How Managing Cost, Staff & Technology in RCM Can Improve Your Profitability
While on one hand hospitals, healthcare providers and the practicing physicians are under constant pressure to perk up their healthcare, on the other hand dealing with reimbursement cuts, increased risk and margin pressure is indeed challenging. Not to forget, how the irregular style of insurance deductibles creates challenges that hamper the growth of a profitable business. Hence, it is imperative for healthcare organizations to gain better agility, maximize their revenue cycle efficiency and work on expanding the productivity of medical billing, coding and account management area, so that a competitive edge is gained.
For Value-Based Care, Managing Cost, Staff & Technology is of Paramount Importance.
Gone are the days when the management’s used to depend upon internal staff and technology in order to manage scalability, cost and staff management. Today, outsourcing leads to expertise and technology resources, which further helps organisations to not only reduce overhead costs, but also to free up capital and resources to invest right back into their core business. Outsourcing revenue cycle management means that the headache of hiring, recruiting, training and managing gets easier, along with sharing the loads of software platforms and billing process to achieve higher level of efficiencies. All in all, leaving the provider with more and energy to deliver quality patient care and improve their business’ profitability.
Things to Look For When Selecting the Right Partner for Revenue Cycle Management
Here are top 4 considerations to keep in mind when selecting the right partner and avoiding costly outsourcing mistakes:
- Look for a partner that comes with rich years of experience in the field, along with having a competitive price point. This will help you in choosing a revenue cycle management partner who has consistently worked with changing reimbursement rates as well as worked with transforming business models. All this must be backed with a team of experts, who can deliver statistical results with certainty and consistency of operations.
- They should have proven expertise in medical coding and must abide to healthcare regulatory compliance.Whether you are looking for full outsourcing, which is anytime preferred, or partial project work, your revenue cycle management expert should look at missed revenue opportunities and potential compliance risks, which can manage due to inaccurate coding. Your outsourced partner should also be capable enough to help you with audit management, staff training and improvement and clinical documentation progress.
- Look for a partner that helps you with billing and payment management. Your outsourcing partner should be able to handle the critical processes that impacts your most important KPIs, i.e. AR days. It should help you with efficiently putting together insurance billing, patient statements and payment evaluation and validation.
- Your experienced provider should act like your extended business office service partner. You should hire someone that has the capability to act as your extended staff with both insurance and patient accounts handling. From determining claim status, detecting root cause of delinquent claims to managing resubmit claims or initiate appeals, your outsourced partner should ideally use a predictive dialer to establish customised payments based on your policies and procedures.
Partner with Knack Global’s Revenue Cycle Expert Who Can Not Only Manage Your End-to-End Revenue Cycle Management, But Can Also Help you to Reduce Operating Costs & Accelerate Cash Flow While You Stay Focus on Delivering Quality Care