What’s the Benefit?
So you may have clicked on this pondering why a medical or dental practice would outsource its billings when the office is fully trained to do so. Logical question. Your staff has been trained and knows the clients and as such they make the most appropriate choice to serve your needs.. but what if I told you there was a more efficient and PROFITable way to handle your billing. Take a look below at the seven most important reasons why you should be outsourcing your office’s billing and they all boil down to your bottom line!
- Relieve Your Stressed Office Staff
Good medical billing companies collect what’s owed to you quickly and efficiently, making sure you are paid correctly on time. This can reduce your need for a heavy load of office personnel and enables them to focus on your marketing, scheduling, ordering, or whatever else your need may be. I would say given the large consolidation of private practices in the market, that this is the number one reason providers start having issues with finances. Running your practice and making sure your office collects every dime is tedious, especially when you add the patient-care aspect. This creates a heavy topline number for payroll which can only be offset by seeing as many patients as possible. As many are seeing in this environment, if your payroll is heavy but you have no client demand and reserves are depleted due to the aforementioned payroll – your firm’s ability to survive is threatened.
- Industry Knowledge
A medical billing company’s knowledge of private insurers policies and current billing terminology is paramount in this ever-changing landscape – You don’t have to manage a staff and make sure they have the proper knowledge as the industry changes. A professional practice management company stays up to date on all regulation, helping you get the most of your billings.
- Account for Economic Uncertainty
With the country largely uncertain of how our economy will rebound, be vigilant and lower your expenses. Let me illustrate: having several employees performing the task of billing, verification, and collection will cost your practice more money when you add in taxes, vacation, benefits, space for said employees, etc. Additionally, one must factor in the cost of losing an integral billing employee and the new cost to train their replacement. Outsourcing your billing keeps one consistent point of contact, who is up to date on all billings related to your business! No denied billings slipping through the crack and write-offs at the end of the year for unpaid balances from the insurance companies.
- Ease & Certainty in Collection
We do the billing work and you get the payment in your account. That simple. There are so many ways to do this in this modern/digital world – it’s great! Whether you have a compatible EHR or we are remoting into your files, there are so many ways that we efficiently help with the collection process to get the funds into your account expediently. Even better, you only pay us on what we collect for you. It’s a win-win situation.
- Reconciliation
Knowing where you stand at any moment based on the lifeline (billings) of your practice is imperative. Having an astute practice management firm that reconciles what’s been brought in and what is remaining is vital to all decisions made in your practice serving as a road map to your goals.
- Trusted Advisor & Partner
A biller is typically just that, focused on billing (or all too commonly a stressed-out multiple hat wearer). As practice management “NINJAS” we are on the lookout of new regulations, how we can help you improve your cash flow in various ways, or how we can give you time back into your already hectic life.
If I leave you with anything, it would be that as a business owner the thing that makes you successful is typically what you are passionate about. At Consultex Practice Management (CPM), we are passionate about helping you increase your bottom line and increase efficiencies in your office. As a practice owner, I am most certain you are passionate about your business which is your reason for doing what you do, and we admire that. I love helping business owners and have a vast business skill set as a former corporate banker and accountant, which makes us a great partner. In order to pivot during this challenging period, we all need to be vigilant and laser focused on our goals, which means examining our financial position so we may have longevity during uncertain times. We invite you to the link below to schedule a time to get to know each other. We will solve your practice problems!
