There always comes a time where Medical Businesses are often faced with that controversial dilemma of outsourcing Medical billing to an Offshore company .
Some doctors prefer to outsource the billing to a dedicated company, with good reason, they’re experts with financial resources and will take a massive work load off their shoulders.
Others prefer to keep it in-house , a more “ Controlled environment” where they maintain their “shot caller” position.
Is Medical Billing Outsourcing right for YOU ?
While its easy to just outsource everything, its not always a good way to go for every practice out there , some prefer the domestic QA day-to-day monitoring as some offer cost-effective medical billing.
Why would you outsource billing services?
When that DAY comes and you are faced with the outsourcing option, you really ought to look at it from both sides .
Here are some of the benefits of outsourcing medical billing services to offshore company:
- Leaving the nitty-gritty stuff.
- Stop working IN your business, and start working ON your business
- Reduce or cap operation costs
- Project boosting
- Improving your cost efficiency
- Tap into unique skills of your outsourced company
- Damage control on any radical in applications or standards
- Maximize customer satisfaction rate
- Leverage the expertise of your outsourcing company in solving problems for clients with similar requirements
- Save time and cost in specialized services like medical claims processing.
Now this is just domestic outsourcing (you’d think it can’t get any better, right? check this out)
As offshore billing service , you get everything in the Domestic outsourcing PLUS:
- Highly practical and technical edge over your competitors with little to no capital investment
- A mere fraction of the cost
- Superior security
- Boosted performance
- Maximum uptime
- Triple the start up speed
Now that … THAT is something worth doing. But here’s the thing, you can get all the info you need from brochures and stuff like that, but in the end ….. its all about you.
There are 2 ways to go about medical office billing services,
1: go out and try everything under the sun, and test it all, collect data, and decide.
- What’s cheaper
- What’s faster
- What’s more cost-effective
- What suits you and your needs
2: study! , do your homework, research and collect numbers, data and offers and make an informed decision.
A little tip though, think about what suits You and more importantly suits your patients.
Before you take a decision in all that, take a step back and look at your current patient database, mark out the commonalities and know your numbers , the fees on all the billing costs and the current costs of it, be it in-house employees and their annual salary and insurance and all that hassle, or simply outsource and automate the whole thing and forget about it.
You have an inefficient billing process
While you’re going in your database as we mentioned before, you might as well take a look at your numbers and find the cold hard truth. Which is your collections are dropping and your collect time is spiking.
Why suffer the high staff turnover when you can cut down on your cost dramatically by outsourcing and automating the whole thing. And make it a win-win situation , you pay less upfront and save a lot in perpetuity. The staff cuts alone will be a significant mark up on your growth scale.
The moment you outsource your billing process, here’s something cool to expect: your billing time will be impacted drastically and your collect time will be down to a fraction of what it is now.
And lets point out the elephant in the room , you’re a doctor. You’re not equipped to be tech savey and learn the in-house management software, let alone its practice costs. And god have mercy on us if that software had to upgrade. Your entire billing system will be down for HOURS and its highly likely that the new upgrade will not work with your current system and you’ll have all sorts of problems an issues. And guess what, now you have to call the “tech-guy” and he’ll charge an arm and leg to come on demand and fix your issue asap so you can resume day to day operations.
Now let me ask you this, what will that do to your patient satisfaction rate?
Lets be realistic here for a second, you can’t ask your patients to WAIT for hours to PAY you money…. That’s never going to happen , regardless of how loyal they are.
So let me bottom line it for you.
Why bother for outsourced billing services?
why take all that hassle, employees, costs, downtimes, headaches. And all that…. When you can just outsource the entire thing and just forget about it.
Your billing provider will do his upgrades in the background silently after doing beta tests before taking it live so you are never down during updates, you never have to suffer the cost of overhead again while still achieving the desired result