What Percent of Hospitals Outsource Medical Bill Printing?
When you compare in-house billing versus outsourcing medical bill printing, you’ll notice that the latter option tends to be more expensive. Let’s examine why this is the case, and what you can expect. Here’s a breakdown of the cost benefits, risks, and comparison. You’ll also discover how to avoid making the same mistake hospitals did. We’ve compiled the most commonly overlooked expenses.
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In an age of electronic health records, hospitals are now printing more documents than ever, but that inefficiency is driving up the costs. A typical 1,500-bed hospital prints eight million pages per month, which adds up to $3.8 million a year. That’s not even counting the cost of printing equipment. Hospitals must store and destroy paper documents as well. Here are some tips for cutting hospital printing costs. First, make sure the bill includes itemized charges. Some hospitals do not list them on the bill, but patients can request them when they have a specific question. Patients can request itemized bills after they receive their EOBs and before they undergo major operations. These bills include great detail and can give patients a good idea of how much they’ll spend upfront. You should check for charges on days you didn’t spend in the hospital.
Outsourcing medical bill printing can save healthcare businesses both time and money. The flat rate that these companies charge is far lower than hiring employees and paying them a high salary. They also don’t have to maintain computer equipment and billing software. They keep the process moving smoothly, which helps keep cash flowing. Outsourced companies also have more experience with the high-volume, high-security nature of medical billing. This can benefit a healthcare organization of any size. In-house staff members are often burdened with administrative duties that could be easily outsourced. Outsourcing medical bill printing can free up this time to focus on patient care. It also allows your IT team to focus on more important tasks, like keeping up with the latest billing codes. Outsourcing is also advantageous because it eliminates the need to micromanage workers. Lastly, you can be assured that your medical bill printing services team will achieve the agreed-upon success rate.
Outsourcing medical bill printing carries certain risks. These risks include compliance with standards, loss of information confidentiality, and operational and transaction risks. Outsourcing providers have access to various software tools and can identify opportunities to do more with less. They also know how to identify potential obstacles and make necessary adjustments to schedules. Here are some of the most common risks associated with outsourcers: HIPAA compliance: While outsourcing is advantageous for lowering costs, there are still some risks. For one, HIPAA compliance may be violated. While in-house billing processes are secure, the risk of HIPAA violations is much higher when medical bill printing is performed overseas. HIPAA security violations include the unauthorized disclosure of protected health information. Even if a company has taken the right steps to ensure security and privacy, it remains liable for breaches of patient confidentiality.
Comparison with in-house billing
Comparing the costs of in-house medical bill printing is a critical step to help you decide which route to take. Outsourced medical bill printing services offer a cost advantage over in-house services, but there are some important differences that you need to be aware of. In-house billing staff is prone to errors, which can increase the company’s liability. In-house billing departments are also prone to employee neglect and embezzlement. Outsourcing your medical billing may be a lower-cost option, but it still involves
more overhead costs. Hiring an in-house team involves additional costs and space, as well as training and hiring the staff. Dedicated teams and robust reporting tools provide similar control as an in-house team, but can also save you money. Additionally, outsourced medical billing services typically require fewer employees. Outsourced medical billing services provide more benefits, including more flexibility, lower costs, and better efficiency.