During the “great resignation” period in 2022, 19% of the employees were leaving their jobs and studies are indicating that 28% of the employees have changed their employers in 2024 or left the industry.
This has a vicious impact on the healthcare sector as it is in constant combat with skill shortages whether clinical or administrative.
Running a medical practice with the evolving landscape of the industry is always challenging. And managing your gynecology practice comes with a unique set of complexities considering its overlap with obstetrics services as well.
There are numerous codes and claim submission guidelines that create confusion among the providers leading to erroneous gynecology billing and claim delays and denials.
In most cases gynecologists try to manage their practice on their own, considering better control of revenue cycle.
However, practice management, medical billing and coding require a different set of skills and knowledge that the providers lack.
If you are someone who is putting their hard work and dedication in patient care and still not enjoying the revenue due to poor gynecology billing services, this blog might help you!
Practices across the country are grappling with the challenges of filling gaps in obstetrics and gynecology billing services.
Not only the staffing shortages, but also, the skyrocketing labor wages are putting pressure on practice’s revenue.
Staffing Shortages and Case of Outsourced Gynecology Billing Services
While high stress and burnout rates among the providers are dwindling the care process and financial stability of the practice, automation of the billing system seems a plausible solution.
However, the process demands a larger portion of your revenue, a well-defined infrastructure and consistent training and education of your staff regarding the system.
Outsourcing of gynecology billing and coding services has hence emerged as a preferable and plausible solution for the providers.
By delegating the administrative tasks to a team of experienced and expert billers and coders you can focus more on patient care and improve health outcomes.
Now you might think you will lose control over your practice’s financial aspects and there might be quality and cost-effectiveness issues.
Here are top four benefits of outsourcing your administrative services from obstetrics and gynecology billing company-
1. Cost-efficiency:
According to the Bureau of Labor Statistics the hourly wage of a professional biller is $20.82 on average.
An outsourced medical billing company charges a nominal percentage of your revenue, or they have much lower costs for the services they offer.
Compared to maintaining an in-house team, you don’t need to invest in different set up, employee hiring, training and retaining. This reduces your overhead costs and improves cash flow in your practice.
2. Compliance and quality:
Being a heavily regulated industry, adherence to compliance is something you cannot avoid.
A lack of regulatory or coding compliance within your gynecology billing processes not only leads you to reimbursement delays or claim denials but often leaves room for frequent audits and legal consequences.
However, a team that is well-versed in industry comprehensive practices, aware of the coding regulations and claim submission practices, which eliminate the chances of errors in billing and coding processes.
All this boils down to improved quality of your services and revenue optimization.
3. Scalability and flexibility:
While your practice is growing, it is often difficult to keep up with the piling paperwork.
However, these organizations have a huge talent pool and can scale up their services as per your convenience, practice needs and preferences.
Also, the team maintains consistent communication with the stakeholders and handles your patient queries regarding billing and other non-core services. This increases your practice’s accessibility leading to an improved reputation as well.
4. Improved revenue cycle management:
Error free billing and coding process ensure quicker reimbursements and reduces turnaround time. Not only do you have less claim denials but a team of dedicated professionals who will handle the denials and retrieve your money.
Sunknowledge- Your Trusted Partner Since 2007
For more than a decade, Sunknowledge Services Inc has been streamlining the revenue cycle for numerous providers and facilities across the country.
Apart from gynecology billing services, the team provides cutting-edge solutions for 30+ other specialties and stood out as the only company offering payor solutions as well.
Sunknowledge team brings unparalleled expertise in every step of revenue cycle management and understands what it takes to transform your practice’s performance.
Through continuous client audits they stay ahead of the curve and boost your practice’s efficiency and productivity with their trained professionals.
The consistent quality and availability of the services according to your preferred time zones is something that makes them a true operational extension of your practice.
If you want to reconsider your gynecology billing services and implement an innovative approach within your practice, the experts are just a call away!
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