The healthcare industry is undergoing a transformation towards enhanced quality of care. Amidst this, mounting regulatory pressures, escalating costs and decreasing reimbursements add a huge strain on healthcare professionals. It consumes the precious time that caregivers would rather spend with their patients in administrative and managerial efforts.
Medical practice revenue cycle, which keeps tabs on the generated revenue, includes management of patient registration, insurance and benefit verification, charge capture and claims processing. Practice revenue cycle, if managed efficiently, can help healthcare professionals streamline revenue generation.
Outsourcing revenue cycle management (RCM) can help reduce the administrative burdens of caregivers, while ensuring effective management. Here are the benefits of outsourcing your medical practice RCM to a dedicated partner:
· Focus on Quality of Care
Medical professionals have a busy work schedule. Tasks like insurance verification and claims processing, although important, can take up quite a bit of time. In a work week, a large chunk of time can be saved by outsourcing the management of revenue cycle. This gives you more time to focus on your core competencies and gives you the freedom to dedicate your working hours to patient care.
· Insurance Follow-Ups and Denial Management
A reliable RCM partner can help you efficiently manage the entire process from claims submission to payment collections. You can gain visibility of the revenue that might escape without you noticing.
Rejection rate and denial of claims can pile up your administrative responsibilities while draining your funds. A partner might be able to negotiate claims and reduce the rejection rate. Revenue cycle management professionals have more expertise at insurance follow-ups and navigating reimbursement refusals than administrative staff at the medical practice.
· Mitigate Disruptions from Changing Regulatory Scenario
In today’s healthcare scenario, the regulatory framework is rapidly evolving. Changes such as ICD-10 can have significant implications on practice workflow. Implementation of such new regulations can be effected seamlessly if outsourced to a reliable RCM partner.
The right partner will keep themselves updated of the changing compliance regulations. They would bring the industry expertise to smoothly make the transition, thereby reducing potential disruptions from changes.
· Professional Approach
Outsourcing simply means harnessing professional expertise to efficiently manage your medical practice revenue cycle. Equipped with advanced facilities and systems, these experts can accurately record and secure medical data, verify benefits and insurance, and effectively manage claims settlement for your practice.
Outsourcing RCM can help you reduce staffing costs and improve profitability in your practice, while allowing you time to improve quality of patient care. For a sustainable practice, providing high-quality care to patients, outsourcing RCM process can be the perfect way forward. Contact us to learn how we can help you streamline revenue cycle management.