Many practices may think outsourcing and offshoring are similar processes, but in real, both cater different purposes.
As a medical practice, if you have multiple processes and would like to get a few processes to be outsourced to a medical billing company on contractual basis, you get them accomplished at a cheaper cost with high quality but have the operations still under your control.
Whereas, in offshore medical billing, your practice remains the main branch but all your operational and admin activities are handled by your local company. Therefore, both of them help you take away your medical billing stress and streamline your practice.
But to know which is best – Offshoring vs. Outsourcing if you are a solo practitioner or a small practice, here are some significant factors that help you term it out.
Benefits of offshore medical billing
Saves your time
If you have any medical billing tasks/processes that are repetitive, time-consuming, and to be speeded-up, the best way to handle them efficiently would be sending them to offshore medical billing companies. These medical billing companies have trained experts who assist you with ensuring a smooth relationship between you and your vendors and allow you focus on your practice’s core functionalities hassle-free. Not only they ease out all your medical billing processes but at the same time, they make sure your operations grow with accomplishing tasks within required deadlines.
Offshoring your medical billing processes helps you reduce your practice’s overhead expenses. The need for investing additional costs in training and recruitment decreases, thereby resulting in considerable savings which you can plan spending on activities to improve patient care. If you are an outsourcing medical billing company and looking to get help on your medical billing process from an offshore medical billing company, you can definitely save cost between 40% and 50%.
Accuracy of data
If you are an individual practitioner or running a small medical practice, your complete focus will be on providing proper and high quality patient care and may not be on submitting error-free claims. With changing norms in medical billing processes, it is quite challenging to keep your staff updated with required knowledge as well. Therefore, possibilities are high to make errors in medical codes, A/R, categorization of claims, etc. To mitigate risks efficiently and to minimalize errors, and to support in your internal and external audits, offshoring medical billing can help you to a greater extent.
If you are a large scale medical practice, you cannot totally rely on outsourcing medical billing processes, and you should have an offshore company as backup, so at no point, you lose the data due to which revenue, since medical billing involves lot of risks. But if you are a small practice or an individual practitioner, it may not be an ideal solution to have both offshore and outsourced medical billing companies due to involving high costs.
Top benefits of outsourcing your medical billing process
- Cost effective compared to offshoring
- Allows you focus on your core competency
- Quality work with scalability and capability
- Gives you flexibility with manpower to do multitasking
Top benefits of offshoring your medical billing process
- Save operational costs
- Similarly skilled manpower availability with reduced training time
- Have control over risks involved
What should you choose between outsourcing and offshoring?
Being an individual practitioner, it is not budget-friendly for you to keep an offshoring medical billing company and also outsource your medical coding and billing processes. Therefore, outsourcing your medical billing and coding process would be an ideal solution considering all the benefits aforementioned.
If you have a small practice, as an initial step to mitigate risks involved in your medical billing process and to save cost, outsourcing would be the first and best option. Simultaneously, you can think of an offshoring medical billing company according to your growth forecasting and strategy.
If you are looking to outsource your medical billing process to a high reliable and trust worthy company, get in touch with Info Hub Consultancy Services at +1-888-694-8634 because with them, you get the best-in-class medical billing services with streamlined revenue management at the best price.