Medical billing and coding is the meticulous process of tracking and handling the medical claims efficiently between the providers and the payers to ensure the provider receives full reimbursement for the service rendered. This signifies the importance of the medical billing process for any practice to keep their business running smoothly and successfully. Every medical procedure differs by its scope and complexity. Similarly, medical billing and coding processes and guidelines of billing differ by each specialty and require a specific team of skilled professionals to handle them productively.
Anesthesia billing has its own complexity and can be more problematic than other specialties as unlike other billing where the payment is processed by fee-for-service, Anesthesia claims are paid by units, time, and modifiers used. This makes the process even more complex for billing and coding, which also demands ample time of attention from the provider handling the billing process in- house. Read through the below discussed points to help yourself decide whether to keep your anesthesia billing in-house or to outsource.
In – house Anesthesia Billing
Cons
Tedious and Challenging: As discussed above, in-house anesthesia billing requires close attention which is time-consuming for the provider added to the core job responsibility of patient care. While in-house billing gives complete control and accessibility, it also obligates you to take sole responsibility and liability of the entire billing process
Comparatively Expensive: Handling billing process in-house is comparatively expensive. Practice and infrastructure cost, staffing, training, paying billers and coders, and covering employee benefits, investing in technology all put together will add up more than the cost of outsourcing your billing.
Pros
Retain Complete Control: Having hands-on-control over the billing process and the team handling them is looked upon as an added advantage by many providers. Working closely with experienced staff who have been with you and your business from scratch will boost your trust and comfort level in handling the process.
Process handled at close proximity: Just walking across your office floor to look into or discuss any minor or major issue if any, gives you close accessibility to your billing process and the team. It makes the execution of standard procedures and delegation of instructions much easier.
ROI (Return on Investment): Managing the billing process in-house will ensure to keep the finance under control, as even the trivial process and matters are under the provider’s purview for immediate attention and action, which in-fact reduces unwanted expenses.
Outsourced Anesthesia Billing
Cons
Less Control: Outsourcing medical billing means less direct control of the process. You no longer get the accessibility of your team by just walking across your office floor. You don’t have to get to the bottom of every trivial matter or error and issues of every claim to understand them. However, if you have chosen your right partner you can rest assured that your billing is in the hands of experts in the medical billing field.
Hidden fee and Variable cost: Keeping in mind that most company’s only goal is to make money, it is likely that your medical billing partner may imply hidden charges. To avoid getting trapped into any hidden charges, it is imperative while choosing your medical billing partner you need to be careful to check out their integrity and longevity along with their years of experience in the industry and choose a trustworthy medical billing partner.
Pros
Cost-Effective: Whether you are a start-up or a small practice set up, outsourcing your billing services makes the best sense for your finance. A medical billing company provides you with an experienced billing team, thereby reducing your spending on a billing department. The outsourced company takes care of the staff training, software, and hardware requirement of the billing team. This ascertains that outsourcing medical billing help reduces the cost of operation and increases revenue.
Experienced Team: An outsourced medical billing company has experienced and trained anesthesia billers and coders handling your claims efficiently. The team with their vast experience and expertise handles every claim with the utmost care to ensure timely filing and reimbursement. An outsourced medical billing company is compliant with HIPAA to safeguard your PHI and privacy policy.
More focus on patient care: Being able to provide undivided attention to your core job “patient care” will help attract more patients and serve them better. Outsourcing your medical billing can help relieve yourself from the hassle of getting involved in the billing process resulting in more time to focus on patient care!
About MGSI: MGSI is a 25+yrs old national medical billing company based in Florida. MGSI caters its services to Solo and group practices for 25+ specialties in multiple states across the country. MGSI is an A+ rated company with Better Business Bureau. It is HIPAA compliant ensuring high levels of patient data and network security. To learn more details, log on to www.mgsionline.com