Is your practice trying to decide whether or not to outsource medical billing services? Your team may be weighing the factors and trying to determine the best route to take to optimize its revenue. With a healthy revenue cycle, your practice can grow, and your team can offer the best patient care. In-house management can be costly, inefficient, and exhausting to manage. Below are 8 signs that it may be time to outsource medical billing services at your practice.
Is it Time to Outsource Medical Billing?
If your practice is experiencing any of the following, it may be time to outsource medical billing services.
- Administrative Strain
Is your staff feeling overworked or like there is too much strain on what they are expected to complete in a day? Burnout is on the rise across the medical field as providers and their team experience increased administrative strain. This relates to billing as the provider’s focus has shifted from patient-centered to revenue-centered. Choosing to outsource medical billing at your practice can help remove a huge portion of the administrative strain your team might be feeling.
2. High Staff Turnover
Billing staff can be hard to keep, especially if the flow of your revenue cycle is experiencing kinks. Having to hire and train new billing staff is exhausting and costly. It can cause important details to slip through the cracks. Choosing to hire a medical billing services team can eliminate the need to keep hiring in-house billing staff. Your vendor of RCM services works like a well-oiled machine with expert billers to ensure your claims process runs smoothly.
3. Frequently Delayed Payment
The biggest reason for a delay in payment is a denied claim. If you are constantly training new staff or your clinicians are overworked, you may see an increase in delayed payments. By making the decision to outsource medical billing, your hand over your claims review process to your vendor. A quality vendor will ensure to achieve clean claims as high as 99%. This will ensure that your practice achieves the highest payment turnaround possible.
4. Focus Has Strayed from Patient Care
The reason many providers entered the medical field was that they have a passion for patient care. If you’re starting to notice that your practice is constantly chasing after payments rather than focusing on their patients, it might be time to outsource medical billing. Doing so can help your practice regain focus on what matters the most.
5. Decreased Workflow Efficiency
If you are seeing a decline in workflow efficiency across your organization, it may be time to outsource medical billing. Doing so allows your staff to focus on patient-critical tasks while an expert billing team tracks and reviews claims to ensure optimal billing processes.
6. Revenue is Less than the Median
If your total revenue is falling below the industry median, this is a clear sign that changes need to be made. Optimizing your revenue cycle is essential to keeping your doors open to help patients. By choosing to outsource medical billing, you can build your revenue above and beyond the industry median.
7. Increased Reliance on Patient Payments
With the increased popularization of the High Deductible Health Plan, providers everywhere are seeing an increase in their reliance on patient payments. Working with a quality vendor of medical billing services can help your organization form a calculated plan on how to continue growing revenue despite this change.
8. Increased Efforts Toward Difficult Collections
With an increase of reliance on patient payments comes an increase in payments that go to collections. Rather than managing in-house staff to chase down those payments, you should outsource medical billing. Doing so with a quality partner will improve your overall management of difficult collections and improve your bottom line.
To learn more about how to outsource medical billing to a quality vendor, click here.