For more than a decade now, a buzzword around business circles has inspired hope and dread in equal measure. Outsourcing meant handing over certain business functions to a third party and job losses to the staff already working at the company. However, as the practice has continued to stabilize and grow, it has proved to be valuable to all parties involved.

What does this signify for you and your business? If you are just starting, or are expanding your practice, then outsourcing may be the way to go. Here’s how you stand to benefit. 

More Time Spent on Patients

A lot of work goes into running a medical practice. Aside from its core function of medicine, there’s a lot of paperwork, IT support, medical billing and coding, and even marketing. 

While you may be a great doctor, you may not necessarily be conversant with many of the associated jobs. Some, like marketing, have layers upon layers of work, and you may easily find yourself trying to handle multiple tasks simultaneously. 

Attempting to multitask can work well, but up to a point. It would be better to let an outsourcing firm handle the other jobs for you while you deal with the main business of your practice; medicine. 

Cost-Effective

There is a cost associated with hiring employees, training them, and getting them to work at peak productivity. Hiring your employees is always something to consider, but think about this; the time and money spent getting these employees up to scratch. And what of employee turnover?

Outsourcing affords you access to well-trained employees who can get up and running as soon as they step into your practice. No downtime trying to get things working or teaching someone new skills.

You also reduce operating costs significantly. Many of the services you would have offered on-site, such as customer support, are now handled elsewhere. The only costs you incur are central to the running of your business. 

Then there’s the matter of compliance with regulations. The number of man-hours that goes into staying in compliance warrants a full-time job. If you are handling it yourself, your productivity also suffers. Outsourcing such an integral part of your operations means your practice gets the attention it deserves, and you can focus on staying compliant. 

Improvement in Business Outcomes

There are a lot of tasks and services that go into making a business successful when done right. When these tasks flow as they should, your practice experiences a boost in productivity and business insights.

A good example is outsourcing billing. With an appropriate third party, they can use the right tools to mine data from your patients’ database to identify the patterns hidden within. You can then act on this information to bring in more clients to your practice. 

Are You Interested?

Outsourcing has the power to turn your business from a humble practice to one overflowing with people needing your services. If this sounds like the direction you want your business to take, fill out the form below to learn how MyeMed can help.