Outsourcing for your Medical Practice Financial Improvement, Process and Systems

Would it surprise you to learn that almost 60% of the physicians surveyed outsource to save money?  That is according to a  2016 Deloitte survey that also reports about 57% outsource to be able to focus on their core business?  Half of the respondents cited that outsourcing adds value in business development, strategic assessment, contracting and more.

The good news continues.  Almost 80% of the participants consider their outsourcing relationships as a positive endeavor.  So when it comes to outsourcing for your medical practice, the benefits appear to outweigh the negative.  Physicians and staff are better able to focus on the tasks they were hired to do, and it also improves cash flow.

It is also important to take a step back to some less obvious benefits.  Many physicians and practice managers we talk to, lament the grind of menial tasks that are necessary but don’t pertain to their primary job responsibilities.  Outsourcing services can be more efficient in completing these jobs while freeing up employees to function in the roles they were hired to perform.

In the long run, outsourcing revenue cycle management and billing services can save money and also client and employee satisfaction.  According to research by Keystone Health Services, outsourcing can potentially save your practice thousands of dollars in yearly benefits and salaries, software purchases, maintenance, and upgrades. Finally, outsourcing your billing processes improves your overall cash flow.

What to Outsource? That Is the Question

  1. Medical billing processes: With the evolving medical landscape, medical billing has become increasingly time-consuming and very complicated. According to MBA HealthGroup, profit margins in the private sector are declining because of reduced carrier allowances and constantly changing payer trends. Outsourcing the billing process ensures a dedicated specialist is focused on the heavy lifting while the rest of the practice can focus on patient care.   It 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.

Contrary to some, outsourcing will save money, add value to your business development and allow you to spend more time doing what you love – caring for patients.

Source: Medical Economics