A Comprehensive Guide to Outsourcing Your Revenue Cycle Management
Although the final goal of revenue cycle management is to streamline communication and merge the administrative and clinical parts of a business, the process itself can be complicated. You’ll be collecting more data, putting in more protections, and requiring more double-checks than you have in the past. As a result, almost two-thirds of healthcare businesses are currently outsourcing their RCM needs for true simplicity in management and communications.
In this article, we will guide you through the pros of Outsourcing Revenue Cycle Management so keep on reading.
What does it mean by Outsourcing Revenue Cycle Management?
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Outsourced RCM accomplishes the same RCM tasks as in-house RCM, but transfers some or all of them to a third-party firm. A reputable outsourcing provider will provide an economical, modern billing platform, as well as support before, during, and after the cycle is completed, while adhering to HIPAA, ISO 27001, and 9001 standards. Outsourcing your RCM needs should, in general, reduce your overall administrative duties while improving the efficiency of your operations.
RCM is an important part of every healthcare company’s strategy. Outsourcing your RCM efforts, whether partially or entirely, can help you avoid forgetting important elements along the route. It’s also crucial to make sure your budget can support the RCM services you require.
Benefits of Outsourcing
- Cost Savings
Even after considering the associated expenditure, cost savings is one of the main reasons why many health care organizations choose to outsource revenue cycle management. By eliminating some of the most overstaffed roles, you’ll save money on salary, benefits, and training, as well as physical resources like office space, utilities, and office supplies.
- Better Patient Experiences
Many of us have direct knowledge of how aggravating it can be to deal with endless, unsuccessful, or erroneous medical claims and patient information. Much of the procedure is automated using outsourced revenue cycle management, and the remainder is handled by a trained workforce, ensuring that patients are satisfied the first time. In addition, depending on your RCM platform, patients may have access to additional touchpoints that make it easier for them to manage their care.
- More Time with Patients
The majority of the administrative burden is lifted off the shoulders of direct care providers when you outsource your RCM. As a result, more critical professionals will be available to continue vital face-to-face interactions with patients, which is the sole goal of modern medicine. Patient satisfaction can rise as a result of improved care accuracy and the capacity to stay on schedule.
Cost of Revenue Cycle Management
As a manager or service provider, you’re well aware that most patients’ initial inquiry is, “How much will this all cost me?” Most of the time, the answer is anything but straightforward. After all, while a variety of estimates are available for each conceivable medical operation, the actual cost varies by region, changes with complications, and is subject to change based on the price schedule of the eventual payer.
Similarly, the first question many healthcare executives want to ask any service provider is how much it would cost. It’s a fair question; you’re trying to get a handle on your revenue cycle, and cost will almost surely play a role in your selection. While advertised pricing is typically in the 3–8% range, knowing the true cost of your revenue cycle management entails several elements.