When it comes to managing cash flow and revenues, most medical practitioners simply lack the expertise needed to do it properly. Sadly, many practices around the country leave thousands of dollars on the table by missing out on opportunities to maximize their revenue operations.
One way to avoid loss of revenue is to outsource this work to a quality medical billing & coding company, like Billing Savi. These billing experts are professionals at ensuring their medical practice clients get paid correctly and on time. They can also fine-tune operations to boost revenues and improve a practice’s chances of long-term success.
We wanted to highlight some of the ways medical practices can benefit from outsourcing their revenue operations to the professionals. From improving efficiencies to lowering operational costs, there are some incredible perks to working with the experts.
Using Data to Power Growth
Billing Savi takes pride in not only addressing a practice’s revenue issues but also in becoming a partner in their overall success. By using a medical practice’s operational data, we’re able to get a better understanding of the elements impacting profitability.
Identifying the factors hurting or boosting revenues is essential when looking to grow a practice in the right direction. Using Savi Sense, clients are able to look at insightful graphs & charts to improve their operations. They can dive into the data in a variety of ways and see how everything ties into their revenue success.
This transparency is something most medical practices never get to see or analyze on their own. Data application combined with medical billing expertise can make a tremendous impact on how successful a medical practice can be over a period of time.
Finding Overlooked Revenue Opportunities
Medical practitioners are often so busy that they can’t dedicate the time needed for maximizing revenue opportunities. Thankfully, professional medical billers, like Billing Savi, are able to step in and calibrate a practice’s revenue systems for greater effectiveness.
Many things can clog up a medical practice’s revenue management system and cause bottlenecks, such as:
- Incorrect coding
- Errors in verifying insurance
- Problems with the collections process
- Issues with claim submissions
- Lengthly denials processes
Billing experts are great at finding issues such as these and clearing them out for a smoother process. They can analyze a practice’s revenue cycle and adjust it to bring in more revenues at a greater consistency.
Reducing Staffing Expenses & Boosting Patient Care
Hiring full-time staff to handle revenue operations can quickly become costly. Not only do practitioners have to pay for full-time salaries and benefits, but they must also purchase expensive billing software and technologies. Keeping up with the latest tools can be expensive and become an ongoing expense.
By working with outsourcers, medical practices can cut down on staffing costs and avoid spending thousands of dollars a year towards expensive billing software. This money can be channeled into other parts of the organization and be put to better use.
In addition to lowering expenses, outsourcing billing operations enables in-house staff to worry less about revenue and more about patients. Providing high-quality patient care is the key to growing a medical practice and establishing a base of happy patients that tell others about the great care they received.
Support in Adapting to a Rapidly Changing Industry
These days, the medical industry is rapidly changing in response to global pandemics, shifts in technology, and changes in consumer demand. Navigating these shifts can be overwhelming for a medical practice and it can help to have some support.
Billing Savi takes pride in helping clients figure out the best way to adapt to changing environments. Throughout the COVID-19 pandemic, Savi has aided different medical practices shift their operations to stay open and continue helping their patients. The entire team works hard to provide the latest information on changing situations so clients can stay ahead of the game and quickly adapt as needed.
Running a medical practice requires both medical and business expertise. For healthcare professionals, it makes sense to work with professionals that understand the business side of running a practice. By combining the two fields, practitioners can truly provide the best quality care to their patients and look forward to a strong future for their organizations.
To learn more about how Billing Savi can help your organization, please contact us by clicking here.