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Having an In-house billing team can be costly, from hard cost to mistakes when it comes to coding.
Here are some issues that you may experience
1) Highly Expensive
Having an in-house medical billing practice means that you will have salaries and insurance, this expense will run between $25k ($12/hour w/out health insurance) to $35k per year. Also, there is no incentive to ensure that claims are paid out. At Telfonix we get a percentage of revenues that are brought in through insurance and LOP billings. On average a clinic that is bringing in $30k in insurance and LOP revenue, will pay less than $25k with a billing company and another plus is the fact that you do not have to provide healthcare coverage to the billing company. The cost incurred for recruiting, training and salaries of the medical billing team would definitely be more than the cost to outsource.
2) Support Issues
A major drawback of having an in-house medical billing team is the ability to provide the required support to the clients. If a limited number of medical billers are hired, it would be difficult to handle a larger client base. On the contrary, having a large team for limited number of clients means more expense for the business. Also, the knowledge that a billing team brings to the table, versus the lack of knowledge and billing experience that comes with hiring employees.
Doesn’t it make sense to go with a company that has over 20 years of experience in medical billing and that is a reliable partner?