Today’s medical practices are under pressure to give patients the best possible care while also dealing with complex billing & administration processes. For some practices, outsourcing to professional Bureau Services is a strategic decision to maintain a high standard of care & practice efficiency.
Bureau services are offered by businesses that specialise in billing, coding, claims submission, & other medical practice admin. For practices with a small staff complement or even multidisciplinary practices with complicated billing, outsourcing to a professional Bureau service is a solid strategy for success.
Here are a few reasons why medical practices outsource billing & admin to Bureau Services:
- They want to devote more time to their patients. When medical practices outsource their billing & admin, their staff can focus on what they do best: providing excellent patient care.
- They want to reduce costs or keep overheads down. Outsourcing can be more cost-effective than hiring & training in-house staff to handle billing & admin.
- They want to maximize revenue. Practices lacking the right resources & capacity are more at risk of losing out on revenue. Outsourcing means you have the expertise & experience to submit claims accurately & collect payments from patients with less chance of lost income.
- They want to reduce risk. Outsourcing companies can help medical practices comply with complex billing & administrative regulations. They can also help to reduce the risk of fraud & bad debt.
If you want to reduce risk & optimise practice finances & your patient experience, Bureau Services by a reputable company can help you achieve your goals. Let’s look at some of the specific benefits of outsourcing.
Why Outsourcing is so Appealing: Efficiency & Expertise
Managing billing in-house can be a lot of work, & it can take away time & energy from patient care. Bureau services are experts in billing & admin, so they can do it faster & more accurately than most practices can on their own. Their team of experts are also up to date with the latest billing & admin regulations. These factors reduce the risk of errors & help practices streamline operations & save money.
Medical Billing: Software vs Outsourcing
Sophisticated medical billing software plays a crucial role in modern practice management, but there are some instances when practices would be more inclined to opt for outsourcing services. This includes:
- If you have a small staff complement: If you have a single employee, for instance, it is probably wiser to outsource your billing & admin rather than overload a staff member working alone. The same is true if you have an inexperienced staff member, they will need time to build up their expertise, but your billing can’t wait. In this case, it’s also wise to outsource billing & admin so it doesn’t stagnate or come to a standstill.
- If you run a paper-based practice: If you & your staff manage admin & billing manually, then your risk of errors & loss of income is much greater than if you outsourced to a Bureau. These businesses have robust technology in place to manage billing faster & more accurately than can be done manually.
Your practice is very nuanced
No solution is a one-size-fits-all. If you’ve weighed up your options for the kind of practice you run, you may choose Bureau services over using technology in-house. Your specialty or ‘clientele’ might require more of a human touch & nuanced decision-making. If this is the case, Bureau services combine the power of technology with the finesse of human expertise, creating a synergistic approach that maximizes efficiency & accuracy.
Both outsourcing to Bureau services & implementing billing & practice management software are strategic ways to optimise your practice operations & revenue. Which one you choose will depend on your specific needs & practice nuances. Whichever option is right for your business, be sure to choose a reputable partner who has a track record of delivering results.
Save Money While Making More Money
Staff salaries are one of the highest overhead costs of any business. The expense of hiring & training new staff also adds up. Trying to keep these costs down is one reason why some practices choose to outsource billing & admin to Bureau services. Outsourcing offers a predictable & scalable cost model that adapts to your practice’s turnover. Plus, Bureau services have the technology & expertise to minimise coding errors & submit claims on time. In other words, Bureau services can help you save money while making money. A win-win for any practice.
Reduce risk & stay compliant
Healthcare regulations & compliance standards are stringent & can be complicated. If you don’t have experienced staff, it poses a risk to your practice. The POPI Act is a recent example – very specific guidelines are set out to ensure the safety of personal information. Practices that fail to comply face costly fines & damage to their reputation.
Bureau services give practice owners & clinicians peace of mind because their teams are always up to date on the latest standards & regulations. They have systems in place to make sure that billing practices follow the latest regulations & standards. By outsourcing your billing to reputable Bureau services, you have peace of mind knowing that your practice admin is in good hands.
Scale up or down as needed
Another primary benefit of Bureau services is its flexibility. As your medical practice grows, your billing & admin needs change. The same is true if your practice shrinks. A prime example of when your practice might ‘shrink’ was the national lockdown during 2020’s COVID-19 pandemic. Across the board, patient volumes dipped for a time before picking back up. If you were outsourcing to a bureau service, you would have had the flexibility to scale up or down as needed. Looking ahead, outsourcing also means that practices can efficiently handle changes in demand without having to hire & train more staff.
As you can see, outsourcing to a bureau service is a smart way for medical practices to improve their operations, make more money, & navigate the complex world of healthcare billing & administration. By leveraging specialised expertise, combining technology with human insight, & ensuring compliance, Bureau services can help your practice to focus on what you do best: provide excellent patient care. Still not sure if it’s right for your practice? Take a quick assessment to help you decide whether outsourcing is the best choice for your business.
If you are ready to explore how Bureau services can be a vital tool to your medical practice success, contact Healthbridge at email@example.com & an experienced Business Consultant will be in touch to discuss solutions for your medical practice.