What is Outsourcing?
Outsourcing is employing experts from outside your business to perform specific tasks.
Why is it important to outsource?
Outsourcing is a way that all businesses can remain competitive-rather than keeping a team of experts on the payroll, outsourcing work enables you to utilize the skills and experience of Direct Physicians Billing Services without having to pay full or part time salaries, health and sickness benefits etc.
Most Important No one in your practice will be aware of the amount of revenue being generated so that your privacy is not compromised.
What are the advantages of outsourcing?
It enables the development of successful, long-term partnerships between the outsourcing provider and outsourcing end-user. The outsource expert will take responsibility for some of the non-core functions of the business, freeing the medical staff to concentrate on the health and well-being of your patients without the daily interruptions associated with medical bills and practices.
Why reduced risk?
Every business investment carries a certain amount of risk. Markets, competition, government regulations, financial conditions, and technologies all change very quickly. Direct Physicians Billing Services will assume and manage this risk for you, deciding how to avoid risk in our area of expertise. Direct Physicians Billing Services will reduce your overhead and the problems associated with the turnover and hiring of qualified personnel. Your collection processes won't suffer from employee-related illness or vacation time being taken when these services are outsourced.
Top 10 Benefits of Outsourcing
1. Reduce Overhead
2. Minimize capital expenditure
3. Redirect energy and personnel into the core business
4. Focus scare resources on mission-critical projects
5. Control operating costs
6. Eliminate peak staffing problems
7. Provide the best quality services, products and people
8. Provide value-added services
9. Level out cyclical or seasonal fluctuations
10. Improve speed and service
Below is a sample practice comparison in-house biller vs outsourcing
In House Billing Medical Billing By Payment Automation Network
Base Pay: $14.50 Yearly: 30,000.00 Medical Billing at: 5% of collections
Medicare & Social security: $2295.00 Annual Collections: $470,000.00
Retirement: $1040.00
Disability: $720.00 Total Annually: $23,500.00
Health Care: $5220.00
Vacation/Sick: $3270.00 Savings: $19,085.00
Annual Collections: $470,000.00
**Does not include:
Software
Paper/Envelopes/Stamps
Clearing House Fees
Reference materials
Totaling an additional $4150.00
