Mental and physical fortune set aside, what most successful businessman, artists and sportsmen have in common, is persistence which has made them build and develop their skillsets, after all, practice makes perfect, right? While lack of practice is adverse for every professional, for a doctor the outcomes can be dire because more often than not, a patient’s life is on the line.
Evidently, competent doctors aren’t enough to fuel the growth of a practice. A lot of things go on in the background that we as patients aren’t aware of. If a hospital was a ship, the backend staff would be the invisible generator enabling it to move.
However, for a medical practice it isn’t always convenient to run these non-core operations in-house. They can be time and money consuming, in turn, decreasing your revenue and diverting your attention from patients.
In this post today, we will discuss why you should consider outsourcing to narrow your focus on treating patients, in order to excel at your craft while eliminating other variables. MBPOs are getting widely accepted to decrease distractions and over the last decade we have seen an exponential growth. So, let’s shed some light on the reasons why you should consider outsourcing to a MBPO.
1. Better control
A common misconception surrounding MBPOs in particular is that doctors doubt they will lose hold over their billings if they can’t monitor them. However, a misconception is what it is because when you get onboard with an outsourcing company, you have the power to ask for full transparency. You can ask to see any report you want to run through. Yes, there are instances when billing experts are busy but with the technology you have at hand, you can easily access any information with only a few clicks. Ideally, your vendor will make all the information available for you in a dashboard which is easy to browse and navigate through.
Also, at hand you must have general information like number of patient visits, rejected payments, etc. and you can use that data to cross check the validity of the one provided by your vendor.
All this information ends up in leaving you more empowered than taking control from you. In fact, it can be argued that the transparency feature is one of the most endearing allures of a MBPO.
2. Boost in revenue
One of the reasons doctors elude MBPOs is because they consider it to be pricey. They believe the price to hire specialists to run their operations for them will cut down their revenue giving a boost to the incurred cost. Again, this can’t be further from the truth. As a matter of fact, the cost you incur while hiring, training and managing employees, is way higher than the cost you will incur for getting onboard with a MBPO. People having had their billing outsourced have shared that the cost of it recovers in a very small span of time, giving a boost to their revenue. Yes, initially you would have to pay a cost but you should think about the long-term benefits rather than thinking about the short-term costs.
3. Patient data is safeguarded
It makes more sense to outsource your operations to a MBPO cause clearly, they have more hands-on experience in dealing with these matters than any of your employees. In addition to experience, they have the right kind of software and infrastructure to keep your data safe. Once you sign a deal with them, it becomes their responsibility to safeguard the data related to your practice otherwise the repercussions for them can be dire. So, you can rest assured that your data will be protected and the probability of data breach is at a minimum.
4. Billing compliance assurance
Healthcare industry is changing rapidly and new trends in the market are shown consistently. It is quite important to keep up with these trends to ensure that your billings get paid. However, a dip on a 1000-word article will not be long enough to give you the clear picture on a trend, which is why it is crucial to outsource to companies that have a job to stay updated regarding these patterns.
5. More focus on patients
A doctor’s job is to focus on a patient and ensure that his needs get met. Non-core tasks just divert his attention and keeps him from perfecting his skills. This in turn, lessens patient satisfaction and customer retention.
However, on the other hand if a knowledgeable and well-informed staff is onboard then it is rest assured that it will properly take care of its patients, help them deal with any problems that they face and resolve any of their queries, while the MBPO takes care all the financial matters. This would end up helping you and the patients as well, resulting into a win-win situation for both parties.
6. No capital investment
By hiring a MBPO, the medical practice makes sure that it doesn’t have to invest in any sort of software or latest equipment. Everything is taken care of by these professionals with no burden on your head. Since the medical practice doesn’t have to bare the cost of software update or any latest equipment, the total cost is reduced significantly, giving a boost to the total revenue and reducing the overall cost. In most cases, MBPOs can get onboard right away, with no capital investment.
By now we hope you have learned the benefits of getting onboard with a MBPO and to maximize your profit, you are considering it as an option. The trends certainly are in favor of outsourcing so to increase your productivity and your revenue, get started now!