Revenue cycle management is all about making sure that you get paid for the services you provide. This can be a time consuming and expensive process. Third party healthcare revenue cycle management companies are in business to provide service to physicians and clinics for them to avoid spending valuable time worrying about collections and insurance company issues. However, just like any other company, third party healthcare providers are faced with costs and quick-turnaround times, which is why outsourcing seems an attractive option. Healthcare service providers create a strategic environment for revenue cycle businesses to enhance their services such as medical billing and medical coding.
Outsourcing can provide some very great benefits to a practice.
- Increase revenue
- Reduce expenses
- Allow the opportunity to expand your capabilities
- Flexibility in processes
- Access to highly skilled personnel
- Guaranteed quality output
- Ability to concentrate on your core business
Increasing revenue flow is necessary for all business. When insurance claims are rejected, the time necessary to re-verify and re-submit add considerably to the collection cycle. Making sure that insurance claims are handled correctly the first time is a step in getting the revenue cycle management on track. Partnering with an outsourcing company that has a streamlined process or a customized revenue cycle management process in place can increase accuracy. Front-end and Transaction Processing functions are areas where errors occur and an efficient outsourcing partner can easily help you reduce, if not totally eliminate, those errors.
The reduction of overhead expenditures is another big reason to consider outsourcing. Each employee added to your in-house revenue cycle management team increases your expenses with the cost in wages, benefits and additional office space necessary to house them. Having an offshore outsourcing company supply you with manpower, you are guaranteed to get qualified staff for your team at a lower cost.
A great benefit of outsourcing is the qualified people to perform your processes are all ready in place. The outsourcing company has a set of qualifications and tests to ensure that the staff that they will hire can deliver quality work. It is likely that the service provider already has a talent pool of medical billers and coders. You no longer need to spend time on sourcing and recruitment for your medical billers and claims processing staff.
With the revenue cycle taken care of, you can focus on re-aligning your operations to focus on expanding your core business. Now you have the opportunity to expand your practice, offer new services or even decide if a satellite office would work. Having non core activities outside of your office allows you to really focus on what you want your business to become.
Outsourcing revenue cycle management (RCM) and healthcare financial services can restore balance in your processes while ensuring that you enjoy the benefits that comes along with it. Service providers also guarantee that through the solutions they perform for your business, you also gain a competitive advantage among your competitors in the healthcare industry.