The healthcare industry has gone through tumultuous changes in the past decade. With the unprecedented covid-19 pandemic came the overwhelming influx of patients, which highlighted issues like access to care, quality of care, and the cost of care.
Being a solo practitioner or a small-scale healthcare provider is not easy. In addition to the challenges in the industry, there’s an extra burden on owners due to high demand and un-expandable facilities. In this article, we’ll discuss some of the challenges small healthcare providers face and how outsourcing these tasks can help them manage efficiently whilst improving the standard of care.
Common Challenges Faced by Small Healthcare Providers
Critical staff shortages:
As the population grows and the gap between our supply and demand worsens, the shortage of healthcare workers increases throughout the country. Statistics by the Association of American Medical Colleges and industry groups estimate a shortage of over 100 thousand doctors by 2030. And it’s not just medical specialists; Administrators, IT personnel, nursing, and domestic staff – small practitioners are facing a lack of employees in each department.
where modern tools have helped systematically organize and record data, they have also increased the number of data breaches and technical issues in the healthcare system. Often medical firms have data about their business and patient plans stolen and leaked to third parties, resulting in substantial financial losses. Since building solid security systems requires expertise, manpower, and lots of money, small healthcare providers are more vulnerable to this threat.
Invoice and payment processing:
Especially with the growing number of patients, small healthcare providers often have trouble organizing and processing billing and payments. This includes checking for insurance coverage, collecting and processing co-pays, and approving all the payments not covered under insurance separately. Delays and mistakes in the process can result in financial losses, delayed/missed payments, and data disorganization.
How Can Outsourcing Help?
Managing a small healthcare facility as a single owner can be challenging. The secret to lasting success is to know when to ask for help and that it’s never too late. Partnering with the right medical outsourcing company can help you overcome many challenges you face as a small practice. They will take over the legal, technical, and administrative aspects of running a healthcare practice so your sole focus can be giving the best care to your patients. Not only do they improve efficiency, but also help your small business facilitate growth and expansion.
Here are some of the benefits for small healthcare providers who choose to outsource services:
You can focus more on your core business area.
Owning and managing a business are two entirely different things. As an owner, it’s good to take control of things and do them on your own, but only to a specific limit. Tasks such as bookkeeping, resource management, accounting, billing, and managing the website require a lot of time and manpower. Instead of taking care of too many tasks like such, you can focus on achieving core competency in certain areas, which in this case, is patient care.
Outsourcing administrative and management tasks can help you save plenty of time and focus on your key business procedures. Your business will become more adaptable and attend to many more patients than other small facilities that do everything in-house. This will facilitate growth and a better scope for new opportunities for your practice.
Save money for the future.
Cost cutting is another excellent reason small practices should consider cost. In fact, 59% of businesses who outsource consider it as a cost-cutting tool. Outsourcing prevents business expenditure on large-scale investments and turns those into variable costs. It also saves labor costs, and instead, you can spend this money on hiring more qualified employees and getting better resources for specific business processes that you need the most.
Spending on core tasks such as getting new equipment and hiring qualified professionals improves patient capacity and standard of care. With outsourcing, you can bring flexibility in managing costs and investments while increasing efficiency at the same time.
Improves productivity and expertise
When you focus on a few aspects of your healthcare facility, you can do those few important tasks better. With outsourcing companies taking care of the other tasks, you save a lot of time, increasing the overall productivity of your business. Moreover, hiring third parties to handle various business procedures allows you to work with qualified professionals.
Take medical billing, for example. Your IT guy who does this part-time job cannot come along the same levels as a medical billing company, with professionals doing this for decades for hundreds of healthcare providers like you. When aspects of your business are handled professionally, it will eventually affect the quality of work and the overall growth of your business.
Additional benefits of outsourcing
- Building brand credibility– working with third-party providers who have been in business for years helps improve brand visibility. Working with such credible organizations, showcase your practice as legitimate and trustworthy – things you want for a good brand image.
- Increase competitiveness – outsourcing companies with a foothold in the industry not only help you increase efficacy and productivity but also allow you to stay ahead of the competition.
- Leveraging skills and expertise – interacting with professionals with varied skill sets and expertise helps your network grow – something every small business needs.
Support Tasks You Can Outsource
Here is a list of 8 non-core tasks you can outsource as a small healthcare provider:
- Patients demographic entry
- Follow up on insurance companies
- Accounts receivable
- ICD and CPT coding
- Denial management
- Health claim transmission
- Report generation
- Medical billing services for small practices
We hope that article has helped you make an informed decision with regard to outsourcing medical billing. So, if you run a healthcare center and are struggling with managing it, open the Google search engine, type ‘medical billing services near me’, and you will have a lot of options at your disposal.