The benefits of outsourcing your ophthalmology billing could transform the financial health of your practice. With the right billing partner, you’ll see increased revenue and an A/R that’s in tip-top shape. Thinking about outsourcing? These five reasons explain how your practice can reap the rewards.
#1 You’ll Get Paid Quickly
A healthy cash flow leads to good financial health for your practice.
Your in-house staff are typically working on other tasks besides billing. And while that’s OK (and likely necessary), it also means that billing isn’t always their top priority. An outsourced team is laser-focused on getting claims sent out daily, resulting in faster payments to you.
#2 You’ll Increase Your Net Collection Ratio
When you outsource to expert billers who are well-versed in the specifics of ophthalmology, you can be sure that claims will be sent clean the first time they go out.
With multiple staff members checking and double checking, there are more eyes making sure everything is perfect before a claim is submitted. This means claims are less likely to be rejected and you’re more likely to get reimbursed fully for the work you’ve done.
[See related post: 5 Billing Vital Signs You Should Be Checking]
You already know that reducing your expenses and bringing in more revenue will help your bottom line. But you might be surprised to find out that outsourcing can help you with both. Which brings us to reasons 3 & 4.
#3 You’ll Reduce Your Office Expenses
Staff compensation (salary, benefits, and continuing education) can be expensive. And when your biller is out on vacation or sick, your claims aren’t going out but you’re still paying for your staff. When you outsource, the team is always working your claims.
Plus, there’s the little things that add up: office supplies, furniture, and computer software, to name a few.
#4 You’ll Free Up Office Space To Generate More Revenue
Imagine what you could do if you got rid of the desks and filing cabinets now devoted to billing. Put in a new exam room? Create another testing space? No matter what you might choose, you’ll transform the space from an overhead expense to revenue-generating square footage.
And last, but certainly not least:
#5 You’ll Improve Your Patient Care
Your time is precious. With billing questions and tasks moved out of the office, you’ll have more bandwidth to focus on patient care. Afterall, it’s the whole reason you’re here!
And, with billing experts to guide your patients through questions and the sometimes complex insurance process, they’ll feel even more well cared for. Outsourcing your billing is a win-win for you and your patients!