The evolution of the healthcare industry and adaption to ICD-10 is making for many changes, stresses, and distractions for healthcare professionals. In addition to this and daily care for patients, some medical workers are also lending a hand with administrative tasks like helping with bills, paperwork, and claims. It may seem like a good system, but utilizing workers who are not specialized specifically in healthcare billing and administration can actually cause an organization time and money.
Outsourcing the management of your revenue cycle is a business strategy that can help your practice overcome the challenges of increased regulations, decreased reimbursemetn levels, and patient exerience and needs. The overarching goal with this strategy is to reach the ultimate level of administrative effectiveness and profitability within the healthcare practice.
Revenue cycle management is an integral part of your business, regardless of which pieces you do or how well you do them. It isn’t a matter of choosing to have a revenue cycle management strategy, but rather choosing to have the best re management system in place. Placing this responsibility in the hands of specialized experts will offer several benefits to your healthcare organization:
1. Increase Revenue
Efficiency increases revenue. Outsourcing revenue cycle management professionals to do what they know increases organization efficiency – whether optimizing coding, creating better documentation, or operating denial management and appeals. Outsourcing promotes an effective environment that can help reduce the amount of time and money an organization spends on administration. Healthcare organization systems with outsourced revenue cycle management often results in less stress, a pleased organization, an increase in revenue, and a better bottom-line.
2. Increase Efficiency
Familiar with the expression, “Leave it to the experts”? Professional experts are trusted to enable efficiency and success in any business. Outsourcing revenue cycle management for expert assistance in your healthcare organization ensures a strategic service plan focused on an effective process to measure, manage and maximize reimbursements, collections, and profitability.
3. Allow Physicians to Focus on Caring for Patients
When physicians, nurses, and other healthcare professionals need to step into billing and administrative roles, it takes away from their main job – caring for your patients. Partnering with an outsourced revenue cycle management expert will allow your staff to stay focused on his or her area of medical expertise.
4. Revenue Cycle Management Professionals Keep Up with the Ever-Changing Industry
It’s needless to say the healthcare industry is constantly changing, updating, and evolving. With the help of outsourced revenue cycle management, your healthcare organization doesn’t need to keep up on all of these changes. Rely on your partner to execute an effective revenue cycle strategy specific to your needs.
5. Accurate and Timely Submission Process
The repercussion of inaccurate healthcare billing and submissions often include delayed reimbursements to your organization. Choosing to utilize an expert revenue cycle management service will ensure accurate submission of claims, codes, and an increased effectiveness of the process, which all helps your organization get paid the right amount, and get paid faster — no more delays.
If these benefits can be of use to your healthcare organization, HIS can offer outsourced revenue cycle management services that improve the way others manage the revenue cycle. At HIS, we don’t have one solution for every organization because every organization is different, and no one solution is right for every healthcare practice. We begin our process with a consultation so we can really get to know your organization’s needs based on strengths and weaknesses, administration positions, and so on. When it comes to making your practice efficient and as profitable as possible, HIS can help. Let us know how we can help you be your best.