As a smaller to mid-sized business of any kind, outsourcing certain aspects of your business could help free up resources within your company, allowing you run it more effectively. However, there may be some drawbacks that are keeping you from doing so. For example, you may feel that you are giving up control over a part of your business.
Giving up control may not seem like a good idea, especially if you are running a medical practice. If you are running a medical practice, then not having direct control over something like your medical billing and collections services may seem like it could hinder your practice’s ability to run effectively.
However, before you come to this conclusion, be sure to go over the following six considerations:
1) Will you save money?
You may not think that your practice can afford to outsource any of your services, but if you look closely, you may actually end up saving money over the long term. For example, employees in charge of your medical billing and collections can focus on other aspects of their job, making your practice more efficient. Additionally, your medical billing and collections process will become more efficient since outsourcing usually results to higher collection rates and less billing errors.
2) Can the vendor handle your outsourcing needs?
As your practice grows, your medical billing and collections services will need to handle more patients. A good vendor should be able to handle all of your needs as your practice grows without losing a step, whereas on your own, you might struggle to keep up.
3) Will the quality of your service improve?
When it comes to medical billing and collections, outsourcing will generally result in improved services. This is because the vendor will have experienced and educated workers dedicated to just your medical billing and collections.
4) Will outsourcing provide you with a competitive edge?
A vendor that communicates clearly and that strives to improve its services can help to improve your business as a direct result. If they act more like a partner and less like a gun for hire, they can help provide your practice with a stronger competitive edge.
5) Can you put the time you save to good use?
One of the main reasons to outsource a service like medical billing and collections is to free up resources within your practice. What would the employees who were in charge of your medical billing and collections do with the time that they now have? What kinds of tasks can they complete at a faster and more effective rate? If your employees end up just sitting around with nothing to do once you’ve outsourced a service, then you’re not making good use of their time.
6) Will there be less liability exposure?
When you outsource medical billing and collections, you can be safe in the knowledge that there will be experienced individuals working on your behalf who are keeping up with all the latest rules and regulations. This, in turn, can help to limit the risk of liability since many of your employees may not have the time to keep up with new regulations or may be more prone to making filing errors.
These are six considerations to go over if you’re thinking about outsourcing your medical billing and collections services. While you may give up a little bit of control, doing so can actually benefit your medical practice greatly.
ProMD Practice Management is happy to help with your billing assessment needs so you can maximize profits and increase patient satisfaction. To learn more about how ProMD can make your practice run like a well-oiled machine, call 888-622-7498 or fill out our online form to request a billing assessment.