In the ever-changing world of medical billing, keeping up with new rules and regulations seems to be a full-time job on its own. Not to mention the critical part, the billing itself. Focusing too much effort on this area can cause stress and anxiety off the charts. From maintaining an in-house billing team to dealing with a revenue stream far from optimized, it can also hinder your practice’s growth. What is a possible solution? Outsourcing. And when do you know it’s time to consider outsourcing? Well, let’s take a look at a few hints (and maybe a bit more) that you should move your billing to an external expert.
If your staff appears to be running on empty, billing practices may be the culprit. As you know, your employees have to wear many hats to make your practice run like a well-oiled machine. But spreading your workers too thin can lead to low morale and ultimately burnout. Which, unfortunately, can also inspire an uptick in turnover. There’s nothing optimal about administrative strain and additional hiring costs.
Increase in slow payments
Delayed payments are usually a side effect of one particular problem: errors. When claim rejections are on the rise, it’s is a solid sign that your employees are either overworked or in over their heads. Regardless of the reason, declined claims hurt your bottom line.
Patient care suffers
More time on administrative tasks means less time for taking care of patients. And as we know, patient-centric care is vital in today’s modern medical space. So, if your patient care time is on the decrease, it may be time to investigate your billing practices. If you discover billing issues are dominating your time, look for external help.