Healthcare practices spend a huge amount of revenue on managing the revenue cycle in-house while incurring losses due to lack of automation, non-integrated applications, or the use of manual processes. Read this blog post to find out why outsourcing revenue cycle management can give you better results at a fraction of your current cost.
Managing the business end of a practice can be both tedious and frustrating for your physicians. This is especially true when it comes to revenue cycle management. At times, even if you have a team of excellent medical staff, you could experience inefficiencies in your revenue cycle management, which in turn, could lead to huge financial losses.
If your practice is facing such a scenario, you could be wondering if you should try outsourcing. Since revenue cycle management has a huge impact on your bottom line, it is a great idea to consider outsourcing. When a team of dedicated experts handles your revenue cycle management, your practice will be sure to see a boost in your bottom line.
Let us explore why outsourcing revenue cycle management is a good choice for your practice:
- Minimize cost and maximize collection rates
Outsourcing can help your practice to cut back on cost while increasing your collection rates. Recent research has shown that the cost of running a team of in-house staff is far more expensive than outsourcing medical coding and billing. Moreover, an outsourced team would consist of experienced billing experts and certified coders who can minimize your denials/rejections while maximizing your revenue. Taking the services of experts can reduce your backlogs and even bring your insurance AR up-to-date.
- Focus on your patients
Meeting the needs of your patients and providing them with the best care is the ultimate goal of every practice. Outsourcing revenue cycle management can help you achieve this while giving your patients a great experience. Reducing billing errors and claim denials can make your patients happy. At the same time, with the heavy load of in-house administrative work taken off your back, you can focus more on patient care.
- Experience a higher clean claims rate
To boost your practice revenue, you need to ensure a higher rate of clean claims (claims without zero errors). Outsourcing revenue cycle management to a team of well-trained and qualified specialists can ensure that you submit clean claims every time. This will give your practice a higher clean claims rate.
- Tap into the skills of experienced and dedicated professionals
If your internal staff has been multitasking, you could be facing errors, as your team may not be skilled in coding and billing. Since billing and coding practices change often, it is important to stay up-to-date with the latest coding practices so that errors and denials are reduced. Outsourcing revenue cycle management can help you reduce denials, errors, and even keep a tab on HIPAA violations.
- Increase accuracy and efficiency
To make your practice sustainable, your billing processes have to be both efficient and accurate. Incorrect coding practices, payment claims that are due, or disregarded claims can have a negative impact on your cash flow. Outsourcing on the other hand can not only increase your cash flow but also ensure that your processes are both efficient and accurate.
- Get access to analytics
When you outsource, your practice can get access to dashboards and performance reports on a daily basis. With analytics at hand, you can keep a track of your billing operations and performance without any micromanagement from your end.
Do you want to start outsourcing revenue cycle management, but don’t know where to start? We, at Outsource2india, can assist you with fast, efficient, and cost-effective revenue cycle management services that will boost your bottom line. From managing your accounts receivables to following up on them, addressing denials, or taking care of your AR calling and insurance claims processing, we can do it all. Your practice can save 60% on your operating cost, get access to services that are HIPAA compliant, and enjoy risk-free outsourcing on a 24/7 basis. Find out how we can make a difference to your practice by reading more about our revenue cycle management services.
Did you like reading this post? Do you have more questions about outsourcing revenue cycle management services? Please post your queries and concerns in the comments below. We, at Outsource2india, love to hear from you!
Interested to know more?
- 9 Crucial Steps of Revenue Cycle Management
- In-House or Outsourced Medical Billing: Which to Choose?
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