A question that many businesses dither about is whether outsourcing their billing will be profitable to them or not. Third-party services can help make billing smoother as compared to the in-house process that involves using billing software. While some practices think outsourcing to be the right decision because that allows them to make use of the experts, their resources, and the timely manner in which the job is finished. However, others think doing it all in-house will help them maintain control over their practice. Caught in the same conundrum? Don’t worry! We can help! Here are a few reasons why outsourcing is a good idea:
In-house billing is costly
If you have been thinking that outsourcing is expensive then just try adding the expenses of in-house billing and you are in for a surprise. The expenses will include:
What you will be paying the billers
How much employee benefits will cost you
How much the technology systems will cost you
Outsourced billing is less expensive
Outsourcing seems like a good idea for startups, especially small ones, and transitioning businesses dealing with an employee who has resigned.
In-house billing comes with liabilities
A billing department is chock full of liabilities. Here are two of the sources from which said liabilities may originate:
Thus, they require constant and strict supervision from the manager all the time.
IT solutions are intended to making businesses more efficiently run and developed. In terms of medical practice, the business extends way beyond tending to patients only. Factors such as keeping both medical and billing record of patients, scheduling appointments that do not clash with each other, adhering to medical laws and regulations, and maintaining cross communication with patients as well as the support staff are central to smooth running of the medical practice.
The streamlining of these central factors among others constitutes “medical practice management” that is fueled and run consistently with the application of IT Solutions. These mainly include the usage of relevant software to help keep up with the daily operations; be it the medical activities or the administrative and support activities.
Some of the ways information technology solutions can help streamline your medical practice have been discussed in detail below.
Higher the number of patients a medical practice tends to see, the trickier it is to keep up with the specific information and follow up instructions for them. IT solutions help manage the plethora of information ranging from medical record numbers to past medical prescriptions, medical tests history and health graph of specific patients. Employment of software such as the electronic health record help streamline these jobs, thereby making it easier to access detailed data regarding each patient.
Same goes for billing records. The best part about such software is their ability to converge different aspects of information about a patient at a single point, accessible through the patient’s medical record number prescribed by the practice.