Benefits of outsourcing healthcare revenue cycle management
Author : Shrikant Guthe | Published On : 03 May 2021
Outsourcing Revenue Cycle Management. "Turn, Turn, Turn" as the old folk song goes, "A time to gain, a time to lose." And of course, old Pete Seeger had it right. The world and business go through cycles. But in the Healthcare field, no one wants to lose. That's why there's Revenue Cycle Management Process. As the name implies, Revenue Cycle Management (RCM) is the method of identifying, collecting, and managing a medical practice, a hospital, or clinic's payments from patients or insurance companies.
In other words, it's where the money comes from! And without an efficient way to collect all the money you're owed, you're going to find yourself in trouble very fast. In the Healthcare Industry, with high costs, an aging population with limited income, and the employment chaos caused by the COVID 19 pandemic, not to mention uninsured patients suffering from it, Healthcare Revenue Cycle Management is more important than ever.
That's the reason so many Healthcare Providers of all types and sizes have turned to RCM Outsourcing; they understand the advantages of hiring someone they trust to handle their money.
But having an RCM Outsourcing Partner does even more. It can slash your overhead by 40% or more!
Benefits From Outsourcing Revenue Cycle Management
Let's face it. People get into the Healthcare field mostly because they want to help people. They want to focus on patient care and improving the quality of life in the face of injury or disease.
They don't want to focus on coding, billing, and the rest. But they also don't want to waste money.
This is why Outsourcing has saved so many practitioner's money.
Here are some of the ways:
- Increase Efficiency: RCM Outsourcing those tasks with an experienced partner can remove a lot of speed bumps in realizing income. They can handle all the intricacies of the coding and billing process, without constant input from you or your staff.
- Focus on Patient Care: Using Medical Billing Outsourcing Company, and not using your in-house staff to handle the money matters, you'll have the additional workforce to take care of patients or extra money for facilities upgrades, newer equipment, and increased training.
- Manage Staff: With additional time and funds available, you'll be able to more efficiently manage your existing staff and contribute to their training and income, improving their skills and retention.
- Access to Skilled Personnel: Using RCM Services and the savings you'll realize, you'll be able to hire more skilled staff members to handle some of the functions you might be sub-contracting now.
- Timely and Improved Reimbursements: Outsourcing Revenue Cycle Management means there will be a full-time, dedicated Accounts Receivable staff that works on nothing but getting the funds you’re owed- from either patients or Insurance providers.
- Reduced Billing Errors: Since billing, and only billing is what RCM Companies do, and since they continuously train and upgrade their skills, you'll see an immediate decrease in errors- both from coding and submissions.
- Industry Changes: Will be easily incorporated into the process. Again, because your Outsourcing RCM Partner has a dedicated staff, the seemingly constant procedural changes in standards and requirements will not affect the cash flow.
- Reduced Denial Rate: What happens when the patient's claim is denied by their insurance provider? This means that the claim needs to be re-examined for errors. Outsourcing RCM, all of the information will be verified the first time it’s submitted.
- Improved Payments: Your RCM Outsourcing Agency has just one goal: make the revenue stream smooth and steady. Make the income dependable and continuing so you can know that you'll be paid for the services rendered.
- Guarantee Quality Output: This is something your RCM Partner will, or should be able to confirm. They get it right, or you don't pay. Error-free, and with total transparency, you should be able to depend on them.
Outsourcing Revenue Cycle Management? Protect Yourself.
While expanding your business and cutting costs is your strategic goal, you need a plan to get there. Look at Rely Services credentials, talk to their current clients, and examine their work and professional staff. They're in this for the long run, just like you. For over 20 years, Rely Services has built a reputation for attention to detail in the Outsourcing Revenue Cycle Management Sector.
- HIPAA compliant - All team members are certified and HIPPA compliant. their methods meet or exceed the stringent industry standards, and they are continually updating our training
- Cost-effective - Teams can save you capital, so you can invest it in expanding your enterprise. They routinely save clients 40% or more, and services include one of the most highly trained teams of professionals in the business.
- Data Security - Rely Services has never lost any data to power, system, server, or network failure. They've never had a random or targeted data breach. All of your data will have multiple redundancies, so even catastrophic events will not result in a loss.
- Short Turnaround - The global reach of Rely Services can result in head-snapping speed for your project's data. Input, compilation, storage, and retrieval, our speed will astound you. Give them the work at the end of your day, and you’ll have it back in the morning
Using Rely Services as your outsourcing revenue cycle management services partner will save you more than time and money. They are relentlessly refining business methods and can put that work ethic at your service. Contact Rely Services for a no-obligation assessment of your enterprise today.