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Financial Service ProviderMedical outsourcing is essential for your practice to consistently perform efficiently and be sustainable. But to achieve this, it is important that you outsource your tasks to efficient service providers.

One of the key reasons for the popularity of outsourcing is that there are so many things that individual medical practices need to handle. Physicians running their own practices have non-medical stuff to manage, which is why outsourcing non-core tasks such as medical billing, coding, EHR entry, etc. are recommended. Beyond this, they also have financial aspects to deal with. One of these aspects is forging key business relationships, for which they might need some help. Financial partners such as vendors, payers and banks are important for the successful operation of the practice.

How to Evaluate Financial Partnerships

It is important to evaluate financial partnerships from time-to-time to evaluate whether things are fine or whether they need to change:

  • Periodic check-ins with each of the partnerships is essential. Small practices particularly need to account for every dollar they spend. Experts recommend physicians meet with their banking partner at least one or two times a year for formally reviewing the relationship as well as looking to the future. With the changing atmosphere of healthcare, thanks to the ICD-10 transition, it is important that your software vendors are equipped for changes. Weekly meetings with software providers may be needed for that.
  • It is also important that physicians should not always look for lower fees. Vendors who charge low may not always be cost-effective in the long run or when considering the bigger picture. It is the quality of the services which should be the point of measurement. A vendor who can manage various aspects of your practice efficiently is ultimately more cost-effective. Of course, flexibility and customer care are other vital hallmarks of a vendor relationship. These qualities ensure that the unique needs of practices are met.
  • Malpractice insurance policies should particularly be reviewed on a regular basis for ensuring that the coverage the practice has and the rates it pays for that are competitive with market trends. Competitive retirement planning also requires the assistance of efficient vendors since retirement plans are important factors to keep employees satisfied and, as a result, better performing.

Such detailed evaluation is also essential when it comes to medical outsourcing providers. Here too, competitive pricing should not come at the expense of efficiency and reliability.

Switching Providers

Sometimes you may need to switch providers or partners. This would happen when the outcome with your existing partner isn’t satisfactory in spite of your best efforts. When it is time for change, do not hesitate to do so since the efficiency of your practice depends on it. But you need to make sure you have explored all the angles. Contractual arrangements with your existing partner and their legal implications must also be considered.

Before you make the transition, make sure have done your research by seeking advice from experts and referrals from colleagues. You must clearly determine what factors you did not like with your previous partner and what your present objectives are. That should make it easier for you to choose your new partner, be it in financial services or other outsourcing solutions such as medical billing and coding, EHR data entry, etc.

Remember, the right financial partner can have a significantly positive impact on your practice, enabling it to function to its full potential, attain greater patient and staff satisfaction, and increase sustainability, and the same goes for the various medical outsourcing providers as well. So it is worth spending a good deal of time in evaluating your existing partners or deciding on a new one.