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Stabilize Your Practice with Proper RCM

February 27, 2017 | 11:50 am
Published by | Krunal Popat

Outsourcing healthcare Revenue Cycle Management (RCM) has come more common in recent years for many reasons. One of the most important is that physicians and their practices are having more difficulty in running their medical revenue cycle management themselves. By outsourcing, it not only reduces the burden for the staff and the doctor, but it also increases the efficiency of the practice itself.

From the data entry to choosing the appropriate codes, billing, and processing claims, more practices are outsourcing their RCM for good reasons. In fact, there are several solid reasons why you should consider outsourcing as well.

Three Ways that RCM Stabilizes Your Practice

Find Inefficiencies: A proper healthcare revenue cycle management can reveal issues in your methods that fills in the income gaps caused by lack of payments. Overall, your RCM improves which means more money comes to your practice.

Takes Care of the Little Details: The issue that most practices have with their RCM is that little claims that go unpaid for whatever reason are generally ignored. However, when you add up all the little claims that do not get paid over time, it results in a lot of money that was not collected.

If your practice has only a few people on staff and you handle a considerable number of patients each month, the difficulty in keeping up with your RCM may be impossible to overcome. You do not have the resources to increase the staff, but you cannot get any more production out of the people that work for you. Outsourcing your medical revenue cycle management costs less than hiring a single employee, yet it actually increases the efficiency of your practice to a remarkable degree. With this burden taken off your shoulders, you and your staff can handle more patients without having to worry about spending more time with your RCM.

Greater Efficiency: Consider that the billing system run in your practice must do the following tasks;

  • Demographics Entry
  • Insurance Verification
  • Charge Entries
  • Payment Posting
  • Denials Management
  • Appeals
  • AR Follow-up
  • Financial Reporting and More

It can be overwhelming at times, particularly during the holiday season when more people become ill and need treatment. By outsourcing your RCM, your staff will be able to handle the challenges of working with more patients without having to worry about all the details associated with your healthcare revenue cycle management.

If you outsourced everything listed above, including following up on claims, checking risk protection, and taking into account other revenue-related tasks, you could greatly increase the efficiency of your practice all for a simple payment made to an experienced RCM company. This is why so many practices in the health care field are now turning over this burden to independent companies that are highly experienced, keep up with all the latest changes, add new software, and leave you and your staff to work with the patients that come to your office or facility.  It’s little wonder that so many are now choosing to outsource their RCM.