People who own medical practices in Wisconsin know the importance of having a reliable medical billing system. It is through this that you can smoothly generate profits, especially when you are accepting insurance payments and not limited to cash payments.
There are two choices for medical billing: outsourced and in-house. Knowing the pros and cons through the experts of medical consulting in Mequon, Wisconsin, can help you determine which option will benefit your practice more.
- Outsourced – Pros and Cons
In the outsourced option, you are relying on a third-party to do the medical billing in Wisconsin on your behalf. Its advantages include lesser operating costs, transparency on the records, and enhanced consistency in the services.
However, be wary of the fact that outsourced medical billing takes a certain percentage out of your approved claims. This means that the more claims you file through the outsourced company, the more your payout.
- In-House – Pros and Cons
As the name suggests, this option is where medical billing is done by internal staff. This is good if you want full control over your revenue. Moreover, since it is in-house, any issues that arise during the process of filing a claim can be dealt with promptly since involved departments can communicate without hindrance.
While this option has its benefits, it also has its disadvantages. Doing things in-house means higher operating costs, more liabilities (such as embezzlement and general employee neglect), and tedious support issues.
Choose the option that best fits the size and needs of your medical practice. If you need consulting services to decide which option to choose, Acuity Revenue Consulting can help. Give us a call today, so we can discuss it.