Key Financial Enablers that Improve ROI in Healthcare: Outsourcing Revenue Cycle Management
Practices that outsource medical billing services are reported to witness a 5-10% increase in net collections, along with improved operational efficiencies that help practices focus on higher priority tasks like patient care!
H ealthcare Revenue Cycle Management (RCM) is undergoing constant change. Every time you develop a revenue cycle strategy, a new reimbursement challenge appears. Recruiting qualified professionals to manage medical billing and coding have become complex and expensive.
Healthcare organizations including hospitals and practices are increasingly turning to outsourced medical billing services to eliminate the administrative burdens and drive up revenues. What’s more, Practices that outsource medical billing services are reported to witness a 5-10% increase in net collections, along with improved operational efficiencies that help practices focus on higher priority tasks like patient care!
Consider asking these questions when you are looking at outsourcing your revenue cycle management.
8 Questions to ask before you hire a medical billing company
When considering whether outsourcing revenue cycle management services makes complete financial sense, you might want to evaluate the costs involved in in-house medical billing. Most often hospitals and practices take into account only the medical billing staff expenses and tend to overlook the tangible and the intangible costs involved in the process.
Not all healthcare revenue cycle management companies are alike. The array of services is most likely to vary. Discovering the right RCM company depends on your specific business needs, pertaining to your unique care pathway management strategies.
It is critical that healthcare organizations base their decision to outsource medical billing services—on real metrics. But how do you gauge this? These KPIs we discuss below help you evaluate the revenue cycle returns on RCM outsourcing.
Having and in-depth understanding of your KPIs help you understand if the desired or promised financial goals by the medical billing outsourcing partner were realized. This also gives insights into your in-house billing process and its efficiencies. To learn more on revenue cycle outsourcing services or to get you free and customized ROI evaluation report, give us a shout!
From our humble beginnings as a healthcare start-up—to becoming a full-blown healthcare-exclusive digital transformation provider, our journey has been quite a remarkable one. Today, SolvEdge is a leading-edge Healthcare services and solutions provider—trusted by 450+ Hospitals, 3500+ Physicians and millions of patients across the globe.