South Florida Hospital News
Thursday September 21, 2017
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December 2011 - Volume 8 - Issue 6

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Adding Intellectual Capital through Outsourcing

In an increasingly competitive world, having the skill sets, or “intellectual capital,” to operate efficiently is a growing challenge. Just consider the regulatory burden on providers to meet HIPAA and HITECH requirements. Does your organization have the compliance program and technology infrastructure in place to succeed?
 
Ask yourself: Is there someone in your organization who can handle compliance to ensure you are protected in the event of a HIPAA, OIG or other audit? Is there someone with the technology experience to manage EHR implementation, or to efficiently transition your office to ICD-10? Is there someone qualified to determine if your organization is operating efficiently and maximizing income?
 
If the answer to any of these questions is “no,” it may be time to consider outsourcing. Outsourcing offers the intellectual capital most providers need but cannot afford on a full-time basis.
 
Consulting companies today offer expertise in organization and revenue cycle enhancement; EHR companies provide new operating platforms as well as billing and collection services. Investing in these services with the help of an outside expert often leads to improved ROI.
 
In addition, outsourcing specific functions allows the office manager to focus on enhancing the patient experience and other operations that are vital to the success of your business. Thus, outsourcing should be welcomed, not feared, by the office manager.
 
You can never have too much intellectual capital. But too often, in our world of declining reimbursements, providers fail to invest in their practice. Ask yourself, though, who would not invest in their business if the return was appropriate?
 
If you are frustrated with your income level, the work required to maintain that level, the complexities of the new healthcare laws, and the requisite compliance issues, consider adding intellectual capital. The most cost- effective way to do so is through outsourcing.
 
Dr. Lawrence Schimmel, Marcum Healthcare, can be reached at Lawrence.schimmel@marcumhealthcare.com or (305) 995-9801.
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