What to Outsource? That Is the Question
So you’re convinced—and ready—to bring in a third party to benefit your medical practice, but where do you begin? What facets of your practice need outsourcing attention? Start here:
1. Medical billing processes: With the evolving medical landscape, medical billing has become increasingly time-consuming and, yes, sometimes downright convoluted.
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According to MBA HealthGroup, profit margins in the private sector are dwindling because of reduced carrier allowances, increased red tape and more regulation. Thus, an efficient billing process is necessary for survival. Outsourcing the process, according to MBA, means a well-trained specialist will take on the heavy lifting while the rest of your practice gets on with the daily grind. Outsourcing also allows for less vulnerability and disruption in cash flow, as you now boast an entire team that ensures your claims are processed accurately and quickly.
2. Transcriptions: Because medical transcription services for practices work on a volume basis, medical practice leaders aren’t paying staff members hourly rates or salaries to draft transcription work. This, in and of itself, saves money immediately. Also, if your practice’s doctors are transcribing their own notes, this eats up the doctors’ time they could be spending with their patients. Outsource your medical transcriptions, and your patients (and your pocket) will benefit.
3. IT management: According to Black Book research, healthcare providers are overwhelmingly turning to third parties to outsource IT needs. As its 2015 survey of 1,030 hospital IT leaders found, almost 75 percent of health organizations that boast more than 300 patient beds (and more than 80 percent of providers with fewer than 300 beds) have shifted their focus to IT outsourcing for services such as software development and infrastructure.
Perhaps the most convincing argument from the survey came from the 600 respondents who were either former or current IT outsourcing users: Ninety percent said they were either at or near full returns on their investments within three months, if not sooner.
While these three areas of your practice are just the start, there is so much more you can outsource to cut costs, save your employees time to do their actual jobs and ultimately benefit your patients.