Are you running a busy medical practice, juggling patient care, appointments, and billing and collections?
If yes, then, we appreciate your hard work.
But did you know nearly 60% of healthcare providers are outsourcing their billing to third parties to save time and reduce costs? What if you could do the same and focus more on your patients?
Now, that’s smart work!
Keep reading to see how an Extended Business Office (EBO) can change the game for your practice.
Contents
What Exactly is an Extended Business Office?
An Extended Business Office (EBO) is like an extra pair of hands to your practice or healthcare system, taking care of the first stage of healthcare collections. It’s a subset of healthcare revenue cycle management that manages the behind-the-scenes factors, like billing, collections, and all the revenue cycle tasks that can eat up your time. Because it’s challenging, it’s usually outsourced to free up more time to focus on patient care.
In simple words, instead of handling everything in-house, you partner with a third-party team of experts to take over the essential but time-consuming financial tasks in healthcare.
Worried about the security of your patient information? We got you. FCS’s HIPAA-compliant healthcare customer service outsourcing ensures that your patients’ data stays protected while we handle inquiries, follow-ups, and support. Focus on providing the best care, and leave the compliance and customer service to us.
What Are the 4 Main Extended Business Office Services?
These are broadly the four services an extended business office provides:
- Patient Collections: EBO services follow up on patient accounts, so that payments are collected promptly. This reduces the strain on your practice staff while guaranteeing financial stability.
- Denial Management: With an EBO, you get experts who manage denied claims. They handle appeals, resubmissions, and everything needed to turn those denials into payments.
- Insurance Claim Follow-Up: Your EBO ensures that your insurance claims are followed up with precision. They track the status and make sure your practice gets reimbursed for the services provided.
- Emergency Department Follow-Up: After patients are discharged from the emergency department, the EBO team provides friendly follow-up calls within 24 hours. These calls verify patient data, collect any missing information, and make sure patients understand their discharge instructions.
Just like how managing collections in the medical field is challenging, delayed credit card payments are a headache, too. First Credit Services (FCS) offers specialized credit collection services to help recover outstanding debts. Check out more and reach out to us today!
4 Reasons to Consider Using an Extended Business Office
The U.S. medical billing outsourcing market is projected to grow from $6.28 billion in 2024 to $12.26 billion by 2030. This highlights how healthcare providers are increasingly turning to outsourcing for efficiency and cost savings.
Let’s see why. Here are 4 ways an EBO can benefit your practice:
- Save on Operational Costs: Outsourcing these tasks means you don’t need to hire, recruit, or supervise more staff for billing or collections. You get the expertise without the overhead.
- Fewer Claim Denials: Experts in billing can reduce the number of denied claims, making sure your practice gets paid faster.
- Better Cash Flow: With the billing process handled efficiently, you’ll see your cash flow improve. That means fewer late payments and fewer financial headaches.
- Better Care for Your Patients: By outsourcing the billing, your team can focus on excellent care for your patients, without getting bogged down by administrative tasks.
Handling late payments and chasing customers is a real headache for any business, not just healthcare. That’s why First Credit Services offers accounts receivable management services as your smart solution. Work alongside FCS to stay on top of collections!
Why FCS is Your Go-To EBO Partner
So, why should you work with First Credit Services (FCS)?
FCS offers a hands-on, specialized Extended Business Office solution that’s designed to optimize your practice’s revenue cycle. We’ve got the experience to handle complex billing processes, minimize claim denials, and speed up payments. And with our AI-powered tools and omnichannel support, you get the most efficient service, all in real-time.
Contact FCS today to take your practice to the next level. Let us help take the stress out of billing, so you can focus on what you do best: caring for your patients.
Learn more in our blog on the growing importance of healthcare business process outsourcing.
