Every medical practice and its staff are different. With different backgrounds and experiences, administrators each bring a unique skill set to their practices to help them run more efficiently and to better serve their patients.
But with a constantly evolving landscape of payers and regulations, it’s difficult to find any one individual that can handle it all. Additionally, as a practice grows (new providers join, new specialties are added, new service lines are added, or even when the yearly enrollment period comes around) there is always new and more work to do.
To address these challenges while keeping practices running smoothly, the question always arises – can our staff manage this amount of work? Or do we need to hire?
But what if there was a third option?
Instead of hiring at every turn, consider adding a third-party partnership that has expertise in all areas of managing a practice and its revenue cycle.
Outsourcing certain business functions has become increasingly common in recent years, as businesses seek to streamline operations and reduce costs. Research has shown that outsourcing noncore business functions can provide a range of benefits, including improved efficiency, cost savings, and increased focus on core business activities.
One study published in the Journal of Business Research found that outsourcing can lead to significant cost savings for businesses. The study found that companies that outsourced noncore functions such as IT, finance, and human resources were able to reduce costs by an average of 9%.
Another study published in the Journal of International Management found that outsourcing can improve operational efficiency and allow businesses to focus on core activities. The study found that companies that outsourced noncore functions were able to achieve higher levels of operational efficiency, as well as greater flexibility and agility in responding to changing market conditions.
Research has also shown that outsourcing can provide access to specialized skills and expertise that might not be available in-house. For example, a study published in the Journal of Small Business Management found that outsourcing marketing activities allowed small businesses to access specialized skills and expertise that they might not have been able to afford in-house.
In addition to these benefits, outsourcing can also provide businesses with greater scalability and flexibility, allowing them to adjust their operations to meet changing market conditions and customer needs. This can be particularly important for small and medium-sized businesses that may not have the resources to maintain large in-house teams.
Overall, the research suggests that outsourcing noncore business functions can provide a range of benefits for businesses, including cost savings, improved efficiency, access to specialized skills and expertise, and greater scalability and flexibility. However, it is important for businesses to carefully evaluate the costs and benefits of outsourcing before making a decision, as outsourcing may not be appropriate for all business functions or situations.
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