Despite parts of the world reopening after the harshest periods of COVID-19, the hospice industry is still dealing with its widespread effects. Agencies are trying to find ways to cope with a rapidly changing census and declining patient populations. With these abrupt changes, many agencies have been forced to reexamine their current processes, especially those dealing with billing and collections.
An agency’s financial success revolves around patient intake and care. But, with COVID-19 completely altering patient numbers, some are struggling to stay economically viable with their current billing strategies. In recent months, we’ve seen countless agencies across the country take a big leap and transition to an outsourced biller. What may have been viewed as a luxury or afterthought before the pandemic, has now evolved into a logical step toward regaining financial stability.
By having an outsourced partner, an agency gains a specialist that can really help it through these financial hardships. The main benefit being that outsourced billers can scale services according to patient numbers, ultimately providing overheard protection. Regardless of a decrease in patients, an in-house biller will still receive the same salary and the agency’s financial strain increases.
If you’re interested in making the transition to an outsourced biller, consider the following points as well:
- 1. Your backlog is always building
- If your agency is having trouble with internal billing processes, your backlog of unpaid claims will continue to grow. By placing the weight of your finances on the shoulders of one or a few internal billing personnel, you’re gambling your agency’s financial stability.
- 2. Don’t put your compliance at risk
- As a hospice agency, you have to constantly meet strict regulations and laws in regards to billing. In-house billers are often not equipped to keep up with the constant changes and updates common in this field. Failure to maintain compliance can easily lead to a variety of serious issues and penalties.
- 3. Stop draining resources
- Your focus should be on patient care, not billing regulations and procedures. From staff training to new software, attempting to handle your billing in-house can result in timely, expensive investments that never pay off.