Should I Outsource?
What are some reasons to outsource your medical billing? Is it worth it? What is outsourcing exactly?
Outsourcing services, or hiring a third-party to complete services, remains an essential tool for organizations. Services such as accounting, marketing, and even medical billing is oftentimes outsourced to professional companies. Additionally, sales, customer services, shipping, and many other administrative tasks can be outsourced as well.
Although outsourcing mainly pertains to organizations, on the most basic level, you as an individual might have even “outsourced” tasks. If you have ever gone to a dry-cleaners, you have essentially outsourced that task to another party.
So, what are some benefits of outsourcing and why are so many organizations doing it?
Benefits of Outsourcing
Companies providing specialized services focus on one thing – their service. They hire professionals and experts in their industry, people who have experience. For example, when you get taxes done, an accounting firm can help provide access to tax expertise from the accountants they hire.
Additionally, there can be more resources at a professional service company. Their employees have studied the subject in detail, and a larger number of experts in the company allows for greater access to information for your organization. If working in-house, you probably will not have access to as much resources as the professional firms do. If stuck on a problem, perhaps you might even consult someone with experience. However, without being an expert in that area, the information you look for may be scattered in different places.
When working in-house, certain items such as software, equipment, or research can take time and money. As well, hiring and training can result in additional expenses. On the other hand, when you outsource, the other company already has the knowledge and equipment to perform these services.
Back to the dry-cleaning example. If you are attempting to dry clean your own clothes, you may have to learn the techniques, buy a dry-cleaning kit, and spend hours cleaning yourself. However, by “outsourcing”, you save time and money while focusing on other important tasks.
It is the same with outsourcing services like sales or medical billing. Another party can handle these tasks, allowing you the time to put all your focus on what you do best.
Additionally, these companies will have access to the right software and equipment to efficiently and effectively complete tasks. You do not need to purchase everything for your organization, nor do you need to research which equipment works best. According to Deloitte’s 2020 Global Outsourcing Survey, cost reduction became one of the top priorities, leading to potentially increased trends towards outsourcing. These costs advantages could be a reason to consider outsourcing,
Take a look at our own cost calculator to see how much you could save by outsourcing your medical billing.
Time Management and Effectiveness of Outsourcing
Outsourcing certain tasks can free up time. It can also allow for more flexibility. Medical billing, for example, is a continuous process. Claims constantly need to be submitted and followed-up on. These tasks can be strenuous and time consuming, especially more in today’s environment.
If you are submitting claims in-house, it may be difficult to balance your main tasks with medical billing. To improve your practice’s revenue cycle, it is important to submit claims as soon as possible, and this may be difficult to do when managing multiple responsibilities. Even if an employee is hired to do billing in-house, it would be much more efficient and effective to have the task outsourced to a company where multiple people are taking care of submitting claims, following up, and making appeals. This will help speed up the revenue cycle for your practice.
There has been heightened stress as a result of working in the pandemic. Allowing a third-party company to take over some tasks can offer some relief, giving you and your staff time to focus on patient care, or taking a break for yourselves.
The predictions for the post-pandemic world lean towards a trend in outsourcing. Will you be following this trend?
Outsource Your Medical Billing To Us
At Americare Network, we are flexible. As a medical billing company, we can work with your existing billing system or create a unique billing platform just for you. Americare Network’s expert billing team will help your practice improve cash flow and efficiencies while you focus on what you do best – care for your patients. Save on cost and time by partnering with us. Our specialized teams know when to follow up on claims and when to push back on insurance denials, partial payments, and slow pays. This results in quicker payment and collection rates 10-20% above most companies.
Still not sure if outsourcing medical billing is the right move for you? Take our self-assessment today.