Billing is often the most critical part of running a medical practice. As you expand your fertility clinic, at some point you are bound to be befuddled by the task of choosing either to continue with the in-house fertility billing team or outsource to a fertility billing company.
Fertility clinic revenue cycle management is crucial when it comes to sustaining your business’s cash flow and functionality. There is no one-size-fits-all strategy for efficient IVF billing solutions.
While both in-house and outsourced billing staff have been proven to be a successful strategy for several providers, it is solely up to you what you choose as per your practice needs.
This article has explored the different pros and cons of in-house and outsourced fertility billing to help you better understand what to choose.
Pros of In-house Fertility Billing
1) Direct control over RCM
In-house fertility billing services allow you to have control over the financial aspects of the practice. Managing your billing and coding processes can be involved with the management for years, giving them an insight into your organizational goals.
2) Flexibility
Since it is easier for you to track the process and progress within the same, you can also easily implement new strategies to identify the best possible organizational framework. While new strategies may or may not be working for your practice, you still have the flexibility to choose your way when you want to.
3) Proximity
Having your billing department under the same roof as your practice allows you to easily connect with your billing staff and address any issues faced by them at a moment’s notice. In fact, this will enhance communication within the organization and leave little room for missing information and process disruption.
Cons of In-house Fertility Billing
1) High cost
Every additional in-house billing staff means more burden on overhead costs. Skyrocketing labor wages and a stagnant talent pool a consistent problem in the healthcare industry. Therefore, maintaining an in-house team for your fertility clinic billing can crash your revenue thus disrupting your practice’s functionality as well.
2) Increased dependency on limited staff
If your IVF billing services consist of one or two staff, there is a higher chance of reduced productivity. In the event of an emergency, relying on even a single vulnerability can put your practice's operations at risk.
3) More scope for errors
Compared to an outsourced fertility billing company, the chances of billing errors are much higher when you have an in-house staff. Also, there is also a chance of a lack of knowledge and understanding among your employees regarding claim submission guidelines and coding regulations.
Pros of Outsourced Fertility Billing
1) More time for patient care
When you outsource your fertility clinic revenue cycle management, you have more time for patient engagement. Also, you do not have to go for the daunting billing and coding processes, thus burnout is reduced. There is more productivity, and your patients are satisfied with better health outcomes.
2) Increased accuracy and compliance
By availing IVF billing services, you will notice reduced errors and more compliance within your revenue cycle. Since the organization specializes in healthcare revenue cycle management, managing your fertility clinic’s revenue cycle will be a full-time job for them and you get a dedicated team of employees.
3) Better revenue optimization
One of the biggest advantages of outsourcing fertility billing solutions, is that it will help your staff to focus on patient care while saving your money earlier invested in running and managing an in-house billing staff.
You don’t have to worry about software, systems, infrastructure, employee benefits, training and education. Additionally, your outsourced RCM partner will handle all possible avenues of enhanced revenue generation and better operations.
4) Improved transparency
When you hand over your practice’s financial aspects to a third-party organization they are obliged to maintain transparency within the process. They will share the data and details of your billing operations. You can ask for comprehensive performance reports to understand your practice’s performance and revenue generation.
Cons of Outsourced Fertility Billing Services
1) Variable costs
The payment method for every fertility RCM provider varies. While some ask for a fixed fee, some might charge you a percentage of your earnings. The more you earn, the more you have to pay to the RCM provider.
Sometimes, this can make it difficult for you to manage your budget accordingly.
2) Hidden fees
Like any other contractual services, there could be hidden fees that may not appear during the negotiation. You must read the outsourcing contract to understand the processes and charges offered. As per your practice’s requirements, you can customize your services.
Final Thoughts
So, this is it. The constant dilemma between choosing in-house and outsourced fertility billing companies is tough. However, as you now know about all the pros and cons of both methods, it would be easier for you to choose the best possible fertility billing solutions. Just remember, whatever you choose should be in tandem with your organizational goals.
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