Your priority as a healthcare provider should be your patients and the treatment the facilities offer rather than running your office’s finances. When it comes to medical billing for your practice, you may be tempted to stick with your current system than taking the effort to modify it when you take a closer look at how you manage medical billing. Do you think your practice is experiencing reduced revenue, or you are unable to handle overhead expenses? It is preferable to outsource medical billing and coding services than to manage them yourself in order to reduce your workload and save money. Here are 5 crucial indicators that can assist you in determining whether your company has to transition to offshoring your medical billing services:
1. High Staff Turnaround
Medical billing departments frequently experience high staff turnover, and the race to hire and develop your team can squander a significant amount of money at your clinic The timing may be right to choose a medical billing service rather than incur the price of hiring new staff if you have suffered staff turnover in your medical billing department or if you will soon be losing knowledgeable professionals to retirement. The cost of hiring, educating, and maintaining skilled billing experts in a clinic setting is rising. By choosing to outsource medical billing, your clinic will no longer have to worry about recruiting and training new employees or freeing up more time for patient care.
2. Revenue is Lower than Industry Standard
You can determine whether your finances could be stronger by looking at industry benchmarks and comparing your cost and sales figures with those. The cost of hiring, retaining, training, and providing benefits to your staff as well as the cost of in-house billing and collections are frequently costlier than outsourcing your revenue cycle management. It is likely that your practice has outgrown the internal billing system you initially used, and outsourcing your medical billing could result in cost savings and revenue parity with your competitors. Offshoring would still be a preferable choice even if the expenses are roughly identical between doing it in-house and outsourcing your revenue cycle management tasks.
3. Decreased Workflow Efficiency
It might be time to outsource medical billing if workflow efficiency is declining across your entire firm. By doing this, your staff is free to concentrate on patient-important responsibilities while a knowledgeable billing team keeps track of and scrutinizes claims to ensure smooth billing procedures.
4. Reduced Revenue
Reduced insurance company payments and inefficient coding and invoicing are the two main causes of many practices’ poor collections. It takes a lot of time and money to fully comprehend the issue and produce a report on the study of procedures. When you contract out your RCM services, the experts will assist you in rapidly identifying the problems and providing you with suitable solutions as well.
5. Keeping up with Regulatory Changes
The laws and regulations governing medical billing are set by the government and other organizations like the Centers for Medicare and Medicaid (CMS). It’s crucial to make sure that medical billers and coders are regularly informed about changes that affect the billing process as new rules are always being implemented by CMS and other third party payers. If your team is finding it challenging to keep abreast with these changes, it will reflect in the financial health of the practice. An offshore company with its employees is updated with every change in policies.
Move to Offshore Medical Billing
With extensive years of experience, Info Hub Consultancy Services (ICS), an offshore medical billing service company offers unparalleled customer care. We offer revenue cycle management services to hospitals, surgery centers, primary care and specialty doctors, ASC and DME, anesthesia, and emergency medical services.
Furthermore, our team of trained billers and coders is committed to provide top-notch services so you can concentrate on your patients. You should consider offshoring your medical billing or entire revenue cycle management process to ICS to improve the financial health of your practice. Find out why we are your revenue cycle management solution by getting in touch with us right away for a financial evaluation.