4 Myths About Outsourcing Your Revenue Cycle Operations
Outsourcing your revenue cycle operations requires a great deal of trust — the outsource partner is, after all, looking after the heart of your organization: your patients and your money. It’s like hiring a babysitter to watch your newborn — you wouldn’t trust just “anyone,” least of all the sitter with the lowest rate without asking for qualifications, experience and references.
The same methods of research apply when you’re in the market for a revenue cycle partner, but there are some common misconceptions about what outsourcing your business office operations will be like.
Here are four common statements that are myths about outsourcing your revenue cycle:
“We can't afford to lose control.”
A sitter might not follow your routines and processes to the letter, but they may offer positive changes to that routine. The idea that you’re losing control when you outsource is true to a degree, but a good partner will work to enhance value by offering additional reporting and performance KPIs, tracking metrics and issue resolution, and identify areas for process improvements.
“We fear the unknown. Third party vendors seem do everything behind the curtain.”
When you leave your child at home these days, you’re really not that far removed. Thanks to technologies such as Facetime and nanny cams, the ease of making and sending videos allow you to keep track of what is going on with your baby at all given times, making it easy to feel more confident that your child is in good hands. The same is true for outsourcing today. Recorded calls, real time data interfaces, and the ability to customize extensive reporting metrics are all technologies making it easier than ever before to accurately assess what is going on with your patients and revenue.
“It’s not worth the price.”
Maybe it would be better to just stay home with your baby, or keep your business office operations in house? A trustworthy outsource partner will help evaluate the issues your unique operation is handling and look at the whole picture before advising solutions. A partner can provide specialized technology solutions that can reduce account touches, save resources, and increase revenue collections. It’s important to look at the overall value you’ll receive versus keeping your current operations in house.
“No one can do this job as well as our current staff can. Quality would never be as high.”
When you hire a sitter you're actually doing what's best for your baby, given all the other responsibilities you carry. Likewise, when you outsource revenue cycle management, you're taking measures that are best for your healthcare organization as a whole. Taking the step to assess your entire revenue cycle operation and making the decision that's best for your organization on the whole is great leadership.
The Bottom Line
Finding the right outsource firm and the proper fit for your organization is the beginning of earning and confirming trust similar to finding the right person to watch your baby. Taking the first step to understand the whole picture of your unique organizational needs, and creating an arrangement that produces revenue cycle results with a strong partner is key to a successful business outsourcing arrangement.