The winter season brings on one of the busiest times of the year for healthcare organizations. High volumes of patients, procedures, and treatments are just few of the many things keeping facilities occupied. On top of swamped schedules and caring for patients, many healthcare organizations are busier than ever with the pieces involved in managing revenue.
You do not have a choice whether or not you manage your revenue cycle. You do, however, have a choice of how well it is managed. With so many distractions, errors are often submitted, or worse, paperwork is submitted late. This has a negative impact on your healthcare organization, including the risk of loosing revenue, decreased reimbursements, and slowing down the collection process. And, of course, no one wants that.
This is where outsourcing the management of your revenue cycle can come into play. Healthcare organizations can outsource revenue cycle management to professionals who take the complications and sheer amount of work off of a practice’s hands. Not convincing? Here are four reasons to outsource the management of your revenue cycle…
- Alleviate Staffing Issues
Healthcare organizations are able to avoid some staffing issues by not baring the time and cost of employing the manpower that is needed to efficiently and profitably control all aspects of a practice’s revenue cycle. Think of the additional cost savings you’ll gain without employing an in-house billing staff. Staff turnover and employee absences can cause a sever impact on a practice’s ability to have an effective and profitable revenue cycle. Additionally, the space that was used to house that staff can be converted to area which is dedicated to generating revenue rather than chasing money that has already been earned… just not collected.
- Increase Revenue
Just like we leave the clinical decisions to the doctors, the accounting to the accountants, it is wise to leave the management of revenue cycle to RCM experts. Whether optimizing coding, improving documentation, or operating denial management and appeals, RCM and coding experts have the right training, knowledge, and expertise to do this efficiently and correctly. This can reduce the amount of time and money practices spend on administration, and provide incredible results that ensure your practice is making as much money as possible.
- Maximize Reimbursements (+ Minimize Billing Errors)
Maximize reimbursements with a well-put-together coding and documentation process and on-going education. In addition, you can minimize billing errors by outsourcing revenue cycle management to a reputable and experienced firm. This results in maximizing physician reimbursements, as fewer mistakes are being made and less delayed reimbursements are on hold. Outsourcing the management of your revenue cycle – whether you’re an orthopedic, radiology, or other practice – ensures proper submission of claims and codes, as well as increased effectiveness, which in turn helps your facility get paid the right amount on time. Saving time and make more money? Win – win.
- Speed Up Cash Flow and Collections
Decreasing billing submission errors from revenue cycle management and maximizing timely submissions helps healthcare organizations get cash flow and collections back faster—there are no more delays. Outsourcing can be one of the most (if not the most) efficient strategies for the management of your revenue cycle – for your employees, for your patients, and the profitability of your organization as a whole.
Revenue cycle management is an integral part of your business – there’s no question about that. Choosing the best strategy for your organization is crucial to your practice to receive increased and maximum reimbursements and speed up cash flow and collections, all while decreasing your staff costs. At HIS, we have over 65 coding experts who have been extensively trained and educated on revenue cycle and billing procedures. Our services go above and beyond to help your healthcare organization in a specific manner necessary for success. Make your RCM the best it can be – outsource it to HIS.