Three Types of Billing Services That Small Businesses Can Outsource
For small and medium sized businesses, handling regular billing tasks can become a cumbersome ordeal without the right resources at their disposal. Many businesses struggle with processing customer payments on time, especially if workers are responsible for handling customer service inquiries or working with clients face to face. As a result, it’s easy to fall behind on billing, and it can be costly to keep an underperforming billing department running, too.
If your business needs to speed up the turnaround time for its accounts receivable, it may be wise to switch to an outsourced billing services company. Here are some of the advantages you might see when you outsource medical billing or utility billing systems and switch to electronic billing, too.
- Medical Billing Outsourcing: Medical billing and coding has become its own industry, and with good reason. To make sure that patients receive the right care and are billed accordingly, medical billers need to know the exact codes that correspond with each treatment. Even transposing two numbers can lead to serious complications with regard to billing and treatment. Doctor’s offices and hospitals that outsource medical billing, however, can ensure that patients are billed right every time.
- Utility Billing Solutions: Utility billing is a necessity in today’s world, but companies that delay payment processing can have a negative impact on their customers. However, outsourcing billing can actually speed up accounts receivable by as many as one to three days, which means that customers will be less likely to see interruptions in their service.
- Online Billing Services: Many businesses still use statement printing services or maybe even rely on their own. However, this is not only costly, at around 11.5 cents per statement printed, but it’s also bad for the environment. Switching to online billing saves paper, and electronic invoices for customers can help them pay wherever and whenever is convenient for them. Outsourcing billing to a service that provides electronic billing is a great way to keep customers happy and reduce costs.
Have more questions about why to outsource medical billing, utility billing, or online billing systems? Leave a comment below.