In healthcare, revenue cycle management (RCM) is a term that refers to the handling of claims through every part of the medical billing process. Outsourcing RCM is an increasingly popular practice among healthcare providers who are strapped for time and overburdened by regulation.
In fact, one recent client experience poll from Black Book RCM found almost three out of four hospital CFOs (70%) looked at outsourcing RCM as the best model for effectively managing revenue.
To understand why it may be the best option for your business, ask yourself the following:
What Is the Main Goal of My Business?
Did you get into healthcare for the administrative tedium or passion for improving the lives of others? You may have a number of motivators influencing that decision, but it’s doubtful any of you would choose the first option.
You don’t pay employees for their expertise at stuffing an envelope. Yet when you overburden them with administrative duties better handled through a specialist, that’s essentially what you’re doing. Here are ways that a company like Southwest Recovery Services can assist.
Providers for outsourcing RCM can collect your patient’s information, get them into a convenient database, and keep tabs on the types of services that have been provided. There’s no danger of anyone falling through the cracks, and you can avoid the headaches of insufficient data.
Posting of Payments
Some patients pay right away. Some pay it out over time. Some insurers handle everything while some don’t. Others — companies and individual patients — don’t pay at all.
A system of posting payments quickly and efficiently allows you to avoid duplication of duties and to focus on the accounts that have gone delinquent. This ultimately guarantees a higher rate of fulfillment than if you’re trying to jack-of-all-trade it with existing staff.
Processing of Appeals
Appeals regarding certain billing items can create a logjam that keeps you from getting paid in a timely manner. Furthermore, if you’re ill-equipped to fight it, it could result in your clinic or hospital losing out on rightful revenue.
Southwest Recovery Services helps you stay on top of any and all appeals so that your office can continue to have the financial resources it needs to properly serve patients.
The Collection of Funds
Collections can be one of the trickiest parts of running a healthcare clinic or hospital because patients seldom have the money to pay upfront. That means fulfillment of accounts can go at a glacial pace. By outsourcing RCM, you don’t have to worry about where the next funds are coming from, because you have a dedicated service whose job is to get you paid.
If you feel tapped out on the administrative side and could benefit from outsourcing RCM, we invite you to contact us today regarding your needs. We have over 25 years of debt recovery, account servicing, and collection agency experience, and we’re eager to put it to work for you.