Should Physician Practices Pay For Billing?

Posted by mgsionline on October 25th, 2012

Every physician dreams of becoming - ‘The Best Doctor’ in their locality and specialty and also strive for it. However, only a few succeed! The simple reason is that they fail to earn the trust and goodwill of their patients by concentrating on other activities like medical billing and collections instead of the core patient care services. Once Dick Benson, a renowned direct marketing consultant said,”Do what you do best and outsource the rest.” If every physician follows this saying, then he/she can easily achieve success! Again, only a few follow it while the others think that outsourced medical billing cannot profit them in any manner. Such physicians must definitely read this article:

Ever-changing Insurance Trends: Gone are the times when insurance billing for services seemed simpler and were handled in-house! They are getting more complex with time. As insurance carriers keep changing the rules often, adapting to the new trends will be a herculean task for physicians. In addition, the transition from ICD-9 to ICD-10 will call for the implementation of new technologies, reporting and billing methods, and exceptional revenue cycle management. Therefore, the judicious decision for a physician to make would be to outsource medical billing and collections to a reputed medical billing company.

Core Business to HR Management: A physician’s core job is to render proper patient care services and not medical billing services. Thinking that outsourced medical billing will cause more expense, physicians take care of everything from core business to HR management all by themselves. Nevertheless, they remain unaware of the fact that they are not saving money, but spending a lot!   

Cost & Time Efficiency: Physician billing services when carried out in-house will involve hiring of new employees, training in the updated technology, employee payroll, extending office space, and more. All these factors not only increase expenses, but also distract a physician from concentrating on the core business. Eventually, there will be nothing for the physician to save for the future. Rather, if physicians choose to outsource medical billing services, they can save money while utilizing the time exclusively for patients. 

Physicians must understand that they lack the experience that medical billing companies have gained by handling multiple clients. The expert professionals of the outsourced medical billing company will know the nuances of the domain, how to respond to different situations, and also employ best practices. End of the day, it is the physicians who are going to reap the profit as the billing pays for itself due to the cost savings and increase in collections while the Providers are not going to spend a penny more!   

About MGSI:

A good medical billing and coding company must provide all the above mentioned benefits apart from providing the best services! MGSI, a company with 20 years of service based in Tampa, Florida, is one such company that renders high-quality medical billing services to its clients.