"In-House" Billing Pros and Cons
Billing in-house refers to the practice of a medical practice or facility handling the billing and claims submission process for the services it provides to patients internally, rather than outsourcing this task to a third-party billing company. There are several potential temptations for a medical business to bill in-house:
Cost savings: By handling billing in-house, a medical practice may be able to save money on the fees it would have to pay to a third-party billing company.
Control: Billing in-house gives a medical practice more control over the billing process and allows it to have more visibility into its billing and collections.
Customization: A medical practice may prefer to handle billing in-house in order to have the ability to customize its billing and claims submission process to better meet its needs.
However, billing in-house can also be dangerous for a medical business, as it requires a significant investment of time and resources to set up and maintain an effective billing system. Additionally, it requires medical staff to be trained in billing and coding, which can be a complex and constantly-changing field. If a medical practice's billing system is not set up or managed properly, it can result in lost revenue, increased administrative burdens, and even legal liabilities.