Is outsourcing a sign of strength or weakness?
There’s no debate: Outsourcing is a sign of strength & smart management, If two factors are present:
- If you’ve identified a business partner whose competence and technology in billing & collections are higher than yours.
- If that business partner can manage all issues related billing & collections for a lower cost than you can.
If points 1 & 2 are true, outsourcing billing and collections will benefit your practice.
Success requires that you focus on, “What you’re good at”.
The best CEO’s have a vision. What’s your vision? How do you complete this sentence:
My practice will be recognized as being, “THE BEST ______”.
If having the best billing dept. is your goal, if “claims management” gets you out of bed in the morning”, then, yes: You are one of the 5% of practices who should bill in house.
But if your passion centers on maximizing patient outcomes, if you crave innovating new treatment techniques, truly changing your patients’ lives, you should delegate collections to someone who satisfies points 1 & 2 above, and focus on achieving your vision.
A competent billing & collections company:
- Oversees tens of thousands of treatments per day and has a broader “scope” than a practice employee could ever have.
- Utilizes “big data” trends to clarify what does and what doesn’t get paid.
- Build payer rules into your EMR, guiding employees toward clean claims.
- Invests millions of dollars in proprietary technology to win against the payers’ technology.
- Emphasizes & measures collections. The payer has your cash. The more calls that are made, the more cash is collected.
- Completes the entire collections process with their own U.S.-based employees.
- Provides EMR and superior collections for much less than you’re paying today.
In our experience, practice payments increase an average of 9.2% vs. the prior approach to billing. And costs decrease by about one third.
The following video demonstrates how Systems4PT technology and expertise increase collections an average of 9.2% vs. the prior approach to billing, at about 35% lower cost vs. what you’re spending today.
Partner with the best talent in the industry & devote 110% of your energy to achieving your core vision.
