Healthcare RCM leaders outsource most of their Outpatient RCM Services
Performing RCM operations for outpatient services is a major pain area as your in-house RCM or billing team might lack the expertise, resources, or efficiency to complete certain tasks in a timely manner. That is the reason why Outpatient RCM services are outsourced by 22% of RCM leaders
Over one in 5 revenue cycle leaders handle their own patient revenue cycle management (RCM) operations, however, have turned to outsource for a few supportive and patient RCM processes, consistent with a study conducted by the Healthcare Financial Management Association (HFMA).
The report, associate Analysis of patient Revenue Cycle Management Outsourcing, reflects responses from 157 US-based HFMA members. The analysis results from a collaboration between HFMA and a health info technology company.
As patient services dilated and staffing shortages increased throughout the COVID-19 pandemic, revenue cycle leaders have progressively turned to automation and outsourcing to meet their RCM responsibilities.
Nearly twenty-two percent of respondents that manage patient RCM services themselves reportable outsourcing a number of their patient RCM services, whereas twelve percent need to require this approach in the future.
Almost ten percent was aforesaid they might wish to source all of their patient or supportive RCM services in the future whereas maintaining their own patient RCM processes. The most common patient services care leaders outsourced were a medical specialty, medicine, and urogenital medicine. Respondents were possible to contemplate outsourcing RCM services for remote patient watching and medical devices, general medicine, and radiology and imaging.
Organizations that outsourced RCM services were usually happy with their outcomes, the study noted. additionally, leaders of healthcare organizations outsourced one RCM operation was a lot of probably to outsource a lot of services. According to respondents, the foremost difficult aspects of RCM not presently self-addressed by individuals, processes, technology, or services were denials and appeals management, prior authorization, and money collections relations.
There is pressure on hospital groups to effectively manage increasing patient sources of revenue and expenses, according to leaders at the HFMA and leaders of Association Insights, aforesaid within the announcement.
Many of today’s care money and RCM groups lack the mandatory time, info, and/or workers’ resources to totally perceive the opportunities or implications for RCM automation on the far side of their electronic health records. The analysis with other healthcare organizations offers credence to the notion that care finance professionals can profit by staying up-to-date concerning ways to optimize the growing space of patient RCM and provides RCM executives insight into new avenues for improvement.
A quarter of respondents reportable that their outcomes fell below their objective for method improvement, operational potency, and technology needs and alignment. Outsourcing these services may facilitate and improve the success rate of those functions, the study steered.
When approaching patient RCM from a business stand, leaders were most centered on patient expertise, method improvement, and revenue generation. money stability and operational potency were additionally usually cited as business drivers.
While fifty-two percent of revenue cycle leaders reportable victimization of their EHR for RCM services and account due (AR) assortment, twenty-three percent aforesaid they use a purpose-made RCM answer for his or her patient or supportive charge instead.
According to the researchers, outsourcing patient RCM services to 3rd parties could facilitate organizations specializing in high-value patient services. patient claims area unit one in every of the lot of difficult aspects of RCM and regularly have errors, missing info, and inefficient methods to submit a clean claim, the study expressed.
Most practices switch because they were not happy with third-party RCM providers, and look for a specialty-specific billing company that offers end-end services at low cost. Hiring and retaining billing experts was a challenge for the ob-gyn groups and like most hospitals, they relied on an outside medical billing agency to supplement their in-house resources. The medical groups are desperate to reduce costs and were concerned about their sub-optimal and highly variable revenue performance.
Hospitals, health systems, and medical groups face more revenue leaks than any other healthcare organization because of the gaps in RCM operations and ever-changing guidelines updated by state and federal healthcare institution that allows these practices to face more and more struggle in optimizing their RCM. Obtaining a correct outsourcing partner is a part of the healthcare RCM leader’s role and they are to identify billing staff who are trying to catch up with these guidelines and tend to miss certain elements and then those unpaid claims are sent to collection agencies. Well, BillingParadise has other strategies in place for you.
BillingParadise dedicated RCM operations team is more than capable of keeping your billing services budget to a minimum while excelling in resolving the key issues that stop your practice from generating revenue. We have created a perfect case study that will answer most of your questions in terms of practice financial performance and RCM operations.
Are you one of the 22% RCM leaders and have questions in terms of outsourcing outpatient RCM services? contact our RCM team directly!