Outsourcing is a Team Sport
Baseballs a funny game, so is basketball, hockey, and for that matter all sports. They need a team and teamwork to make them happen and be truly successful. Even so called “solo” sports like tennis, golf, skiing and others require a team from coaches to trainers and other support personnel.
Your practice is no different. The next time you think you are not a team and can readily replace support staff at will, try giving your office staff two months off. See how easily you can run your practice and attend to patients in a timely fashion. Every one of your employees is an important member of the team. They each perform vital functions that together make for a team effort. Each of them plays off of what the other does to make the office run smoothly. The more you can do to increase their efficiency and therefore productivity the more profit you can achieve.
One of the most overlooked methods to improve your business, make for better controls and increase your teams efficiency is by outsourcing a variety of business tasks. I am sure that as soon as you read the word “outsourcing” your first thought was about billing, as in send forms to the patients insurance carriers. That in itself is a small view of the outsourcing world, and also view that doesnt reflect what you should expect from a “billing” company.
Lets address that view at this point. Any biller you use should not only send out statements and “drop” the forms on the insurance companies, but they should look for ways to make your business better and be a business partner. They should be sending you monthly aged AR reports, reports on what carriers are your biggest payers, breakdowns of procedures that are your top ten revenue generators, etc. I am sure you could think up other reports that if generated would give you useful information. If your biller isnt providing these types of reports have them do so. If they dont or wont generate them then change your biller. Developing and utilizing reports is a positive way to use your outsourcer to mine information that if done in house would take away precious time from in office personnel and would cost you more in the long run. Why have your personnel operate as a “cost center”? You are already paying the biller; why not negotiate ways to have him or her really work for you? Why not have your personnel use their time working as a “profit center” and make calls to patients or sources of referrals armed with the information gained from these reports to market your practice?
Many other outsource opportunities exist. If you are not yet 21st century and have not implemented an EMR (which I strongly recommend you do), you could still have an outsourcer regularly image and store your files. Not only will this free up precious office space that may then be used for a profitable purpose or perhaps decrease the necessity you feel to have to move to bigger quarters with more attendant expenses, but in the long run outsourcing this task is cheaper than hiring another employee or overloading current employees to scan and manage files. Remember with outsourcing you pay only for what you need, there are no associated payroll taxes, benefits, bonuses, or vacation time to consider. Factor these savings into a cost analysis.
Are you thinking of expanding? Looking for locations, arranging to startup an office, tracking down good prices on equipment, fixtures and the like are all time consuming tasks. Here again utilizing outsourcing can be a cost effective part of a team strategy. Outsourcing can attend to these tasks for your later review and decisions. The use of outsourcing here can allow you to utilize this time to work in your practice generating increased revenue.
Feel you need to add revenue streams or be more efficient in office operations so that you are not leaving wasted money on the table? Do you want better control over how your business handles regulatory and third party requirements to avoid having to pay out or pay back money? Need to better understand the technology that is available for todays business of practice and how it can impact and improve your income? That kind of advice and advisory services are available. You should have a practice advisor as a part of your team. The practice advisor can analyze your business, help streamline operations and develop systems and controls for your needs. The advisor is a team member to plan strategy with, be it growth and income or evaluation of a practice for sale or purchase. Additionally, an advisor should be able to reach out to a vast network that they have cultivated to obtain vendors and services that your business may require from telephone systems to c-arms to EMRs and a vast array in between. Outsourcing for review of your business and the institution of proven operational processes can increase your income, decrease your stress, and free up time.
Your business as it grows has a value. You should view it no differently than any other item in your portfolio. In fact it may become the most valuable. But unlike stock or bonds you have a greater input and control toward the outcome. You should be focused on your core business to increase revenue and income and thereby value. Outsourcing in many areas is a great tool to use. Use your “sweat equity” to market, focus and build your core. Dont waste the energy sweating the “small stuff.”
