You already know how challenging managing a medical practice can be. Personnel shortages, insufficient time for patients, and limited access to drugs are just a few of the issues. Medical professionals, unfortunately, can only do so much. Adding more personnel may be beneficial, but it often adds to the list of issues. That’s when outsourcing becomes a viable option.
Outsourcing is a business model in which one company contracts another to undertake tasks such as IT assistance or advertising. As a result, it’s the go-to solution for firms that are short on time. While there are certain risks when working with international agencies, such as a loss of control, a slower return time, and even language obstacles, outsourcing is still a valuable venture, especially for medical offices. The following article explores this option.
1. GREATER ACCESS TO MEDICATIONS
Any medical practitioner values medication because it improves the patient’s experience. However, obtaining all forms of pharmaceuticals is nearly impossible, as pharmacies do not always stock all types of medications.
Medical practices will eventually be forced to refuse patients due to the limited access to pharmaceuticals, which is where 503B pharmacies come in. These 503B pharmacies are comparable to ordinary pharmacies, with the exception that they include aseptic facilities and testing labs where they can make a variety of drugs. As a result, hiring 503B pharmacies equates to having a dependable source for any type of medication.
2. MORE TIME FOR PATIENTS
There’s a misconception that many doctors fall into when they open their own practice, that they have to do it all even though their extensive education is usually limited to practicing medicine.
Many practices have a specialty. That’s what your team needs to focus on. However, there are so many other things that go into maintaining a successful medical office such as marketing, IT support, medical coding, and billing. Allow yourself the opportunity to focus on your specialty and your patients, and let people who specialize in IT or marketing take care of those jobs for you.
Most organizations believe that outsourcing business processes will increase their costs; however, this is not the case. Outsourcing elements of the procedure overseas, for example, could be more than cost-effective, especially if done in a country with lower labor costs. Furthermore, even if you choose to outsource locally, outsourcing means less money spent on salaries and perks.
4. TOP TALENT
Businesses, particularly medical practices, have a responsibility to train their workers. Training can be costly, and it can take several weeks to complete, resulting in downtime. Furthermore, even with training, your employees will not become specialists overnight.
Outsourcing eliminates the requirement for training because the business you select will handle it. As a result, you have some portions of the task done immediately by someone who knows what they’re doing and has the ability to hit the ground running.
5. IMPROVED CASH FLOW
The majority of patients who seek medical attention are covered by insurance. As a result, medical clinics do not always receive cash payments right away. Instead, the practice must create required documentation, submit claims, and adhere to medical codes. This whole medical billing process is complicated and time-consuming.
Fortunately, it can also be handled by third-party medical coding specialists. These professionals can be counted on to provide more accurate documentation, which streamlines communications with insurance companies.
Organizations that specialize in medical billing also have relationships with insurance companies. This improves coordination and reduces claim settlement time.
Additionally, the office saves from not having to invest money into that particular IT infrastructure.
A current Black Book poll of over 1600 hospital and medical executives shows that many healthcare organizations are already experimenting with minor outsourcing and their successes are inspiring them to expand into more outsourced services.
While outsourcing companies have their own methods, they’re at their best when they also have their partners’ participation, oversight, and assistance. As a result, medical practices should supply relevant information about their business operations in order to improve workflow.
Outsourcing gives you access to doors you didn’t have before, allowing your practice to offer more robust and high-quality services. When you start outsourcing these business tasks, you’ll find improved morale around the office, your cortisol levels will drop, and it’s likely the quality or accuracy of these services that are now outsourced is improved.
Still nervous about outsourcing your difficult duties? Reach out, we’d love to know more about your practice and find ways to help.