A small healthcare practice that began operations from Freeland, PA, three years ago was in complete disarray; the reason being the use of a faulty billing system that often misplaced digits and caused coding errors. As a result of this their revenue cycle was in shambles and they were struggling to stay afloat in the industry.
All of that changed within six months, when the practice started outsourcing their coding and billing needs to a third party service provider. Since then, the practice started getting more money. In fact, their collections have soared by more than 30% and they are even getting paid faster.
However, the things would have been a lot different had the practice decided to persist with the existing billing system. Their revenues would have plummeted to the rock-bottom and the practice would have gone bankrupt had they decided not to switch in time.
Hence be proactive and switch to a third party service immediately after the first sight of following signs-
1. Shrinking Revenues
Practices can witness shortfall in revenues due to variety of reasons. It can be because of billing and coding inefficiencies, operational inadequacies, or a combination of many factors. Getting to root cause of these issues and coming up an appropriate solution can put a lot of strain on the already crippled resources of your practice. Hence instead of reinventing the wheel, it is better to seek the help of a specialized third party service provider that has the experience and resources to identify the issues and come up with a fool-proof solution.
2. Delay in Getting Insights about Your Practice’s Performance
Timely insights regarding the performance of your practice will help you to spot flaws in your AR cycle and nip them in the bud. But if you’re internal system isn’t delivering this level of insight, than it is time to look for an alternative in the form of an outsourced service provider.
3. Compliance and Regulatory Issues Pulling You Down
Keeping up with the compliance and regulatory changes that happen in healthcare requires a level of expertise that not many practices have in-house. Hence it is always advisable to leverage the experience and expertise of a proficient third party service provider to make sure that you stay on top of everything that is happening in the industry.
4. Managing Staff is Increasingly becoming Expensive and Time-consuming
Is the rising cost of employee health care and benefits, along with the usual headache of day-to-day staffing taking a toll on your practice? Then it is time to outsource. This way you will be able to optimize your staffing models without sacrificing operational efficiency.
5. Not Getting Time to Focus on Non-administrative Aspects of Your Practice
Has the administrative functions of your practice become all-consuming and you are not getting enough time to see patients or manage relationships with other stakeholders? Then try to rebalance your workload by partnering with a third party service provider.
If you are suffering from one or more of these issues, then it is time to seek the services of a premium outsourced medical billing service provider like us. Leveraging our experience in serving thousands of practices annually across multiple specialties, we can help you to efficiently manage your billing cycle and improve your overall financial performance—providing as much or as little support as you need.