Why Outsourcing Revenue Cycle Management is a good idea

shutterstock_95578162According to HFMA there are three reasons to look for help in your revenue cycle:

  • To accelerate a current operation

  • To achieve a specific result or improvement and receive tangible benefits

  • To help obtain a level of understanding, such as why labor costs are so high or the potential impact of a competitor’s entry into a specific market

Revenue cycle management firms  may fit into any of the three categories above; however, a provider whose goal is improving financial performance and increasing operational efficiencies will usually hire RCM companies who can “achieve specific results and improvements with tangible benefits.”

Revenue cycle management companies can provide expert advice, provide a fresh, different viewpoint and supply extra man-hours required to “do what needs to be done” according to your directive.

They work with the client and should not bring any pre-disposed work plans or process initiatives without first establishing the perceived and real needs of the client through a deep dive analysis.

Some key reasons to hire a revenue cycle management company:

A/R management deficiencies

  • Days in A/R have increased
  • Billing delays
  • Shortage of coders
  • ICD-10, not prepared or need assistance preparing
  • Denials are not quickly resolved
  • Aged A/R
  • Emergency department revenue cycle opportunities
  • Point-of-service (POS) collections are not at goal

Operational improvement drivers

  • Uncertain if staff is operating at maximum efficiency
  • Lacking efficient at-a-glance revenue reporting
  • Lacking efficient at-a-glance operational performance reports
  • Patients hold time is unacceptable
  • Accounts are not resolved on first call basis

Quality Assurance (QA) enhancement

  • Registration and data capture error reduction
  • Coding error reduction
  • Collection effectiveness
  • Support role function improvement
  • Staffing issues

If you can identify any of these indicators in your revenue cycle, MediRevv is ready to take the next step with you.

improve-revenue-cycle-performance

 

 

About Kent Smith, Vice President, Sales

Kent Smith, Vice President, Sales

Kent leads MediRevv’s new business sales initiatives and marketing and account management programs. He has built, from the ground up, a cohesive team of healthcare sales and marketing professionals who understand the critical aspects of any engagement: exceeding the expectations of and creating value for our clients; building enduring, mutually beneficial partnerships; and maintaining transparency and a high level of trust in our execution.

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