Running a successful medical practice requires that you wear many hats. Managing employees, balancing the books, and providing quality patient care are just a few of the many tasks you may be charged with to ensure the longevity of your practice.
One area that is often cited as difficult to manage is RCM or revenue cycle management. This “billing” side of healthcare must be managed diligently to keep patients, doctors, and insurance companies working in the best interest of all concerned. Finding someone “in house” to manage daily RCM protocols is challenging enough, and many practice owners hesitate to look into outsourced revenue cycle management to take something off an already full plate.
Myths Around Outsourcing
While you consider how to make your daily operations smoother, let’s take a look at some common myths around outsourcing in hopes that debunking them will ease your mind. Perhaps you’ll be more likely to turn this over to the experts after seeing what outsourcing can do for you and the efficiency of your business.
Myth 1: Outsourcing Will Cause You to Lose Control of your Business
A common misconception around outsourcing any aspect of your business is that you will lose control of that part of it. In actuality, outsourcing revenue cycle management will give you greater access to professional services, making your systems of billing and collection more efficient.
Myth 2: Only Large Companies Can Outsource
While many outsourcing companies target larger institutions for billing services, even the little guys need healthcare RCM outsourcing. If you are not being approached by a company for service, do your due diligence and find a company that works fits your needs.
Myth 3: Outsourcing Reduces Quality
Recent business studies reveal that a professional billing company performs 15-20 percent more efficiently than a company-specific department. Outsourcing is fast becoming the preferred method of handling certain aspects of business operation to ensure efficiency and speed of service.
Myth 4: Outsourcing Must Always Be End to End
Many billing companies offer just a few areas of expertise, and while certain aspects of your RCM can be managed, it doesn’t necessarily have to be end to end with one company. Give the most tedious aspects of your healthcare RCM outsourcing to a preferred company, and manage what you can on your own to reduce overall cost.
Myth 5: Outsourcing to a Third-Party Company is Not Safe
Any reputable billing company must be HIPPA compliant, able to engage in secure processes to safeguard patient privacy. You may need to do some research to find one with a proven track record of client satisfaction, but once you do, you’ll be on your way to establishing a consistent, satisfying relationship with professionals you can count on.
J3RCM: Medical Billing in Fort Lauderdale Done Right
J3 Revenue Cycle Management is a group of caring, committed professionals with a proven track record of success. Providing comprehensive services, premium medical billing, and superior customer service, we’ll do the heavy lifting so you can focus on your business growth. Contact us today to see how our services can significantly improve your business.