Today’s healthcare professionals, who are responsible for revenue cycle management, must feel like fire fighters who while fighting the main blaze must deal with smaller fires that keep breaking out all around them. The challenge these healthcare professionals face is how to ensure all present billing gets accomplished and collected, while working on legacy A/R accounts that have fallen seriously behind. These legacy accounts often contain large amounts of revenue that need to be collected.
The challenge is how to accomplish both of these tasks with your present staffing levels? One answer is to call in a professional business process outsourcing (BPO) company to help handle your legacy accounts receibable (A/R).
A BPO company has the knowledge to manage and leverage their people, processes and technology to maximize your legacy accounts reimbursement and collections with: payer/insurance follow-up, self-pay follow-up, receivables analysis, denials management and credit balance resolution. They will handle the legacy accounts, allowing your staff to focus on keeping your present A/R accounts current.
A BPO company can rapidly deploy an experienced legacy revenue cycle management team that will not cost your organization money, but will actually produce revenue that has just been lying fallow in your legacy A/R files.
Trying to hire temporary staff to tackle this challenge is time-consuming and will provide a low return on your investment. The healthcare revenue cycle management process is complex and you need people who thoroughly understand the process and know how to maximize it for your benefit. Temp people from an employment agency are not the answer.
By engaging an experienced BPO solutions provider with a thorough understanding of the major insurance companies’ claims payment processes, you can turn your dormant legacy A/R accounts into ready cash.