To survive in today’s environment of declining insurance reimbursement and increasing cost, all medical practices should explore the opportunities of adding to their bottom line by outsourcing their “non-core” processes. For your medical practice, the “core process” should be what generates value for your practice, which is the management of patient care, and what differentiates your practice from your competitors.
By outsourcing, your practice is shifting the responsibility of a service to a supplier, which specializes and focuses on that one element for your practice such as state of the art technology, billing and reimbursement, finance and accounting, human resources and data processing. Outsourcing can turn your practice’s expenses into a profit center.
Following are some of the reasons why outsourcing processes work:
- Control increasing overhead
- Improve quality of service
- Improve company focus
- Utilize administration and staff for other
- Reduce cycle time
- Turn fixed costs into variable costs
- Gain access to resources and knowledge not
- otherwise available
- Standard policies, procedures and protocols
- Assurance coding methodologies comply with
- guidelines while optimizing reimbursement