The core competence of every doctor is medicine. He can best do justice to this by working as free as possible from administrative, practical activities. And your practice team can best support medical processes when they are relieved of tasks that are not necessarily part of the core tasks of a practice.
Therefore, if you want to “give priority to medicine,” it is worthwhile to outsource complimentary work areas from the actual practice to specialized service providers and focus all employees clearly on medical issues. It is not for nothing that this type of “outsourcing” has long been established in other industries and the healthcare sector, e.g., the stationary sector, omnipresent.
Should I outsource the private medical billing?
The decision to place the private liquidation in a stranger’s hands must, of course, be carefully considered. Rightly! After all, private liability is not only a sensitive area; it is also increasingly becoming the economic backbone of medical activity.
The pure documentation and the resulting printout of invoices are relatively easy with the help of today’s IT systems. But the real time-wasters come afterward:
The financial benefits of outsourcing fee management
Of course, despite all the effort involved, private liquidation is of great importance for a doctor’s practice because only with stringent accounting can you secure liquidity and, thus, the long-term planning of your business. After all, you have to cover many running costs with rent, personnel costs, and material costs.
Following are the advantages of outsourced billing services in the financial context:
- Regular liquidation at short intervals
- A steady supply of liquidity
- The timely payments made by patients
- Fewer outstanding debts
- No loss of fee lost
In this sense, every doctor must also be an entrepreneur. A sole entrepreneur who focuses on all financial dependencies to run his “company practice” successfully and sustainably. Because neither the house bank nor the tax advisor is alone to ensure the profitability of the practice, they only advise and accompany you in this process.
Outsource private medical billing: a convincing cost-benefit ratio
Suppose you consider the costs of outsourcing billing activities compared to their benefits. In that case, it quickly becomes clear: The faster and steady flow of liquidity quickly makes up for the costs of fee management and increases the profitability of your practice.
In addition, the time gained increases the possible patient volume, and thus automatically, the practice proceeds.
Since the service provider immediately pays out the invoice sums to your customers, the practice has immediate access to its income. The attending physician saves himself unpleasant financial issues with late paying or defaulting patients and can separate the medical service and the billing administration clearly and in personal processing. A side effect that is often observed is that patients generally pay bills issued by clearinghouses more quickly than medical bills that the doctor issues himself.