The financial health of a practice is not usually considered by patients when they are searching for a quality provider. Does the provider have sound billing practices? What is their clean claims rate? What does their Accounts Receivable (AR) look like? These are not the questions that patients ask. They look for providers that stand as pillars of their communities. They look for providers who have a track record for offering their patients the highest quality care. The thing is, a provider who stands out compared to its competitors has usually built themselves on more than just the quality of their care. In order for a provider to reach their full potential, they need to have a strong foundation for the billing and financial systems at their practice every step of the way. Outsourcing Revenue Cycle Management (RCM) is the key to handling claims, payments, collections, and improving revenue within a practice without jeopardizing the quality of care patients are eager to see. Providers are increasingly choosing to outsource their Revenue Cycle Management. The market for Revenue Cycle Management is expected to grow by more than double by 2023.
Why Providers are Choosing to Outsource Revenue Cycle Management:
1) Reduce Costs
The increasing costs associated with managing billing in-house never fail to exhaust the resources of the provider. The cost of staffing alone is enough to stretch a provider thin with it comes to non-medical spending. Not only this, but there are the costs associated with sending out billing reminders to patients who have yet to pay. Then there is going after high collections. Each one of these aspects is not only costing the provider, but it is also consuming valuable time. By outsourcing Revenue Cycle Management, providers can hand off each one of these tasks to a billing expert, relieving the cost of staffing, training, and collections among other things.
2) Increase Patient Satisfaction
The improvement of patient satisfaction is proven to directly impact the bottom line of a practice. By choosing to hand over the Revenue Cycle Management at your practice to billing specialists, you are giving your patients tools they need to fully engage and understand their medical bill. The vendor can help a provider's patient truly understand how their bill works, answer questions, and provide peace of mind. By having the resources to properly educate the patient on their bill, providers will see an increase in patient satisfaction and on-time patient payments. This is only possible when outsourcing Revenue Cycle Management. Without this resource, providers struggle to find the time or resources to spend with patients educating them in this area of their care.
3) Improved Revenue
Providers will see improvements in their revenue through more than the reduction in costs and increased patient satisfaction. By outsourcing Revenue Cycle Management, providers will see significant developments in their collections rates, AR, number of denials, and clean claims. Each one of these contributing to an influx in revenue otherwise unachievable. Revenue Cycle Management is such a vital part of the practice, that when handled inefficiently or without proper care, can leave the practice high and dry. This is why outsourcing has been the choice for providers all over the United States. According to Revcycle Intelligence, “The global healthcare revenue cycle management outsourcing market is slated to significantly increase, with its valuation rising from just $11.7 billion in 2017 to $23 billion by the end of 2023.” Providers who chose this route are seeing encouraging results. Partner this with offering quality care to the patient, this is what sets them apart from their competitors.
Revenue Cycle Management that is done well is what acts as the foundation for providers eager to provide life-saving care to their patients. By outsourcing, providers can connect the billing and clinical aspects of their practice to reduce overall costs, improve the patient experience, and increase revenue. More and more providers are choosing to outsource Revenue Cycle Management. To learn more about how outsourcing could be the right choice for your practice, CLICK HERE.