12 Oct Pros and Cons of Outsourcing Revenue Cycle Management
This process includes pre-visit (patient eligibility and insurance verification), patient check-in, charge capture and entry, claims processing and assembly, claims submission, payment posting, claims follow-up and patient collections.
With all these moving parts, it’s easy to see how challenging it is to manage RCM effectively, especially because payments and procedures change constantly.
For RCM to be managed efficiently so a practice can thrive financially, RCM has to be handled at a professional level. This requires RCM staff with deep knowledge of healthcare’s changing landscape, combined with the latest technology-enabled systems.
What exactly is RCM outsourcing?
It’s when an organization hires an outside company to manage all or some aspects of its financial processes. With respect to healthcare providers, an RCM outsourcing company identifies, collects, and manages the practice’s revenue from payers and patients.
Why is outsourcing RCM good for healthcare practices?
As mentioned, RCM is incredibly complex and ever-changing. The time your staff spends handling administrative functions for which they may not be properly trained or have insufficient time is also time they’re not spending on other important tasks. So not only might the billing be less accurate than it should be, the patient care component of your entire practice also suffers.
For maximum efficiency and revenue growth, RCM billing services should be handled by professionals with deep knowledge of best practices and procedures to help your practice maintain effectiveness in scheduling, billing, coding, and collections.
To avoid claim denials and payment delays, professionals have comprehensive knowledge of and eagle eyes for important aspects of the process, including using the correct diagnostic codes and ensuring accurate information about providers, patients, etc. prior to claim submissions. When submitted claims are incorrect, insurance carriers are happy to send them back to a practice for more information (delaying payments) or to deny claims altogether, leading to under-payments.
When it’s done right by the right teams, your practice will:
• Improve collections and cash flow by:
- Increasing clean claims and accurate payments
- Reducing errors
- Reducing denials
- Improving claim response times
• Reduce costs by:
- Reducing hours applied to correcting errors
- Lowering overhead expenses and administrative costs of hiring, salaries, benefits, and training
- Providing access to a larger talent pool of experts at a lower cost
• Maintain staff focus on managing the clinical aspects of a practice
• Increase the ability to scale a practice clinically, while minimizing operational impact
The Medusind® Difference: RCM Outsourcing Partnership
The word “outsourcing” can make it sound like a practice’s information might be out of reach when it’s in the hands of an outside organization. Or that actual humans won’t be available to help on-site staff with answers to questions, updates, and support for the ongoing challenges of RCM. That’s not the Medusind way. We add the word “partnership” to “outsourcing” because being a partner is how we provide the best RCM solutions to each medical practice we serve. We become an extension of the practice, designing tailored billing support powered by MedClarityTM the most innovative practice management platform in the industry. Paired with a dedicated team of real people (not 800 numbers, voice mail, or chat bots), available when they’re needed, Medusind’s RCM partnership covers all the bases.
Practice Management Partnership
From smart scheduling, real-time eligibility verification and clean claims submissions to robust reporting that will provide on-demand insights into all aspects of revenue cycle that help with scaling, MedClarityTM helps a practice increase productivity and profitability. For practices that prefer to keep their current PMS, Medusind integrates seamlessly with any existing system.
20 years of Partnership Success
A leading provider of RCM services for 20 years, Medusind is the outsourcing partner that can help your organization:
- Eliminate your most time-consuming tasks
- Provide you with 1:1 practice-dedicated team, including status calls at least once a month or whenever you need us
- Ensure compliance with industry standards and government regulations
- Operate with uncompromising standards and absolute integrity
- Receive support whenever you need it
Partner with the Best
Learn more about how Medusind’s RCM outsourcing services can benefit your organization!
