In today’s healthcare environment of shrinking reimbursements, due to governmental mandates and Medicare policy changes, the importance of maintaining a healthy revenue cycle is second only to providing the best patient care possible. Without an adequate margin there can be no medical mission.
One way to ensure your revenue cycle remains as healthy as possible is to enlist the help of a healthcare BPO company to assist with — or handle completely — your revenue cycle activities. These organizations are expert at keeping your revenue cycle fine-tuned and optimized to its maximum performance level, much like a highly-trained mechanic can do for your automobile. There are literally dozens of advantages that third party revenue cycle companies can provide, such as onshore and offshore medical coding and offshore medical billing. Here, in my opinion, are the top 10 reasons why healthcare financial professionals should consider outsourcing.
- You will see an increase in your reimbursements and collections.
- Your labor costs for revenue cycle maintenance will be reduced.
- Requires no capital investment.
- You get immediate access to highly-skilled and expert personnel that will mitigate risks from frequently changing governmental regulations.
- Staff members will be freed up to work on other critical financial issues.
- You will receive daily, detailed financial reports upon which you can take immediate action.
- Your revenue cycle will be easier to track and manage.
- It’s an uncomplicated solution that works from day 1 of implementation.
- No additional staff, training or office spaces are required.
- You get immediate peace of mind that you are doing everything you can to maximize your revenue cycle.