QV Systems specializes in supporting SOAPware for Clinics and Physician Private Practices. QV Systems supports a host of healthcare organizations large and small.
Whether to outsource the billing operations to an independent medical billing company or opt for an in-house billing department is often a dilemma faced by most physicians. Medical Billing Service. Physicians today are inundated with various challenges posed by modern day regulations in the healthcare industry. Thus given the time constraints, managing the day to day practice operations becomes increasingly cumbersome, especially without an efficient billing solution. Recent surveys also indicate that hiring additional resources for billing can result in an increase in practice expenditure and overheads, especially for smaller practices. QS Billing enables providers to benefit from experienced and knowledgeable resources at an affordable cost – a percentage of the collections. However, experiencing reduced costs is not the only benefit of QS Billing. There are often cases where claims have been rejected because of errors in coding along with unnecessary delays. Having a QS Billing Specialist dedicated to streamlining the revenue cycle can reduce such errors and ensure quicker turnarounds, ultimately improving practice cash flow and profitability. According to a study conducted by Software Advice, an outsourced billing service is likely to increase collections by up to 10%. With QS Billing, the chances of fraudulent occurrences in-house are eliminated. As we charge a percentage of the actual collections for each provider, QS Billing ensures timely and efficient collections. Managing these operations for multiple clients, we can easily spot discrepancies in financial workflows and provide detailed performance reports on a regular basis, comprehensive financial analysis on a periodic basis and recommend strategies to enhance profitability.
Providing quality care, reducing costs and increasing revenues for the practice are the primary concerns for any physician. This is the reason why choosing an appropriate billing service has always been a crucial issue for every practice or physician.
There are several pros and cons of in-house medical billing. Today, with the emerging concerns about security breaches, many practices prefer opting for an in-house billing service. The reason is simple; with the practice managing the billing operations and maintaining patient data itself, the probability of expected security breaches could be significantly reduced. Another important advantage of an in-house billing team is that the daily operations can be closely and easily monitored, which would ultimately result in more accountability and transparency. Moreover, any changes required during the billing process can be entertained instantaneously ’ thereby eliminating unwanted errors and unnecessary delays.
However, there is a darker side of the picture as well. According to recent surveys, in-house medical billing can result in increased expenditure for practices. Depending on the size of the practice, the provider would have to hire additional resources to perform the billing operations. On top of that, deploying additional technology in terms of both hardware and software would also contribute in adding up the overheads. This illustrates that in-house billing might not be as cost effective, and maintaining an optimum cost structure is obviously one of the major concerns of smaller practices.
Having said that, let’s consider the benefits or drawbacks of an outsourced medical billing service. Practices which are in favor of outsourcing medical billing proclaim that with a third party monitoring and managing billing operations, the chances of fraudulent or negligent instances can be significantly reduced as they have years of industry experience which makes it easier to identify discrepancies in financial reports, as compared to an in-house billing staff. Industry renowned billing companies are also known for providing their clients with comprehensive reports on a regular basis ’ helping them increase profitability.
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