3 Benefits of Outsourcing Orthotics & Prosthetics Billing Services
Outsourcing healthcare business and knowledge processes is big business these days. A growing number of companies are jumping on to the outsourcing bandwagon every day. Companies offering such services are also springing up with noticeable regularity. With such a flurry of activity, it is evident that the whole affair must be having some real worth. Let’s investigate.
The merits of outsourcing are many, and they are quite plain to see, too. Reduced operational costs, eliminating all the usual hassles of hiring (and training) new people, getting the job done at a cheaper rate – these are just some of the more apparent benefits. What one often fails to acknowledge is outsourcing, in most cases, also improves efficiency and leads to better profitability.
Outsourcing orthotics & prosthetics billing services is no different. If you are in the business of selling orthotic & prosthetic devices, you stand to benefit in much the same way as countless other healthcare service providers across the US by outsourcing key aspects of your business to a professional, third-party vendor. Of these, 3 benefits stand out as the most significant. They are as follows:
1. Reduced overall cost
Let’s face it, employing regular in-house employees can be a pain. There’s a lot that an employer has to bear before a worker is ready to start actually contributing to the business. These include finding the best match for the post, checking the credentials, imparting the necessary training, providing a computer and a desk to work at, paying for health insurance and other soft benefits, providing accommodation (in case of workers who have relocated to join your organization), and so on. To add to these, let’s not forget about the commission that you are required to pay to the staffing agency that sent you the employee in the first place.
With outsourcing, all these requirements disappear like magic. All an employer needs to pay is a pre-determined, consolidated fee for services rendered. This results in substantial cost savings per employee every year which can typically run into a few thousands!
2. Improved efficiency
When you choose to outsource, you are transferring the onus of performing efficiently to those you are outsourcing to. Most often, a remote billing company similar to Cloudpay that you have outsourced to get paid for the amount of work actually done by them. There’s no fixed payroll. Just a variable fee that is measured by the number of hours worked, or the number of claims closed, or the amount of accounts receivable recovered.
Such an arrangement naturally acts as a catalyst in boosting performance and improving efficiency. This, in turn, leads to an improved cash flow in your business and increased profitability.
3. Easier scalability
A growing business needs more trained personnel on a regular basis. Your existing Human Resources department may not be able to meet such demands effectively. And if you have just bitten off more than you can currently chew, you need to find trained people real quick because your customers may not be ready to wait for long for the work to start.
A well-staffed outsourcing company can be a real lifesaver under such circumstances. With their usual abundance of trained personnel, they are always ready to take care of orthotics & prosthetics billing requirements of all sizes. There’s hardly any waiting time and new billers can be added to the workforce as and when you need.