For providers who started their practice with a heart to help patients, medical billing and the revenue cycle can seem like a complicated nightmare. For some providers, it is a time-consuming effort that changes the drive of their practice from a care-value approach to a revenue-sustaining one. With healthcare in the United States becoming more complex each day, it is important for providers to get ahead of the curve however they can without sacrificing the quality of their billing department and practice overall. Outsourcing RCM services may be the solution for busy providers who wish to improve their revenue cycle without sacrificing their in-house patient efforts.
The Benefits of Outsourcing RCM Services to a Trusted Vendor:
While some providers still argue it is best to manage RCM in-house, more and more providers are getting on board with outsourcing RCM services and the results are proving themselves. The key to the outsourcing of any service is a quality trusted vendor. Without one, a practice will not be able to achieve excellence. By partnering with a trusted vendor, providers can see the following benefits when outsourcing RCM services:
1) Patient Eligibility Verification
A crucial step in securing and protecting a payment for services, patient eligibility verification will improve your revenue cycle. Outsourcing RCM service enables providers to check patient eligibility status and catch incomplete registration forms that are often missed by staff, slowing down your revenue cycle. The eligibility verification process allows providers to verify coverage prior to the rendering of services. If a patient is not covered for services, then the provider can discuss the patient’s options with them on how to move forward. This protects the patient from unforeseen medical costs while also ensuring payment for the provider.
2) Claims/Denial Management
Outsourcing RCM services enables the provider to hand over their claims process and denial management to an expert medical billing partner. The vendor and their team of trained billing professionals work diligently to organize, scrub, track, and process your claims so ensure the best results possible. If a claim happens to be denied, their team will pinpoint the reason and resubmit as soon as possible. Where a provider might struggle to keep this department fully staffed and trained, they no longer have to worry. By outsourcing RCM services, their billing partner assumes the responsibility.
3) Reduce Human Error
Wrongfully coded claims are the top contributor to denials at most practices. While many providers work diligently to code their claims correctly, it can seem impossible to keep up at times. The landscape for medical billing codes is constantly shifting, forcing providers to retrain their staff each year, costing them financial resources as well as the time they do not have to waste. By outsourcing RCM services to a team of expert billing professionals, providers no longer have to worry about staying up today on the latest changes in codes. Instead, they can focus on their patients and have peace of mind that their claims are clean, and their payment is on the way.
4) Quick Payment
With the right vendor, outsourcing RCM services can lead to a faster payment in multiple ways. Patient eligibility verification prevents a bill from falling in the patient’s lap when they are not covered. Claim and denial management leads to improvements in clean claims and faster payments. Improvements in your coding process ensure your claims are reimbursed as quickly as possible. By outsourcing RCM services, providers can also partner with their vendor to implement payment technology at their practice. This includes digital payment processing that encourages more on-time and in-full payments from your patients.
5) Simplified Overall Billing
Outsourcing RCM services simplifies a provider’s billing overall by taking away the heavy responsibility of staffing, training, and managing your revenue cycle services in house. Providers can return to focusing on their patients knowing that outsourcing RCM services to a vendor has them cared for and their bottom line protected. The key to achieving simplified overall billing is to make sure you are working with the right vendor. The wrong vendor will leave your practice wishing they kept RCM services in-house.
To learn more about how to find the right vendor for outsourcing RCM services at your practice, click here.