When Should You Outsource? – Chapter 10
When Should You Outsource?
Disclaimer: I own Genesis. Many of our clients outsource their follow-up to us. You might think that makes me biased. The truth is that many of our clients keep billing in-house as well. Each practice is different. Genesis makes a profit in either case, so my real incentive is to make sure every practice has real control over their insurance department and that we offer the best option for them. Since we offer both in-house and outsourced support, Genesis clients have the option to switch back and forth as their needs change.
Step 1: Choose the Right Technology
As you can see, if you do not have Single Point Management with everything integrated in the cloud, you are behind the eight ball.
Step 2: Gain Control, Accountability, and Transparency
Leveraging the Genesis system means you can see exactly how many claims need follow-up at any given time, from anywhere. You can see if your accounts receivable is within normal limits.
What is within normal limits?
The national average for AR >120 days is 17.7%. That means that on average, any given doctor does not collect 17.7% of the money he or she should from insurance companies. Statistics prove that if it takes you longer than 120 days to collect money owed to you, the chances of ever collecting it go down to almost 0%.
With Genesis, you see how many claims need follow-up each day (and if your staff is keeping up) and your % AR > 120 days in real time.
The Genesis average
Across thousands of users, our average client % AR > 120 days is 7%. Many are 0%. Do the math: 17.7% – 7% = 10.7% increase in collections when using Genesis.
Step 3: Decide What’s Best for Your Practice and Be Flexible
You may already have a superstar biller. Leveraging Genesis will make their life easier and more efficient. My personal opinion is always to outsource because a great biller could also be great at doing other things in your office like helping get new patients. That being said, if you keep things in-house with Genesis and, God forbid, something happens to your biller and you need to outsource, it is as easy as flipping a switch. Genesis can take over right where the biller left off, with no fall in income. You can even outsource some billing such as Medicare only, for example, to Genesis.
Step 4: Track the Results
Regardless of what direction you go, with Genesis you always have a simple way to see if your billing department is up to par. You are no longer in the dark. You have more control and accountability than you have with any other in-house solution, even when you outsource with Genesis. The choice is yours. You are in control.