coding operations.
While attending ANESTHESIOLOGY 2019 visit Brice at AdvantEdge at booth #951 in the exhibit hall to learn how AdvantEdge can be your ace up the sleeve. Clients that have signed since connecting with AdvantEdge at Anesthesiology 2018 have increased revenue by more than 8.7%.
AdvantEdge Healthcare Solutions is a national top 10 medical billing company that provides billing, coding, and revenue cycle management solutions for anesthesia practices since 1989. If you have questions about how AdvantEdge can improve your anesthesia billing and coding so that you are collecting every dollar that you’re legally and ethically entitled, please call us at 877-501-1611 or email firstname.lastname@example.org