Efficient and accurate medical billing is incredibly important for healthcare practices. But just as the healthcare industry continuously fosters breakthroughs, the ways we run medical organizations evolve, leaving behind obsolete methods. In the age of digital connectivity, medical billing is one of the processes that often presents a fork in the road for progressive healthcare organizations.
Traditional in-house billing has kept hundreds of practices operating for decades, costing office space, supplies, and additional staff. As technology challenges this norm, it’s no surprise that virtual medical billing has turned up on your radar. But how does it differ from your good old-fashioned on-site billing? And which is better?
Hiring virtual staff to manage your medical billing process may still be unfamiliar to you, but the remote staffing industry has existed for almost two decades. Today, it is one of the fastest-growing segments in the healthcare space, providing comprehensive support services to the top medical practices, just like we do at DrCatalyst.
With more than a thousand virtual staff over three continents, DrCatalyst is a staffing solutions partner trusted by many healthcare practices in the US today. We aim to elevate your practice’s efficiency with our virtual medical billers, providing top-notch support based on your exact needs. If you’re ready to onboard virtual staff today, we’re just a call away.
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As you’re aware, in-house medical billing means managing all billing processes within the healthcare facility. In this setup, the healthcare provider hires a team of on-site billing specialists whose to-do lists include submitting claims to insurance companies, following up on unpaid claims, handling patient billing inquiries, and other revenue cycle management tasks.
Virtual medical billing can involve hiring a remote biller to join your billing team or outsourcing the entire revenue cycle management to a third-party company. This approach provides access to expert billers and significant cost savings. Medical practices are increasingly adopting remote billing solutions, either using the clinic’s software or the billing company’s software. These services can handle specific tasks, such as researching unpaid insurance claims (AR), or manage all billing responsibilities, including overall management.
| In-House Billing | Virtual Billing | |
|---|---|---|
| Initial Setup Costs | In-house billing requires a significant initial investment in hiring, training, and infrastructure. | Virtual billing companies may charge set-up fees, but many do not have a set-up fee. |
| Ongoing Operational Costs | In-house teams incur continuous costs, including salaries, benefits, office maintenance, and management time. | Revenue Cycle Management typically involves a predictable monthly fee, which is more manageable for budgeting purposes. |
| Hidden Expenses | In-house billing requires a budget for miscellaneous expenses, such as overtime pay during busy periods, software updates, and staff turnover expenses. | Virtual billing companies clearly communicate and plan for their charges in their agreements. |
DrCatalyst provides top-tier virtual staffing services at a significantly lower cost, enabling you to save money and boost your revenue while freeing time for on-site staff to focus on patient-centric tasks. Our virtual medical billers bring the future of healthcare staffing to your practice, handling the heavy lifting of billing so you can earn more while spending less.
DrCatalyst helps reduce overhead costs by eliminating the need for in-house billing staff, office space, and equipment. This feature translates into significant savings on salaries, benefits, and other related expenses.
Staying compliant with ever-changing healthcare regulations can be challenging. You may spend additional time and money to train in-house staff, which can throw a wrench into your operations. DrCatalyst’s virtual staff always stays up-to-date with the latest industry standards and policies, ensuring that your practice remains compliant and avoids costly penalties.
We offer support to address medical billing questions or concerns. Whether you need hourly medical billers or project-based billing services, our responsive team ensures you receive the help you need promptly and efficiently.
Choosing between in-house and virtual medical billing depends on your practice’s needs and resources. In-house billing offers direct control and oversight but comes with higher costs and staffing challenges. On the other hand, virtual billing provides cost efficiency, access to expertise, and scalability, ensuring your practice’s efficiency and stability.
Practices across the US now recognize the benefits of virtual billing, and we’ve helped many of them transition smoothly. Those who continue to use the traditional method often need to catch up financially, putting their practice’s stability at risk. On the other hand, many of our clients save $16,640 per full-time employee annually with our remote billers. Imagine the savings that your practice could achieve in just a couple of years of working with virtual staff.
Partner with DrCatalyst to elevate your practice to new levels of efficiency. If you’re ready to take the first step toward the future of your practice, contact us today!
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