Why Now is the Right Time to Outsource Your Revenue Cycle
At the first of the year, you likely laid out your practice’s financial goals quarter by quarter. As 2015 marches on, are you meeting them? Are you as happy with your practice’s revenue and overall financial performance as you’d like to be?
If you’ve spotted an underperforming aspect of your operations, it’s unwise to “wait it out” and hope it course-corrects over the rest of year. For many medical offices, Q2 is the perfect time to make a change.
Depending on what benchmarks you’re not meeting, one of the smartest ways to boost your financial performance may be to contract with a medical billing service to outsource some (or all) of your back-office operations. Here are some of the key reasons why now might be the right moment for you to make the switch to outsourced medical billing and revenue cycle management.
You’re Not Collecting 90% or More of What You’ve Billed For.Seeing as the year is now well past any claim cycle (30, 60, or 90 days) you should have data to show what percentage of your billings you’re collecting on. If it’s not at 90 percent or higher, you could almost certainly do better by working with a medical billing company.
You Can’t Expect Change Without Change. Unless you have job listings posted seeking new staff members for your billing team, you’re likely not going to see a shift in your staffers’ knowledge or performance any time soon. (And even if you do hire, it takes time to train a new staffer to understand the nuances of your practice’s revenue cycle.) If working with the human resources at hand isn’t going so well, you have to make a change.
Your Staff is Overwhelmed. Your patients’ experience at your practice should always be good… but are your employees too busy to provide them with stellar service? Outsourcing can free up members of your team to focus on other important practice duties – including more patient engagement and interaction.
ICD-10 is Closer than Ever. If you haven’t invested in the training and infrastructure necessary to implement the ICD-10 code set, you’re running out of time – fast. Working with a medical billing company can help you take ICD-10 off your to-do list.
Your Balance Sheet Might Like It. Practices are often hesitant to work with an outsourced service because they think it will increase costs. But the opposite is often true: many practices find outsourcing medical billing and RCM to cost less than employing even just one full-time staff member (and what happens when a solo biller takes a vacation?). Call some medical billing services and do some cost-benefit analysis… you may be surprised what you find out.
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