Endless Possibilities
Endless Possibilities
Focus more on patient care while improving your revenue!
Our objective at EXA is to align our goals in order to operate as a virtual extension of your business. Based on a relationship of trust and integrity, our services assist clients in achieving their strategic goals as well as streamlining their operations
Need of Medical Billing Services
As the healthcare sector is rapidly expanding, the need to outsource medical billing tasks arises. Hence, physicians, clinics, and hospitals resort to a medical billing service provider to compartmentalize their business operations.
Need for Outsourcing Medical Billing Services
Outsourcing medical billing is a practice that involves hiring an external team which handles the billing operations of a medical practitioner.
Medical billing is a process that requires attention to detail and scrutiny. Outsourcing medical billing to a medical billing service provider is known to be beneficial for medical practitioners. As many practitioners do not have the time to train and hire new employees, it is desirable for them to hire an external team to take care of their billing needs as they cater to the needs of their patients. In addition, hiring an external billing service provider reduces the risk of denials as the service provider will be experienced and skilled in this field. This will in turn increase revenue, and decrease operational costs significantly.
Issues with In-house Medical Billing
In the case of in-house medical billing, a medical practitioner utilizes an in house team of experts to manage the billing process, and has direct control and
oversight over ongoing financial processes.
Some disadvantages of choosing in house medical billing include:
01. Higher Costs
In order to form an in house team, higher costs are incurred with respect to
purchasing technology systems, recruiting billing experts, training employees,
and providing fringe benefits to employees. In addition to higher costs, this
is also a more time consuming path and often leads to a further increase in
costs.
02. Support Issues
Having an in house billing team entails the ability to handle a large volume of
clientele. Having a small amount of internal billing experts can lead to
support issues, as the team will face constraints when it comes to providing
support to every client in a timely and effective manner.
03. Liabilities
Since medical billing is a meticulous task, it requires managers to keep billing
operations in check when it comes to the compliance of PHI security protocols
and other relevant guidelines. Failure to comply with these guidelines can lead
to an increase in liabilities for an organization, and can also become a target
of embezzlement.