Healthcare practices face many management and business operation hurdles. A Finoit study reveals rising healthcare costs, e.g.,  invoice payment processing and regulatory compliance, are among the many challenges healthcare practices face daily. 

The good news is you can outsource non-core business tasks to reduce operating costs and be profitable. In addition to cost reduction, other benefits include more time to focus on core business activities, risk mitigation, and access to specialized services. 

Discover in this guide the non-core healthcare practice tasks you can outsource to save business costs.

Healthcare Practice Business Costs You Can Avoid by Outsourcing

The typical healthcare practice business costs you can avoid by outsourcing include the following.

1. Human Resource Costs

A Health practice requires human resource personnel like practice managers, medical billers, collection specialists, credentialing specialists, IT professionals, and compliance officers to run smoothly. You don’t need to hire and keep an in-house staff team for tasks like practice management, medical billing, credentialing, and IT services when you outsource them. 

2. Hardware Expenses

Executing non-core business tasks like medical billing and IT services require appropriate infrastructure, which can be costly to acquire. Add server maintenance expenses, and the overall cost goes through the roof. You can avoid these upfront and ongoing hardware expenses by outsourcing.

3. Software and Technology Expenses

Tasks like medical billing and IT requires specialized software and technology. Purchasing, installing, and updating this software and technology can be costly. According to a Software Advice report, medical billing software costs between $65 and $599 for a single user per month. You can outsource these tasks to service providers, so you don’t have to acquire the necessary software and technology.

4. Ongoing Staff Training and Development

Healthcare practice employees require ongoing training and development to keep up with industry regulations and technological advancements. The problem is it can be costly to train your team regularly, especially when you have a big team. Outsourcing non-core healthcare business tasks like medical billing and IT services can save you the costs required to train your team regularly. 

5. Healthcare Regulation Compliance Costs

Complying with relevant healthcare regulations is compulsory, as non-compliance can attract penalties and legal implications. Outsourcing compliance management and medical billing tasks to experienced professionals reduces the risk of errors and can save you costs in the long haul.

6. Data Security Costs

Protecting patients’ privacy is crucial, as data breaches can cost your business. However, hiring and maintaining an IT department can be costly. You can outsource your IT needs to specialized providers with robust security systems and expertise to reduce the risk of data breaches and related costs.

Save Healthcare Practice Business Costs with MyeMed

Ready to save on healthcare practice business costs? Outsourcing your non-core business tasks to a reliable service provider like MyeMed is a smart idea. We provide comprehensive healthcare practice solutions like practice management, medical billing, credentialing, and IT support. Fill out the form below to learn more about how we can help you save business costs.