Let’s face it: Medical billing can be a challenging and time-consuming process at the best of times. When your medical practice is falling behind with bill collection and trying to provide the highest level of patient care at the same time, things can start to fall apart. When you are having trouble balancing your billing needs with providing attentive medical care, it may be time to outsource medical billing. In this article, we share with you some signs that it’s time to consider outsourcing.
Increase in Delayed Payments
Delayed payments can result in lower revenue for your practice in any calendar month. This can affect your ability to purchase the supplies and equipment you need, pay employees, and even expand your practice. When you find that the revenue your practice generates is not adding up due to delayed payments, it’s time to consider outsourcing. Medical billing experts are familiar with the latest trends in health insurance policies as well as medical billing codes, ensuring that reimbursements can come in timely.
High Turnaround Rates
Do you hire an in-house team to take care of your medical billing needs? Have you been experiencing a high turnaround rate in this department? If so, medical billing processes can be costing your practice more than is necessary. Constantly hiring and training new staff can also cut into your revenue and affect your employees’ ability to focus on providing high-quality service, with a larger amount of money flowing out than you can afford.
Lower Quality of Patient Care
If you find your existing employees having to wear multiple hats to share the administrative load, such as appealing denied claims, outsourcing can be in your best interests. In addition, having to chase patients for payments can cause a strain in the patient-provider relationship, which you want to avoid at all costs. Free up your employees’ time to provide the highest quality of patient care and customer service when you entrust your medical billing needs to KR Billing Solutions.
Have you noticed that your practice is generating a lower revenue than the industry median? If so, this is definitely a sign that outsourcing is on the cards. The cost of engaging an in-house team can be costlier than outsourcing, and this can cause a dent in your revenue. While your focus will no doubt be on providing high-quality medical care, low revenue can affect your practice’s ability to stay afloat as well as delay your business expansion goals.
Outsource Your Medical Billing Needs to KR Billing Solutions
At KR Billing Solutions, we are committed to providing our clients with the resources, software, and best practices they require to reach their full potential without compromising on quality. We are familiar with the industry practices in a wide range of medical specializations, including physical & occupational therapy, ambulatory surgery, optometry, and more. We never take a one-size-fits-all approach to our solutions and always take the time to listen to your unique needs before customizing an approach that will work best for your practice.