Over the last few decades, the billing and collection policies of hospitals and private clinics throughout the country have come under more and more scrutiny. This became an even more pressing issue with the election of Obama and the introduction of the Affordable Care Act. On the surface, the main goal of every business is to provide the best possible standards of care to their patients, but one thing that’s consistently hindered that is errors in patient billing before and after medical care has been administered. If you’re running a business in the medical sector, and you’re concerned about these and other errors, here are some ways that outsourcing can help.
Cut Hiring Expenses
As I’m sure you’ve discovered by now, employing staff in the medical sector can be extremely expensive. When you bring one new person onto the team, you’re tying yourself to their salary, the cost of training them up, taxes and benefits. You’ll also have to worry about the compensation for turnover on top of all that. Obviously, redundancies are never an enjoyable thing to get through, but you may need to consider cuts for the future success of your business. By outsourcing your billing and other financial processes to a medical accountant or similar service, you’ll be able to shave down the cost of hiring full-time staff.
Percent-Basis Fees
A lot of medical billing and accountancy services will charge you on an on-percent basis. This means that they’re only ever going to charge you a percentage of the revenue that they could inject into your company. Bearing this in mind, they’re going to be far more diligent with collecting faster and submitting any claims compared to an in-house accountant. When you have a third-party service taking care of denied claims and other issues, rather than an in-house employee, you’ll relieve a lot of strain from your existing resources.
Valuable Expertise
These days, patients don’t have a lot of patience when it comes to the medical billing process. With the uncertainty of big medical costs hanging over their head, they just want to cut through all the bureaucratic complications that the medical sector is so infamous for, and know for certain that the claim they need is secure. Your staff may be great in their individual fields, but a little shaky on all the ins and outs of Medicaid. Outsourcing will give you access to the expertise you need to make all your processes run smoothly.
Better Care
I mentioned it earlier and I’ll say it again; the main goal of any medical institution is to provide the best care possible for their patients. When you iron out all the problems in your billing system, you’ll be able to ensure that your business is doing this. When your billing practice is proactive and professionally managed, you’ll eliminate various costly errors which could potentially interfere with the level of care you can provide to your patients.
If your billing and financial processes are getting the best of your medical business, consider outsourcing today!
