Every company tends to outsource some of their business activities. Doing so can help to free up resources, which allows them to run their business more efficiently. However, deciding what to outsource can be quite challenging. Some activities may seem like they can be done just as easily in-house and for a smaller expense than it would to outsource to a third party.
Physicians in particular may have a difficult time determining what parts of their medical practice they should outsource. Whereas outsourcing certain activities could lead to increased efficiency and even have a positive impact on your bottom line in terms of cost savings, outsourcing the wrong activities could lead to the loss of proprietary information. You could receive components necessary to your practice that don’t meet the standards of quality that you’ve established.
To help you determine what parts of your medical practice you should outsource, you should use the Outsourcing Decision Matrix Tool.
The Outsourcing Decision Matrix will help physicians decide what to outsource based on two important factors: how strategically important the task is in terms of competition and how great of an effect the task has on the operational performance of your medical practice.
Using the tool is easy. There are four quadrants in the matrix in which you’ll want to place the tasks you’re considering outsourcing in order to identify whether your medical practice can actually benefit from outsourcing them.
Use this Matrix as a guide to decide which tasks, processes or functions you should outsource in your organization to greatly benefit your practice. For more information about Outsourcing Services, contact us at ProMD Practice Management today so we help you make better outsourcing decisions.
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.