Imagine a clinic as a startup company.
The building blocks of any startup company is a strong administrative and bookkeeping support system to oversee cash inflow and outflow, making sure that products and services are billed correctly while at the same time managing the timely settlement of bills to ensure minimum disruption in operations.
This is quite a challenge for medical doctors especially since they often wear multiple hats – managing their growing number of patients while at the same time ensuring that their payables and receivables are in order.
A challenge to make hospital & clinic administration cost-effective.
Doctors are supported by a lean staff tasked to manage the influx of patients and maintain day to day clinic operations which can prove to be quite a handful. They oversee patient scheduling, handle queries on lab tests and billing, relay critical doctor instructions, coordinate appointments while making sure that the patients are accurately billed for the services provided.
Doctors may find it difficult to fault their staff if billing discrepancies arise as they are also juggling these amidst the other tasks on their plate. Keeping an eye on the minute items of clinic operations add to doctors’ stress when their primary concern should be patient care and management.
These realities ultimately pose the question – is it time to outsource your medical billing?
Optimize Growth with Medical Billing Outsourcing
Growing your expertise.
As doctors mature in their practice, their reputation and expertise grow with it. Doctors are faced with a growing patient base coupled with increasingly complex operations often handled by the same staff employed when their business was still small.
As operations expand, doctors need to ensure steady cash inflow first and foremost. This means making sure that services rendered are properly and promptly paid for by patients, avoiding any revenue backlog due to delays in processing. Delays are inevitable to a staff juggling patient scheduling, running errands and routing documents all at the same time when their primary role should be ensuring that patients receive utmost attention and uninterrupted service.
This is where the role of medical billing outsourcing comes in — providing optimal solutions through innovative technology and pre-designed systems built specifically for such tasks, coupled with well-trained staff equipped to handle the nuances of each process.
Medical Billing Outsourcing Must Have’s
The key ingredients to look for in a good outsourcing partner are the following: transparency, speed, and expertise.
Transparency means sharing key statistics and performance indicators critical to revenue generation such as the number of days on average claims that are processed. Speed means minimal turnaround time between entering claims and the doctors actually receiving the revenue. While expertise means a sound understanding of the doctor’s specialty – its jargon, anatomy, and latest diagnosis systems thereby minimizing errors and increasing productivity in data coding.
Making the big move towards medical billing outsourcing in response to business growth is ultimately the doctor’s call. The aim is to achieve higher collections and better revenue management. Realistically, it entails additional cost but a doctor has to decide whether the added investment would equate to increased efficiencies and less stress overall and allow them to focus on what matters most — their patients.