It can be difficult to decide which billing option is better for your practice: in-house or outsourced. To help with this decision, ask yourself some questions. Which option gives you the most comfort with the process? Which option gives you the best ROI?
To answer this, let’s ask some questions about your practice. What is it like? A small boutique operation or a part of a larger organization? Evaluate your practice’s strengths and weaknesses. Do you want to spend time treating patients or time managing office staff? Do you have trusted colleagues you want to take with you as your business grows or are you a relatively new practice?
The decision of which option is best really comes down to revenue. Is in-house billing the best way to control your revenue or is outsourced billing? As with all hard decisions, it’s important to consider the pros and cons.
In-House Anesthesia Billing
Pros of In-House Anesthesia Billing
- Familiar faces - Having your own trusted staff boosts your comfort level with the process. It’s your revenue, you need to trust who’s handling it!
- Control over the process - In-house billing gives you a greater level of accessibility; you can easily discuss issues instantly with your billing and coding team.
- Consistency for your budget - You don’t have to worry about fees or changing fee schedules with outside companies.
Cons of In-House Anesthesia Billing
- Ongoing education - It can be difficult to train and retain specialized staff. Anesthesia billing can be tedious and challenging, as well as a moving target with standards from the CMS changing yearly.
- Employee costs - Payroll and benefits can get expensive for in-house billing staff.
- Handling PCI - It’s also expensive to pay for billing software and the necessary safeguards for sensitive patient information. Is your practice PCI compliant?
Outsourced Anesthesia Billing
Pros of Outsourced Anesthesia Billing
- Cost-effective - Even with paying an outside company billing fees, this still may be more practical for your business than payroll. A great option for new practices!
- Access to a highly knowledgeable team - Medical billing companies have trained and experienced anesthesia coders and billers that are up to date on pricing changes.
- Time saver - Less time managing staff means more time spent with patients.
- PCI compliance - You don’t have to worry about protecting sensitive patient information.
Cons of In-House Anesthesia Billing
- Control over the process - Errors can be hard to fix. Instead of just talking to the colleague sitting next to you, you have to wait on the phone for someone unfamiliar with your practice.
- Level of trust - Even if you have an account executive, it may feel like you are working with a billing team that doesn’t know you or your practice.
Whichever you choose, make sure your practice is getting the billing and coding help it needs. Without an effective process in place, you could be losing money.
MBM has been serving clients for over 30 years and prioritizes relationships, transparency, service, and trust in every interaction. Our goal is to increase your cash flow from anesthesia services, and give you the time back to focus on your patients. If you need help or want to talk through your options, contact us!
