Billing plays a vital role to keep your business running. It determines your capacity as a business owner to make your cash flow intact avoiding the business to collapse. While you continue to create greater impact, your business will continue to prosper if you know how to manage your finances carefully. From record keeping, cash in and cash out, invoice, giving statement and collection, billing takes place. It requires enough expertise to keep tracking all of these because inaccurate billing can cause serious problems. In the absence of accurate and reliable billing, major distractions to expected liquidity can ruin reinvestment plans, and in extreme cases put operations at risk.
Owning and billing for your own midwifery practice helps you and your practice in numerous ways. It gives you the opportunity to offer outstanding midwifery care, exactly how you envisioned your practice to be. It provides you the freedom and flexibility to manage your finances and cash flow.
However, like most of us desire to simply manage the in and out of our practices’ revenue and profitability, reality hits that this is beyond what we envisioned. In reality, it is not easy to crawl down tracking all the records, keeping all the collections, updating codes and description, managing finances, and all other aspects that are involved in billing and coding. Not to mention you being busy as the expert of your own practice, your business will cripple if you can’t manage these factors properly. Time will surely come that you will question yourself how you may be able to get out of that duty. To prevent that from happening, you should know how to assess your business’ needs. Are you capable of doing billing tasks on your own? Or is it time to ask for help from the experts? Here’s what you need to do to assess your practice further.
Assess Your Practice
To find out what the best choice is for your business, ask yourself these questions about your billing process, staff, physical space, and plans for the future:
Assessing your own practice by answering this set of questions will help you understand the needs of your practice. If you answered YES to most of the questions, then outsourcing will be good for you. Outsourcing by means of hiring medical billers and bringing in their expertise to your practice. However, if you answered NO to most of the questions stated, then keeping your billing operations within your practice is the best choice for you. There are a lot of great benefits if you choose to hire an expert biller like Midwives Advantage but choosing to keep your billing procedures in-house is not a bad idea either. You have to simply weigh the needs of your practice.
To hire or not to hire billing service. (n.d.). Retrieved August 5, 2022, from https://www.kareo.com/documents/to-hire-or-not-to-hire-billing-service.pdf