Many practices struggle with the decision of whether to do their billing in-house or outsource medical billing. For some practice managers and physicians, outsourcing the billing can feel scary, like you’re giving up control over a crucial part of your business. However, if you have the right billing partner, it should feel like they are a part of your practice, not a separate entity.
Below are some good reasons you might want to consider outsourcing your practice billing:
1. You Have a Dedicated Staff of Specialists
Overseeing billing in-house takes time and staff resources away from other important tasks. A good billing partner will have one goal in mind: make your practice more profitable through good, efficient billing practices. There is also a lot of change happening in the healthcare industry and keeping up with all of those changes is a lot to ask of your staff.
2. Quicker Payments
It takes a lot of hard work and follow-up to keep your accounts receivable in a good place; the revenue cycle of a practice can sometimes be erratic, but cash coming in the door is essential to operate smoothly. When a practice outsources its medical billing, claims are likely to be submitted quicker and with fewer errors.
3. Increased Profit Margins
It can be expensive to pay salary and benefits for a medical billing specialist. Often outsourcing your billing lowers billing costs, and allows you to maintain that cost savings even as your practice grows.
4. Maintain Control
A good medical billing company will maintain clear lines of communications with providers and practice staff. You will free up time for other important tasks by outsourcing billing, your practice management can stay on top of any billing details with regular reporting and transparency provided on the part of the billing company. In some ways you have even more control by outsourcing billing, as you are not putting all your trust in just one in-house billing specialist; with all your eggs in one basket the cash flow of the practice could be negatively impacted by one person’s unexpected vacation, illness, or lapse in judgment.
Efficiency matters in operating a successful practice. Sometimes that means making important decisions to change how a practice operates, which might include outsourcing your revenue cycle management. For more information on how Svast Healthcare approaches partnering with our RCM practices, reach out today.