Your Guide To Choosing Winning Revenue Cycle Solutions
It’s time, you’re looking for a new revenue cycle software solution. Perhaps you’re deciding between in-house or outsourced billing. Maybe you’re searching for an upgrade from your current solution. Whatever the case may be, you’re probably feeling a little overwhelmed right now… or a lot. Narrowing down your options is no easy feat. At the end of the day, your top priority is providing care to your patients, but the financial aspect of your business should never be placed on the back-burner. So, what should you really focus on when choosing a billing partner?
current revenue cycle solutions
In-house vs. Outsourced Billing
Whether you choose to manage your own billing or outsource is really based on preference and workflow. Here’s a checklist that will help you make that decision:
If you answered “Yes” to the majority of these questions, you should consider in-house billing. You have total control over your billing operations – make immediate changes and essentially have your hands in the heart of your practice. Alternatively, if you answered “No”, consider outsourcing instead. You’ll only have a single point of responsibility to manage your billing process and you have more time to focus on patients.
Neither option is perfect, however. In-house billing exposes your practice to more liability and disruption of operational and business continuity due to sickness, medical leave, vacations, etc. Outsourcing your billing could leave you feeling disconnected from a crucial part of your business. Ultimately, you’re still responsible for filed claims and the representation of those claims. If you relinquish too much responsibility and your billing service doesn’t educate you to validate that they’re representing you properly, you could be left in the dark. At the end of the day, it’s all about preference – management style, budget, and how much responsibility your practice is willing to take on or give up.
Considerations for In-house Revenue Cycle Management Solutions
So you've decided to keep your revenue cycle management solution in-house. What are some factors to consider when choosing between available RCM vendors?
At the end of the day, no matter what company you choose, a knowledgeable and supportive team is your greatest asset, whether it’s support and implementation for an in-house solution or for an outsourcing billing company. You’re entrusting a third party with one of the most important parts of your business. A billing and practice management provider is the equivalent to a partner, and should be as interested in ensuring the success of your business as you are.