If you are responsible for managing a doctor’s surgery, then medical billing is likely to take up a lot of your time. Thankfully, it’s no longer necessary for you to manually handle your surgery’s medical billing work. You can actually outsource medical billing. However, if you do intend on outsourcing it, then you need to find an agency that’s reliable, respectable, and safe to work with.
Outsourcing medical billing can be expensive, but it’ll save you a massive amount of time. Here are some more reasons why you should outsource medical billing:
Office Space
A lot of surgeries are short on space. It’s not hard to see why, since property prices are increasing exponentially. Doctors are having to buy and rent much smaller surgeries. Having an in-house medical billing team means that there needs to be an entire room dedicated to it, which takes up space. When you outsource, all of your medical billing is handled off-site, freeing up space. The more space you have, the more doctors you can employ, and the more patients you can treat.
Call Frequency
When you handle all of your surgery’s billing in-house, your phone lines will never stop. You will constantly be having to deal with people’s payment queries or make calls related to payments. One of the greatest advantages of using outsourced billing services is that getting lots of calls isn’t something that you have to worry about. Insurance companies and other payment providers will get in touch with your medical billing team using another number. Lower call frequency means that your surgery’s phone lines will be open to patients more. It can be very frustrating for patients not to be able to get through to their doctors’ surgeries because phone lines are engaged. When you outsource medical billing, this isn’t something you have to worry about.
Revenue Potential
When you outsource your company’s medical billing, you get to benefit from the financial experience of the team you have outsourced to. The people in this team will be able to identify areas that you could be exploited in order to make more profit and create reports pinpointing strategies that could help you to earn more money. Working with a medical billing company, therefore, can help you to make more money, and do better as a business financially.
Business Updates
It can be hard to manage your business’s finances in-house. More often than not, surgeries employ medical billing staff and ask them to double as receptionists. If your surgery’s medical billing staff double as receptionists then they will have far too much going on (and will be dealing with too many phone calls and patients) to be able to keep you updated with financial news. When your medical billing is outsourced, you can ask the company to present you with business and financial updates on a weekly basis. These reports will be sent to you by email. Then, you can go through them in your own time.
Financial Experience
As mentioned previously, when you work with a medical billing company, you get to benefit from their financial experience. However, increased revenue and profits aren’t the only advantages of working with financial experts. A medical billing company will also be able to tell you about areas of your business where you are overspending, a lot like an accountant. That said, medical billing companies are not accountants. If you do need an accountant’s services then you should find one in your area. You will be pleased to know that you can also outsource accounting for your accounting needs.
Lower Costs
It’s a lot cheaper to outsource medical billing than it is to pay for in-house billing services. If you were to manage medical billing in-house, then you would need to pay the salaries of your medical billing team. Outsourcing could cost less than a single employee’s salary (i.e., less than $25,000 a year). Additionally, and as mentioned earlier, medical billing companies can help you to earn more money, and also save money in places. Working with a medical billing company can also make it easier for you to take on more staff, and more patients, which can increase your revenue even more.
Greater Control
When you work with a medical billing company, you have a lot more control over your business’s finances. This is because you can call the company you have outsourced to at any time and ask them to create a report or do some work for you. When you have in-house staff, it, unfortunately, doesn’t work like that. The staff you have employed will likely be managing other things, too. When you outsource, the company you have outsourced to works exclusively on your business’s medical billing. Because their only job is medical billing, they are experts in it and are available to help with it at any time.
More Focus
When you outsource medical billing, you can shift your focus away from it and onto more important things, like taking on more patients. Running medical billing in-house can be chaotic at the best of times. The staff responsible for managing it will be coming to you and asking questions, needing help, and just generally getting in the way. Having an in-house billing department can make things very complicated and can be very distracting. When you outsource, you can focus on running your surgery, not medical billing. If you need reports, you can ask the company to send them over.
Transparency
Working with a medical billing company means that your company’s finances and billing will be run a lot more transparently. As mentioned above, if you need reports, you can ask for them to be sent over to you. More often than not, they will be sent on the same day. Because the people who work for medical billing companies are experts, they are able to quickly create reports, analyze data, and provide information. Having a more transparent medical billing department means that it’s easier for you to run your company (and know what’s going on financially).
Medical billing is a source of pain for a lot of physicians and doctors since it’s an expensive department to run. You can save yourself a lot of time, money, effort, and stress by outsourcing yours to a third-party service.