Outsourcing Billing And The Accounting Function Can Have Amazing Results
Medical doctors can reduce disputes with medical insurance companies by outsourcing to medical billing companies.
Being a medical doctor is one of the most rewarding professions. From a financial point of view, there are doctors who earn quite a lot, given the relatively high price of health care in most countries. However, the greatest rewards do not only lie in the money but in the ability and competence to save lives. Every hour miracles are performed in the world’s health facilities and people suffering from various diseases or who have been injured or suffered different kinds or trauma in work, road and other accidents are saved. Helping out a neighbor or friend in need, or helping one one’s own child complete her homework brings a special joy and gratitude that one could help. Imagine what the feeling would be like after saving a person’s life.
Despite the rewards, medical doctors lead the busiest of lives. They work abnormal hours, especially where they are also in private practice. Doctors are on call during the wee hours of the morning when most people are fast asleep. Their situation is compounded when they run their own practice, needing to juggle between actually treating patients and administration, ensuring smooth management of the facility or clinic. Whether non-profit or profit oriented, the facility or clinic has an accounting and management component that need to be run like a business. Without outsourcing, the doctor is required to find time to sit down and have a look at how finances are going, and ensure that payments are released by medical insurance companies, and that any disputes are resolved. This is where medical billing companies can be useful.
These companies offer physician billing services, making it possible for the medical professional to focus on his/her job – treating patients. The time that used to be spent looking at the books and chasing after medical aid companies to release payments for the services offered to their clients can now be used for even more rewarding things such as spending time with one’s family. Above all, this ensures the medical doctor is able to dedicate his/her entire attention on the rewarding task of saving lives, which also improves the quality of services rendered to patients and is good for the practice. Outsourcing to medical billing companies is beneficial because a significant portion of the accounting function is taken away from the health facility. It is unlikely that a doctor would all the time also be very good at accounting, and the tracing of payments and reconciling billing errors, and therefore hiring external experts is a huge help. Alternatively, it may be worthwhile to increase the capacities of the clinic or facility’s internal bookkeeping and accounting function but where there are costly mistakes, the loss is incurred by the practice. In the case of outsourcing though, where the external firm makes costly errors, the loss is most likely absorbed by them and it is business as usual at the practice.
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