As the world’s begin to open up in reaction to the COVID-19 epidemic of the novel coronavirus, it’s difficult to predict what the future holds for healthcare. The epidemic has been a major source of concern for healthcare providers and organizations worldwide, and it is having a significant impact on revenues and the revenue cycle management business. Many hospitals and health systems are experiencing substantial financial losses, which are affecting the whole revenue cycle and revenue recovery groups. As a result, it is past time for providers and organizations to reconsider outsourcing RCM and revenue recovery services.
Prior authorizations and insurance benefits verification, billing and collections, payment, managing healthcare revenue recovery groups and denial posting – there are many aspects of revenue cycle management (RCM) that may be handled more efficiently by an outsourcing partner while also lowering costs.
Why should you contemplate outsourcing your RCM functions?
If you haven’t explored outsourcing your RCM and revenue recovery services yet, or if the timing hasn’t been right, here are four reasons why now is the perfect time to do so.
Outsourcing gains immediate medical cost control
It’s vital to recognize that while outsourcing RCM may not completely replace all in-house RCM teams, it may undoubtedly save you a lot of money on labor. To assist crucial RCM and revenue recovery group operations, an outsourced partner may quickly deploy a team of highly trained professionals. RCM personnel can then be assigned to critical duties such as incident management teams, point-of-entry screening, revenue recovery services, or telehealth functions. Because the RCM allotted hospital employees can be reassigned to other areas of necessity, your outsourcing partner can effectively take these vacated RCM jobs to lower the cost to organizations.
Streamlining RCM Supports to Ensure Long-Term Success
Contrary to common opinion, outsourcing is about more than simply cost savings; it is also about long-term success. It is about increasing efficiency, improving performance and accuracy, and striving for constant development. You’ll gain a distinct view on the revenue cycle from an expert if you outsource RCM tasks. RCM professionals can quickly grasp best practices and give critical input on how your firm may improve in comparison to others of comparable size and specialization. They can also concentrate on identifying root cause issues, areas of potential, and ways to recoup lost revenue that you were unaware of. Experts assist in identifying new possibilities for clinical documentation, improving collection on rejections and underpayments, finding un-coded claims, increasing accuracy, managing healthcare revenue recovery groups and decreasing dated receivables. RCM outsourcing can assist in increasing revenue, optimizing reimbursement, and improving cash flow.
As volumes fluctuate, outsourcing is inexpensive at all scales.
At no point do providers or organizations have any knowledge about patient volumes. For example, during a time when telehealth volumes are surging but procedural volumes are falling, no one knows what to anticipate. As a result, outsourcing RCM and revenue recovery services in Dallas allows you to rapidly flex resources to scale up or down as volumes change. This can assist to cut labor expenses while also making it highly inexpensive for healthcare providers and organizations to manage overhead costs and keep operations moving quickly and smoothly – regardless of patient volume.
Outsourcing helps physicians and organizations to concentrate on what they do best: providing excellent patient care.
Healthcare practitioners and organizations are not educated to enhance billing, coding, payer relations, or clinical documentation. Their major job is to offer excellent medical care and to create the finest patient experience possible. RCM and revenue recovery services are non-patient-facing processes, and outsourcing allows providers to focus on what is most important while delegating crucial business activities to professionals.
Outsourcing is not ideal for every profession. However, some practices do outsource RCM, and even then, they often achieve positive benefits. However, according to a survey performed by the Medical Group Management Association (MGMA), medical practices that outsource their RCM often find greater performance in collections, staff efficiency, and a variety of other areas.
If you’re thinking about outsourcing your revenue cycle management tasks, you’re probably wondering where to begin. Don’t worry, you’ve come to the right spot.
With Dominion Revenue Solutions, you can manage all of your RCM functions and outsource some of your processes to dedicated professionals. Learn more about our services by visiting our website today!
