Oncology is a vast practice comprising different diagnoses, procedures, treatments, and cancer drugs. Most oncologists are already occupied with handling various patient-care responsibilities and things become really challenging for them when managing the end-to-end becomes the additional priority. The truth is that most practices cannot afford to compromise with the oncology billing structure as their financial health highly depends on it. To bypass all the billing hassles, most oncology practices, these days, are not hiring an in-house billing team. Instead, they are outsourcing their billing formalities to third-party RCM companies. Here are the key reasons why they are not hiring any more in-house oncology billing teams- 

• Cost: The costs associated with staff hiring and trading, purchasing billing equipment and providing employee benefits and salaries can be a crucial financial obligation for most oncology practices. 
  
  
• Limited expertise: An in-house billing team often lacks adequate knowledge and expertise like a professional outsourced partner. An outsourced billing partner has sound knowledge and experience as they work with multiple clients in different medical specialties.  
  
  
• Compliance threats: Just like any other billing practice, the oncology domain is also a highly regulated one. It can be difficult for an in-house oncology billing team to adhere to all the updated compliances and regulations as they are more prone to make mistakes.  
  
  
• Shortage of skilled staff members: The market demand for oncology coding and billing experts is always high. You may meet a limited pool of experienced candidates in your area. Also, most companies are competing for skilled resources. They often offer more attractive packages, making it challenging for you to attract and retain experienced candidates.  
  
  
• Lack of growth opportunities: Experienced staff members often feel that they have reached the saturation point in terms of career growth within the organization, thus leading to a higher attrition rate.  
  
  
• Management and supervision: Handling an in-house oncology billing team requires the supervision and guidance of business leaders, adding to overall administrative costs.  

Now you might have realized the reasons why practices are not hiring in-house oncology billing teams anymore and prefer to outsource. If you are planning to outsource your oncology billing practice, a proficient and experienced billing company like Sunknowledge can be the ideal destination for you.  

As one of the most well-known medical billing companies, Sunknoweldge has already streamlined the end-to-end revenue cycle management for more than hundreds of oncology practices across the nation.  

If you want to learn more about their customized solution or any other specific details, schedule a non-obligatory call with any of their billing experts today.