When is it time to outsource your medical billing?
Even though you...
Managing your doctor’s practice is no less involved than running any small business where you have to take care of everything yourself.
Even though you have your administrative staff on hand to help, taking care of all the other endless tasks involved in operating a doctor's office can consume all your spare time if you're not careful.
The outcome you ultimately want is to be able to balance your personal life with your work life, while delivering superior care and service to those who motivated you to become a doctor in the first place—your customers.
First and foremost in your practice has to be medical billing.
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In order to maintain your financial viability, you need to make sure that medical services are being coded correctly, and in a timely manner.
Otherwise, your cash flow will get bottle-necked in the red tape on the insurer's end, and you'll be in financial trouble.
If you're already seeing signs of cash flow stoppages, it may be time to rethink your medical billing process.
One common solution for medical billing problems is to outsource this complex task to third-party experts.
As the following article looks at, despite what you may have heard regarding 3 myths about outsourcing your medical billing, companies like these are accustomed to taking on everything from micro offices to multi-practice facilities.
Here are some signs that it may be time to outsource your medical billing:
Your staff is making excuses
You may have the friendliest, most hardworking medical staff in the area.
But when their inbox is overflowing with bills, and you ask about it, and they start making excuses, watch out.
Backed up accounts receivables spell trouble for your practice's cash flow.
Every piece of paper you see sitting on a desk that should be filed away as "pending payment" represents money that's not going into your bank account within the next 30 days.
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If your staff has started making excuses about the workload, or about not having time to process bills, that's your cue to start making phone calls about possibly outsourcing your medical billing.
You're starting to grow
If your practice is growing, you'll need all hands on deck in the administrative department. This is the perfect time to outsource your medical billing, and your staff will thank you for it.
A growing practice will fail miserably if you don't provide stellar service to new customers.
In this age of online reputations, you need every review from a new customer to be positive. It won't be if your receptionist is pulling double duty as a medical coder.
You can't afford the mistakes
Medical billing is complicated.
When your existing staff has to try to input details and medical codes into the system at your office in the midst of ringing telephones and patients desperate for attention, it's inevitable that mistakes will happen. You can't blame them.
However, mistakes are costly in terms of unapproved claims and the extra time it takes to figure out the error and resubmit. These mistakes will prove costly and you'll be the one to pay.
Pride of practice is one thing, but being foolhardy and thinking you and your admin staff can do it all is another.
You'll find that once you make the smart decision to outsource your medical billing, your practice will grow exponentially and organically.
About the author: Kate Supino writes extensively about best business practices.
Dexcom: changing the lives of people with type 1 diabetes
It is estimated that 9.3% of adults around the world are living with type 1 diabetes, which amounts to a total of 463 million people. A further 1.1 million children and adolescents under the age of 20 are living with the condition.
Unlike the more prevalent type 2 diabetes, where the body still produces insulin and symptoms develop slowly, people with type 1 diabetes need regular insulin injections or pumps, and must monitor their sugar levels frequently.
In recent years a number of remote glucose monitoring systems have become available that patients can use at home. These work with a sensor, usually placed under the skin, that measures glucose levels every few minutes. This information is then transmitted wirelessly to a device like a smartphone or tablet, which can then be shared with their clinician.
British actress Nina Wadia's son Aidan, 14, has type 1 diabetes, and has been managing his condition using Dexcom, a glucose monitoring system used by patients all over the world. Here Wadia explains how Dexcom has improved their lives.
As a parent of someone with type 1 diabetes, what is your day-to-day life like?
Being able to take a breath, think and pivot constantly without getting frustrated becomes an essential mindset because sometimes it feels like each day is determined to be different from the day before. Whatever worked yesterday is going to misfire today.
Which areas of yours and Aidan’s life are most impacted by diabetes?
The one thing that you have to fight hard to reclaim is spontaneity, especially when it comes to food and exercise. It’s only when this is taken do you realise how essential each one is. You can be flexible and there are no real limits, but only in the sense that a great athlete can be flexible without limits because they’ve trained super hard to be that way. So we’ve all had to become athletes when it comes to being spontaneous.
How has Dexcom helped you and Aidan?
Dexcom has brought future science fiction to real life today. The continuous glucose monitoring system is tiny, sits discreetly on his body and gives him a ten-day breather between sensor changes, so it's goodbye finger-pricking seven times daily.
Dexcom is totally active at a grass roots level and for Diabetes Awareness has pledged to donate £2,000 if #DexcomDiabetesStories and/or #DexcomWarriorStories is shared 200 times! I’ll be sharing more on social media and would love to hear how other families are winning their fights.
Maybe most importantly Dexcom is trying to introduce a reimbursement programme for type 1 diabetes patients which will give greater access to modern, life changing hi-tech. I want to spread the word on the importance of accessing it through this campaign.
If you compared your life today with how it was before Aidan was using Dexcom, what has changed?
It's always working, which lets him take his mind off diabetes for longer stretches. It also lets me get off his back. We both receive alerts so I no longer have to pester him by asking him what his number is, and especially importantly, I don’t have to wake him at night to prick his finger if I’m worried. Dexcom gave us back our sleep!