One of the biggest questions that many chiropractors face is if they should stay with in-house billing or use a chiropractic billing service. As anyone knows, insurance is complicated and things are often changing, but it is the pillar of success for many growing medical practices. As your practice grows, there is more time you will need to be on top of your billing and managing everything.
That is where a billing service comes in. Once your chiropractic practice is earning more than $50,000 a year, having your in-house staff handling everything can put patient care last. That is where the downfall is. Your job and your staff’s job is to handle what they do best, patient care.
Let’s look at the pros and cons of a chiropractic billing service to help you see if hiring one is the right step for you and your team.
Pros of a Chiropractic Billing Service
- Save Money
When you handle in-house billing it can start to cost you more money than what you are getting. By outsourcing your billing operations, you are entering a cost-effective option that can not only greatly increase your revenue but also return on investments for growing practices. As an example, if you collect $10,000 per month from insurance companies and the billing service charges 5% of the total collection, you are only paying them roughly $500 a month. Where if you are paying someone in-house it can cost more.
- Save Time
Everyone wants to save time. When you do billing internally you could be slowing down your process as not only do they have to take care of patient care but also the billing. This could easily throw off the balance and leave you not doing what you love most. Outsourcing allows you to focus on your patients rather than stressing about any issues.
Cons of Outsourcing
- Variable Cost
In general, a billing service is going to base its fees on a percentage of collection. This means you may have to pay more during the busy months and less in the passive months. This can be hard to manage at times and you may find yourself wondering how much you really need to pay that month.
- Finding the Right Billing Company
The hardest part is finding the right billing company for you. This can be difficult as there are many options out there. You have to ensure that the billing company you choose has experienced billing specialists, offers the flexibility you need, and charges a low percentage of the total collection. This takes time and it can be hard to find if you’ve never had to search.