Outsourcing and AI Improve Efficiency.

Outsourcing and AI are two innovative solutions that are revolutionizing the medical field and improving efficiency in healthcare practices. In a podcast episode titled "The Worthy Physician," Juli Quinn, the president of GoSource, discusses the benefits of outsourcing and AI in revenue cycle management and scheduling.

The podcast begins by highlighting the fact that many aspects of running a medical practice were not taught in medical school. This includes revenue cycle management, efficiency, and scheduling, which are crucial for the success of a physician practice. Quinn emphasizes that to have a successful business, one must either make more money or reduce expenses. While seeing more patients is a common approach to increasing revenue, it is not always feasible due to time and staff limitations.

This is where outsourcing and AI come into play. Quinn suggests that instead of solely focusing on seeing more patients, healthcare practices should also explore ways to be more efficient and reduce overhead costs. One area where outsourcing can be particularly effective is in attracting and retaining qualified staff. With the increasing expectations of pay raises and benefits, it can be challenging to keep staff members in-house. By outsourcing certain tasks, practices can reduce their in-house staff and allocate resources more effectively.

Quinn mentions that outsourcing is no longer associated with a negative connotation. In fact, it can lead to increased efficiency and cost savings. GoSource, for example, offers both onshore and offshore staff, providing the same knowledge base as in-house employees but at a more affordable rate. This model allows practices to elevate their in-house staff to a higher caliber while utilizing outsourcing staff for specific tasks.

One example discussed in the podcast is the role of scheduling. It is crucial to have an in-house person who is well-versed in the practice's workflow and can make appropriate appointments. However, tasks such as verifying patients' insurance, submitting claims, and obtaining authorizations can be outsourced. With the advent of cloud-based electronic health records (EHR), these tasks can be performed from anywhere, whether it's in the office or overseas.

AI is also highlighted as a game-changer in healthcare practices. Rather than replacing healthcare professionals, AI is designed to enhance their capabilities. It can perform important functions that may be neglected due to lack of resources or staff time. By delegating certain tasks to AI, practices can ensure that their in-house staff is more prepared to focus on patient care and maximize revenue recovery.

In conclusion, outsourcing and AI are transforming the healthcare industry by improving efficiency and reducing costs. These innovations allow practices to streamline their operations, allocate resources effectively, and provide better patient care. By embracing outsourcing and AI, healthcare professionals can adapt to the changing landscape of medicine and navigate the challenges of running a successful practice.