The healthcare industry is facing a number of challenges, including rising costs and a growing need for high-quality care. In the midst of these challenges, many providers need help finding the resources to provide quality care while also managing their revenue cycle management (RCM).
Healthcare revenue cycle management has traditionally been seen as a complex, ever-evolving, and time-consuming operational expense for many healthcare providers to track patient data and billing details and collect revenue. Efficient RCM is essential to the provider’s ability to deliver care to patients and contribute to the organization’s long-term viability and success.
However, more and more providers are beginning to realize the benefits of outsourcing their RCM. This is especially true for providers with limited resources or staff members who need more expertise or capacity to dedicate their time to the tedium of tending to medical coding, billing, and claims.
Revenue cycle management involves many participants, steps, and regulations, beginning with the patient and healthcare staff, then insurance companies. Claim issues or denials, third parties, or regulatory compliance requirements can further complicate the process.
On-site RCM is a lengthy process: collecting patient information from the patient themselves, sending claims to insurance companies, following up on those claims when they’ve been denied or paid incorrectly, negotiating with providers who refuse payment, etc., until everything has been processed correctly by all parties involved for payment to be made out of pocket by either party to collect revenue.
Because RCM is such a complex process, it requires significant time from clinical staff members and IT professionals. Unfortunately, many hospitals and health systems don’t have enough qualified staff to dedicate their time to RCM. The result can be less staff availability and focus on high-quality patient care. As such, achieving RCM prioritization within the organization can be very challenging and resource-intensive, especially in areas already experiencing staff shortages or budget constraints, and can often reduce time spent on patient care or even contribute to staff burnout.
Offshore Medical Billing Can Add Massive Value for Providers
Revenue cycle management is a specialized field that requires specific knowledge of CPT codes and adherence to strict healthcare regulations. While it may seem like a simple task, receiving revenue for healthcare services requires accurate documentation and coding, as well as calculating fees based on insurance company coverage agreements and regulations; while some providers may feel confident handling these duties on-site, the extra responsibilities, in addition to regular workloads can be overwhelming.
By outsourcing these responsibilities to a leading offshore medical coding company with expertise in RCM processes, providers can focus on improving patient care while knowing that their finances are handled correctly by experts who understand the complexities of providing quality healthcare in today’s world.
Capturing all of the billing details is time-consuming, and any errors made in the coding process can lead to postponed or denied claims, reducing or delaying incoming revenue. Medical pro-fee coding requires specialized knowledge, such as staying up-to-date on CPT code organization – with 393 changes to the code set for 2023, there are currently 10,969 codes for procedures and services available to patients.
Offshore medical coding companies can offer massive value to healthcare providers. Not only with coding and billing accuracy – they provide improved compliance through rigorous internal audits, ensuring patients get the care they need while still adhering to regulations.
To focus on patient care without worrying about the minutiae of billing, entrusting offshore medical coding to handle RCM processes allows healthcare providers to spend time and effort on what they do best — affordably delivering excellent medical services (while still collecting sustainable revenue).
Revenue cycle management and billing solutions are essential to healthcare providers’ financial success and longevity. When managed correctly, they can result in substantial cost savings. Outsourcing RCM processes can also bolster a healthcare provider’s bottom line by freeing up valuable internal resources for quality patient care and administrative duties that aren’t made obsolete by technological advances elsewhere in the patient record. For this reason, it is prudent to have a partner with a thorough understanding of the revenue cycle process, effective proprietary technology that adapts to your current workflow, and sector expertise to implement solutions successfully.
GeBBS Healthcare Solutions represents the future of healthcare, offering expert guidance and sophisticated approaches utilizing adaptive proprietary technology to ensure tailored revenue cycle management solutions that meet your unique needs.
Additionally, providing offshore coding solutions through GeBBS, integrated with your current host system, results in higher profitability, effectively slashed billing procedure costs, and increased collections by recovering more payments from denied, overpaid, or understated patient claims. With a throughput of 10,000+ calls a day with a response time of 20 seconds or less, our infrastructure is here to serve and quickly address any issues that might arise with the expertise only truly experienced coders and supervisory teams can provide.
GeBBS’ payer solutions reduce the risk for both government payers and risk-bearing providers to decrease exposure through tools like the risk assessment dashboard tool gives Risk Adjustment Factor scores in real-time to provide invaluable feedback for risk analysis and improvement, resulting in a 20% increase in reimbursements.
Reach out to GeBBS’ world-class experts to realize your RCM objectives by visiting gebbs.com today.