Outsourcing Is Not a Four-Letter Word
While there has historically been some reservation on the part of hospitals and physician practices to hire outside firms to handle their revenue cycle management, it may be time to to stop thinking about “outsourcing” as a four-letter word. Today, we’ll take a look at the reasons why outsourcing is often an investment with a high return that allows you to focus on what you do best, while optimizing your financial performance.
Case in point: In a recent blog, we wrote about the complicated process of effectively and efficiently managing A/R that has aged and is no longer collectible. If you missed it, you can read Let it Go! The Curse of “Dead” A/R, here. While you strive to collect on every insurance dollar to provide the best possible financial outcome for your patients and organization, managing complicated A/R issues can bog you down and divert your focus from your organizational objectives.
Outsourcing revenue cycle management (RCM) hands complex problems to the experts who excel at solving them. Dead A/R, reimbursement denials from insurance companies and other RCM challenges are all a drag on your financial performance. Outsourced healthcare RCM vendors have the expertise to handle the intricacies of insurance claims—from managing coding and claims work, being the liaison with the payer, working on claims backlogs and handling issues like dead A/R.
Bon Secours Charity Health System Turns to Outsourcing
As an example, let’s look at Bon Secours Charity Health System (BSCHS), a New York-based organization that understands the fact that patient loyalty originates with exceptional clinical care and a best practice billing experience.
BSCHS was stymied by a lack of performance in self-pay and collections, two areas adversely affecting the financial results for the health system. The organization needed to streamline and improve these areas of RCM while remaining focused on its patient–centered approach to providing health services. After partnering with MediRevv, an expert in healthcare RCM, BSCHS experienced an improvement in self pay performance, a lift in insurance collections and a reduction in bad debt by 50 percent.
Far short of being a four-letter word, outsourced RCM can be, as the Bon Secours situation illustrates, a powerful tool in the rapidly changing healthcare environment we all find ourselves in. Hospitals and physician practices looking to optimize processes and maximize financial performance while providing exceptional patient care should seriously consider it.
Click here to learn more about how Bon Secours turned around its troubled billing practices, or click below to read our Definative Guide to a Winning Self Pay Strategy.