Is Outsourcing your Medical Billing the Right Move for Your Practice?

The healthcare industry is constantly changing. These changes will easily affect your practice and your bottom line. Your Practice has two distinct areas which are affected by your billing process:

1.        Financial

2.     Operations/Staffing

Here are a few tips to help you determine if outsourcing your medical billing process is the right thing for your practice:

1.        Financial

• Is your AR greater than 45 days?
• Is the percentage of AR over 90 days greater than 15%?
• Is your revenue declining even though you are seeing the same amount or more patients?
•  Is your net collections rate declining?
•  Is your percentage of bad-debt write-offs increasing?

2.     Operations/Staffing

• Do you have a high turnover rate regarding your billing staff?
• Do you have medical billing staffing issues?
• Is there only one person in your office that is responsible for your billing?
• Does your billing department take up valuable space in your office that could be converted to income-producing space?
• Does your employee’s salary and benefits packages increase annually?

If your answer is YES to any of these questions, your practice could benefit from outsourcing your billing to a qualified partner.