I was managing an incredibly successful practice. In fact, it was successful due to the hard work of others. I inherited it. Sadly, I was running it in the ground. I was doing too much, and the one area that was suffering most was the insurance. Our accounts receivable were rising, and our bank balancing was falling.
What to do?
The solution was simple. We contracted with a Billing and Coding expert.
At first, we were worried about the cost. How in the world could we justify spending more money when we were losing money? To answer that question, we did the math.
First, we looked around and asked what the cost was to hire a Billing and Coding profession. The cost wasn’t horrendous. In fact, as a W2/1099 employee, the cost was reasonable.
Second, we looked at how much more money we would be bringing in because of this professional. We contracted her not only to file for us but also to periodically train our staff. As a result, we had fewer denied claims. The additional revenue more than paid for her salary.
Third, we explored avenues that I, as the manager, could pursue with my additional time. The main area we found was staff training. I was then freed up to help our frame sellers sell more. I was freed up to train our front desk staff to be more efficient and friendly. I was even freed up to do the marketing that I just never found time for.
What was the result? Greater profit.
So, what about your practice? Is it time to hire a Billing and Coding professional? Examine the three steps we took to answer that question. Can you find someone? Will it bring you in more money? Will it free up your manager or another employee to do more?
If so, it might be time to look to hire a Billing and Coding professional.
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Gordon Duncan is an award-winning educator, salesman, teacher, manager, and writer. He has taught in the public school system, lobbied for school's accreditation, managed eye clinics, led sales' teams, and also publishes books on theology, church, and culture.