One Universal fact which we discovered after working with different specialty care groups and physicians on back-office operations is that most physicians would prefer looking after patients rather than dealing with bookkeeping. However, Collections, staffing, and processes are really important for a lucrative practice. Hence we are sharing few shares guidelines for simplifying accounting while also making recruitment and processes more efficient to support practice profits and physician productivity.
Medical costs are rising – up to $3.3 trillion in 2016 – a number equal to 17.8% of the U.S. GDP. As the costs skyrocket, physicians’ offices have to deal with ever-expanding regulation and stricter requirements for insurance reimbursement—a true administrative nightmare.
We all know the importance of high physician productivity. Up to 50% of practice losses are caused by physicians spending increasing time on back office and administrative operations. Simply put if they are not billing time for patient care, then they are not billing. Outsourcing billing and collections functions help reduce the burden of filing insurance claims and raising practice revenue. Patients can receive more personal attention in smaller group practices if doctors are freed from administrative headaches.
Many physicians are turning to sell practices. However, being acquired by large organizations doesn’t necessarily lead to an improvement in patient care. Why do physicians sell their practice? The primary reason is that they seek stability and assistance with increasing administrative tasks due to evolving regulatory changes which makes it more difficult to navigate the requirements for medical billing. This leads to an increase in claims denials.
Responsible outsourcing of back-office functions can save a considerable amount of money related to medical practice billing and receivables. It could prevent doctors’ offices from being swallowed up by large organizations, thus retaining a higher quality of care. Also, outsourcing to experienced and well-trained billing services upgrades regulatory compliance and produces fewer claims denials (denials could cost as much as 10% of a physician’s practice income) This leads to reduced costs and more profitable physician practices.
Outsourcing gives physicians contact to a staff of qualified billing and coding professionals, alongside a broad range of other services. Medical practices and other healthcare organizations often discover that they save time, resources and money when they bring into play an experienced medical billing company, making it well worth the funds spent
One of the primary reasons for outsourcing is saving money Outsourcing medical practice back-office operations frees up finances for the physician, enabling physicians to keep their practices and concentrate on patient care.