The revenue cycle management is not the only lifeline of all the physicians but also the lifeline for the healthcare organization. As an efficient billing system is important in setting the benchmark of a successful Revenue Cycle Management, which can either be accomplished by implementing the right EHR and Practice Management system or outsourcing the practice’s Revenue Cycle Management to a reliable vendor.
Helping you in determining the eligibility of the patients and their co-pay collections, coding their medical claims, tracking it, collecting payments, and following-up on denied claims, outsourcing has always assured a better revenue cycle management practices.
Diligently managing all the administrative processes involved with medical revenue cycle management, to allow you to focus on providing optimum care to patients, outsourcing revenue cycle management ensures a more streamlined, cost-effective medical billing process, which results in a reduction in write-offs, and accelerated revenue generation cycle and improved patient-provider relationships.
“By outsourcing your RCM, you can not only experience streamline operation but also ensure better patient satisfaction”, said Dr. Dipak Nandi, a professional from the medical billing business for over a decade. Dr. Dipak Nandi also quoted “As healthcare providers are seeking for ways to reduce costs, outsourcing is a valid approach to manage a financially healthier organization.”
In fact, according to the black book survey, approximately 80% of hospital leaders are vetting or considering outsourcing full revenue cycle management. Increasing the demand for full revenue cycle management outsourcing options by 86% between 2015 and 2019, many hospitals and inpatient organizations may partner with a third-party vendor to perform full revenue cycle management functions. The black book survey has also found that demand for outsourced solutions increased after ICD-10 implementation.
The survey also stated that hospitals have encountered financial increases shortly after choosing for outsourcing for a better revenue cycle management. Sixty-seven percentage of surveyed outsourcing customers reported financial and efficiency improvements within the first 90 days itself, while 82 percent of hospitals over 200 beds stated outsourcing the billing services saw over a 4 % boost in projected revenue. Improving the quality of inpatient care, outsourcing the revenue cycle management is being seen as the answer for regaining lost claims, coding productivity and advancing hospital financial operations.
Taking care of all the medical billing responsibility, outsourced RCM has always resulted in a better billing operational, cash flow along with seamless operation; helping healthcare providers to focus more on patient care.
As hospitals seek ways to reduce costs while achieving strong financial cash flow, outsourcing is the key to the solution. Now finding the perfect outsourcing operational extension that completely fits your requirement for a better revenue cycle management is debatable.