Saving Costs: Using a Billing Service
Did you know that one of the best ways to save costs in your medical practice is to hire a billing company? If not, you’re in for a treat, because it’s one of the best choices you can make to lower costs at your practice—and in the process, you’ll also make things so much easier for yourself and the rest of your staff on a day to day basis.
Costs are Skyrocketing
There might be a public perception of doctors being wealthy, but if you run your own practice, you know staying in the black isn’t as easy as it sounds. Administrative costs are a nightmare at the simplest of times, and no one would say times are simple right now! There are many opportunities on the horizon for private practices as health care becomes more attainable for more patients than ever before, but taking advantage of them means spending, and capital is probably something you don’t have much of.
More patients mean more paperwork, and more paperwork means more room for mistakes—especially when the paperwork is changing constantly. There are new systems in place, and if you haven’t already switched over to electronic filing, the deadline for that is looming as well. At a time when you can least afford mistakes, it seems like conditions are lining up to make them unavoidable!
Physicians Billing Service – the Answer
You don’t need a lot of capital to use the services supplied by a billing company. In fact, you’ll start saving right off the bat. How come? Because you won’t be juggling all of the costs required to maintain an in house billing team. Even if you keep your current billing clerk, you won’t have to waste man hours on complex trainings, and you’ll have an entire professional team to support you during any changes to billing method you’ll have to make due to new systems.
You’ll also save indirectly because claims will be processed faster and more accurately than ever before—so more money will be coming in. More reimbursement and fewer delays can fix an astonishing amount of cash flow issues in a practice, however large or small it is.
Do What You Trained to Do
You didn’t go to medical school to be an accountant—you went to medical school to be a doctor, and that means spending time with your patients and focusing on their needs and treatment 100%. When you spend time worrying about billing practices, lose sleep over cash flow issues, and concentrate on aspects of your practice other than medicine, you’re probably not living up to your own full potential as a physician.
All Pros, No Cons
There really aren’t any good reasons for any practice today not to use a physicians billing service. Professional billing services do everything your practice needs, do it more efficiently, with fewer mistakes, and at a cheaper cost than you could manage on your own—all while giving you more time to attend to your patients.