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    If you operate a medical practice, you should be outsourcing

     

    What to Outsource? That Is the Question

    So you’re convinced—and ready—to bring in a third party to benefit your medical practice, but where do you begin? What facets of your practice need outsourcing attention? Start here:

    1. Medical billing processes: With the evolving medical landscape, medical billing has become increasingly time-consuming and, yes, sometimes downright convoluted.

     

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    According to MBA HealthGroup, profit margins in the private sector are dwindling because of reduced carrier allowances, increased red tape and more regulation. Thus, an efficient billing process is necessary for survival. Outsourcing the process, according to MBA, means a well-trained specialist will take on the heavy lifting while the rest of your practice gets on with the daily grind. Outsourcing also allows for less vulnerability and disruption in cash flow, as you now boast an entire team that ensures your claims are processed accurately and quickly.

    2. Transcriptions: Because medical transcription services for practices work on a volume basis, medical practice leaders aren’t paying staff members hourly rates or salaries to draft transcription work. This, in and of itself, saves money immediately. Also, if your practice’s doctors are transcribing their own notes, this eats up the doctors’ time they could be spending with their patients. Outsource your medical transcriptions, and your patients (and your pocket) will benefit.

    3. IT management: According to Black Book research, healthcare providers are overwhelmingly turning to third parties to outsource IT needs. As its 2015 survey of 1,030 hospital IT leaders found, almost 75 percent of health organizations that boast more than 300 patient beds (and more than 80 percent of providers with fewer than 300 beds) have shifted their focus to IT outsourcing for services such as software development and infrastructure.

    Perhaps the most convincing argument from the survey came from the 600 respondents who were either former or current IT outsourcing users: Ninety percent said they were either at or near full returns on their investments within three months, if not sooner.

    While these three areas of your practice are just the start, there is so much more you can outsource to cut costs, save your employees time to do their actual jobs and ultimately benefit your patients.

    Next: Is your third-party vendor compliant?

    Ben Walker
    Ben Walker is CEO of Transcription Outsourcing, which provides transcription services to organizations all over the U.S. It specializes ...

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    • cgmdrx@------.com
      The balance between spending more money to outsource and the repeated advice to cut expenses seems a bit confusing. Can you imagine the situation in a physician's mind when he or she is told repeatedly to cut overhead expenses and then being told to spend more outsourcing work? To my mind the outsourcing's purpose is to permit the physician more time to see more patients for increased income--work harder and increase debt. Add to that.... burnout, frustration, continuous stress, and usual income dropping creates casualties on its own. If the real purpose of almost all the advice I hear and read being told to physicians is to take the load off them, it solves no financial problems for physicians. It would be far better if physicians would use their extra time going to Amazon.com--choosing books--selecting author, Dan S. Kennedy--and read 30 or 40 of his series of books on business and marketing. That would do profoundly more for the financial benefit of any physician today---except for Prayer. Government won't solve physician's financial problems. Medical education will not solve their financial problems. The single permanent solution is to provide every medical student with a formal business education. Of course the hierarchy in medicine continues to be totally ignorant about the need for private practice doctors to have business knowledge. I suspect the reason for that is that those medical academics have never had an academic business education themselves... so why would they even consider providing a business education when they don't know what they don't know. It's a tragedy that is destroying the medical profession from within and no one can see that.

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