Thriving oncology practices have many intricacies and processes that affect day-to-day operations and company finances. Among the most influential aspects of an oncology practice's operations is medical billing. Medical billing is the process by which medical practices submit and follow up on insurance claims on behalf of patients, ensuring that patients receive due reimbursement from health insurance companies. Given how important this task is to the survival of oncology practices, these practices put significant effort into building an optimized and efficient oncology coding team and software infrastructure. In response to this persistent and vital need, specialized medical billing companies have emerged in the marketplace. However, to ensure the establishment of a high-quality medical billing team, oncology practices tend to opt for a team comprised of in-house oncology coding specialists when building their team. While outsourced medical oncology coding offers many financial benefits over traditional in-house medical oncology coding teams, the possibility of utilizing outsourced medical oncology billing specialists and teams is often ignored or overlooked. If you'd like to learn more about the financial benefits of outsourced medical oncology billing, here are two ways that outsourced medical oncology billing can improve your company's finances.
Outsourced Medical Oncology Coding Has Fewer Recurring Costs
In-house medical oncology coders come with an associated mix of visible and hidden expenses. These expenses aren't present when outsourcing medical oncology billing. The main costs include salary, benefits, and insurance. Meanwhile, hidden expenses include in-house training costs, payroll, hardware, and software-related expenses. These ongoing expenses have a significant negative impact on your company's bottom line. Additionally, as you continue to build your in-house medical oncology coding team, these expenses will multiply accordingly. Medical billing companies have optimized their infrastructure for maximum efficiency, allowing these companies to have a lower cost per claim than an in-house team would.
Outsourced Medical Oncology Coding Operates More Efficiently
Due to ever-changing regulations, it is difficult for an in-house medical oncology billing team to consistently handle claims without error. These errors reduce cash flow and cost your company time and money. To prevent these errors, companies must regularly invest in employee training and retraining to ensure code compliance. A business also must spend time and money finding and training a new employee if a previous medical coding specialist leaves. Developing training programs costs yet more money that could instead be put back into the business. Outsourced medical coding companies have processed more claims than most in-house teams ever will and have gotten their processes down to a science. For that reason, outsourced specialists are very familiar with medical coding and insurance regulations, removing the risk of errors and the associated costs.
Outsourced medical oncology businesses are an efficient alternative to in-house medical oncology billing teams. If you'd like to streamline your billing, contact an outsourced medical billing company today!Share
29 September 2021
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