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.