Outsourcing low-balance accounts can allow you to focus on what’s important in your department

Managing internally managed and outsourced accounts correctly can result in a more effective and efficient operations.

The classic dilemma regarding outsourcing has always been an issue of expertise. Sure, you can outsource different areas of your business to a third-party provider and you'll probably save money, time and other resources in the process, but there's a certain element missing from the finished product of an outsourced project. Your business, regardless of what it is, should be backed by your expert knowledge on the subject matter. If you outsource various processes, will the individuals or organizations you outsource to be as capable as your internal team at managing the task at hand?

It's probably the number one reason why certain companies choose not to outsource, but it could be a mistake. While it's understandable that many aspects of your business should be managed by those inside the walls of your facility who possess the skills, knowledge and experience necessary to complete tasks while upholding the values and integrity of your organization, that doesn't apply to everything you do. Often, there is a level of monotony in your processes. There are tasks that, while important, are more of a burden because of the time, not the skill set, required to complete them. These are ideal candidates for outsourcing. 

An article in Business 2 Community suggests that all companies should consider outsourcing, but only strategically. The article, titled "Do What You're Great At, Outsource the Rest," suggests that if you focus on the core elements of your operation and distribute the rest to a trusted provider, you will ultimately be more successful. Gail Goodman, the article's author, suggests it really comes down to a question of time.

"When considering whether you should outsource or not, you have to take into account what your time is worth and how much you'll gain by paying someone to take over tasks," Goodman writes.

Consider the accounts receivable and billing operations at your hospital. Of course, the high-priority, high-balance accounts should be managed internally. You understand these accounts and possess the communication skills necessary to ensure efficient account management. However, your low-priority and low-balance accounts can be easily managed by outsourcing, particularly to a third-party organization that understands third-party insurance claims and other aspects pertaining to medical billing. Doing will allow you to focus on the accounts that mean the most to you while alleviating the burden of additional work.