The way you choose to manage your practice’s medical billing can make or break you. The revenue you generate through the services your render is the lifeblood of your practice and what allows you to treat any patients at all. The biggest question you need to ask yourself with regard to the financial health of your practice is whether or not a physician practice should outsource their billing.
Why you should outsource:
- If you find yourself worrying about your billing more than you should, you should consider outsourcing.
- If you spend more time working on your medical billing issues, than treating patients, you might want to contact MDofficeManager to assist in this area.
Don’t just accept problems with your medical billing!
You can enjoy practicing medicine again. Just treat the symptoms of your unhealthy practice!
Here are some of the benefits that can be achieved with outsourcing billing:
Free up office space
If the billing is outsourced, the biller does not need a place to sit and the billing records are somewhere else.
2. Make some employee turnover irrelevant
Make employee turnover in the billing department someone else’s problem. Unless your practice is big enough to justify a billing department, with a set of employees with varying skills and levels of sophistication, high turnover is almost inevitable. Some billing work can be mind-numbingly dull and some requires sophisticated skills in analysis, synthesis, and communication. Very few people capable of these higher-level requirements will be satisfied for long with dull routine work.
3. Cut down on incoming phone calls
Office staff is relieved of calls that go directly to the billing service. The biggest benefit, however, is the calls that are never made because billing and claims errors are more often avoided in the first place.
4. Turn a fixed expense into a variable one
Staff and office space are fixed expenses. They cannot go below a certain level no matter how low the volume of billing is. When they go up, they go up in stair steps. If the practice is paying a percentage of collections for the billing service, there is a perfect correlation between collections and cost.
Another benefit is that the interests of the practice and the billing service are aligned. If the billing service increases collections and their rate is anything less than 100 percent of collections, the practice is money ahead.
The worry comes from losing direct oversight of your billing. It’s a natural reaction considering that effective billing is the foundation of your revenue stream. But outsourced billing provides numerous benefits that simply ca n’t be realized by keeping it in-house.
5. Increased Simplicity
50% of practices are looking to streamline their billing processes. Well, there’s no better way to streamline your billing than outsourcing.
When you outsource billing there’s no need to maintain a billing staff and deal with all the complexities that come with it. This includes determining salaries, bonuses and benefits. Billing companies typically ask for a percentage of your collections, which is the only sort of payment you’ll have to worry about.
Also, with in-house billing you must continuously provide staff training on the ever-changing billing rules and procedures. And more training than ever will soon be needed with the upcoming ICD-10 implementation.
Outsourcing your billing is a beneficial trade off. Yes, you lose some control, but you stand to gain more in return. If you’re looking for a relatively quick and easy way to improve your practice, outsourcing with an experienced organization such as MDofficeManager would be a viable option!
With MDofficeManager results of outsourcing medical billing services include decreased patient frustration, a financially solid bottom line, predictable cash flow and increased net revenue without sacrificing precious time, money, and resources.