Reevaluate your billing
Whether you use in-house or outsourced billing, you should regularly evaluate the efficacy of your collections. Be sure to review reports on a regular basis, so you can make sure that figures such as patient volume and charges are consistent with equipment use.
Does it save to use in-house billing?
Not always. In addition to regularly reviewing the collections process, you should also constantly look at the costs of keeping a billing staff at your practice. While in-house employees seem to be more cost-effective, the costs of salaries, employee benefits, office space, and computer systems don’t always beat the cost of using an outsourced billing service. Additionally, the costs of an in-house staff might not be money well spent if collections are declining.
Keep in mind, a billing company is typically more astute than in-house personnel when it comes to new compliance changes, billing processes, and the latest billing software. Additionally, many doctors prefer to delve out additional responsibilities to their administrative personnel, and in the long run, doing so can make your billing far less effective. Ultimately, the costs and benefits of in-house versus outsourced billing vary from practice to practice, and the responsibility to weigh those costs is up to you, not your management team.
If your current billing method is beginning to decline, a great way to get your collections process up to speed is by working with a medical lien finance company. Reimbursement cuts and inefficiencies in your billing department can stifle growth at your imaging center, but the revenue from selling your receivables can help you develop a steady cash flow and position your practice for both short and long-term growth.
Unfortunately, not all medical lien finance companies are the same, so you’ll want to work with an experienced company that offers other benefits in addition to purchasing receivables, such as OMNI Healthcare. As an affiliate of Global Financial, one of the nation’s leading financiers for attorneys, OMNI Healthcare can connect you with their extensive nationwide network of healthcare providers and patients, so that you can expand your client base and increase your cash flow considerably.
Since 1999, OMNI Healthcare has been servicing medical receivables and helping imaging centers like yours grow considerably. Unlike many other medical lien finance companies, OMNI Healthcare is well backed and has the resources and expertise to offer you top dollar for your receivables, as well as the flexibility to wait for a claim to settle. OMNI Healthcare charges no application fees, and will work diligently to help you increase your revenue and begin growing your practice in less than a week.