Making a choice between in-house and outsourced revenue cycle management (RCM) has been a long topic of discussion. As an Ambulatory Surgery Center leader, you would have probably realized that the billing process is the lifeblood of your center. When it’s working properly, everything seems to fall into place. Otherwise, you would have either witnessed or dealt with issues involving partial or non-collected payment, delayed payment, or finding (and retaining) capable local talent. This perplexing question has no one-size-fits-all solution. While ASC Billing – In-house or Outsourcing have proven to be successful for many healthcare centers, your decision should be based solely on the age and size of your center, the costs associated with running the practice, volume metrics, and what your center requires.
Are you still perplexed? Let’s have a look at both the approaches:
In-house ASC Medical Billing
You are in a better position to try new methods and launch initiatives that you believe will benefit the RCM because it is easier for you to track and observe every step of the in-house ASC medical billing process. While the new methods may or may not benefit your practice, you will still have the freedom to go your own way whenever you want.
- Direct control over RCM
In-house ASC medical billing allows you to delegate responsibility to staff you know and trust. The staff in charge of ASC medical coding and billing may have been with your center for many years, giving them insight into how you prefer the process to be run, and they may keep you up to date on every minute detail. Keeping ASC billing in-house allows you to maintain daily control over financial operations.
- Close Proximity
Keeping your ASC billing department under the same roof as your practice allows you to communicate with your billing staff and address any issues they may be experiencing at any time. In fact, you can simply walk across the office to where your RCM team works and resolve billing-related issues in an instant.
- More room for errors
When ASC billing operations are managed by individual employees, the chances of errors in billing operations are much higher than when managed by an ASC medical billing and coding company that specializes in outsourced medical billing services. In the absence of an employee performance tracking system, there is also an increased risk of general employee neglect, which may go unnoticed.
- High cost
Every additional in-house employee means an increase in salary and employee benefits costs. Furthermore, the costs of purchasing ASC billing software, training your staff, and keeping them up to date on the latest technologies, rules, and regulations will all add up to more than the cost of outsourcing the billing and coding to a third party.
Outsourcing ASC Medical Billing
- Increased precision and compliance
When you outsource to a professional ASC billing services provider, you will notice that all billing-related processes in your healthcare centers are professionally managed. As the ASC billing and coding company specializes in outsourced RCM, managing your center’s RCM will be a full-time job for them. They will handle everything related to ASC billing operations, such as adhering to legal formalities, following up on rejected claims, and more, strictly adhering to industry standards of accuracy and efficiency.
- More patient care
You no longer need to invest time in hiring, training, and managing ASC billing staff if you outsource RCM. All of your RCM-related needs, such as bill payments and reimbursement tracking, will be handled by industry experts. Outsourcing RCM allows you to devote more time to making the most of your medical expertise, improving patient care, and expanding your practice.
- Enhanced transparency
Outsourcing your center’s RCM does not imply that you will lose access to or control over the processes. Your RCM provider will share data and details about your ASC billing operations on a regular basis. You can request comprehensive performance reports to gain insight into how your billing operations are carried out and managed. This improves operational transparency without requiring you to micromanage a billing team.
- Variable cost
Every RCM service provider has a different payment method. While some charge a flat fee, others may charge a percentage of your earnings; the more you earn, the more you must pay the ASC Billing In-house or Outsourcing, and vice versa. This can make budgeting difficult because the cost to the RCM provider varies greatly month to month.
- Hidden Fees
As with any other contractual service, there may be some hidden fees that are not disclosed during the negotiation. Examine the outsourcing contract thoroughly for fine-print charges such as fees for sending email reports or sharing printed statements. Make certain that you are fully aware of the deal’s terms and conditions.
24/7 Medical Billing Services – Your Outsourcing ASC Billing Partner!!
ASC revenue cycle management is becoming more complex. Obviously, it’s not an easy decision to make, especially when money and time are limited. However, taking the time to weigh the benefits and drawbacks of an outsourced billing solution for your center is a worthwhile endeavor. Don’t worry, we can assist you! 24/7 Medical Billing Services creates and implements proactive, integrated revenue cycle strategies in order to improve cash flow and position ASC Billing In-house or Outsourcing for long-term profitability. Because of our dedication to quality, transparency, and client service, ASC owners and administrators rely on us to deliver results.
Read more: All You Want To Know About ASC Billing