The process of medical billing and collections is becoming daunting for medical practices with various coding and regulatory changes taking place. With the billing scene changing so fast, many providers are choosing to outsource their RCM needs to a third party also because managing it profitably in-house is getting difficult with every passing day.
Outsourcing has become quite an appealing trend that is showing no signs of waning soon. Since it is hard for physicians to stay aware of what’s going on in the billing side of things, it is better to let an expert team handle the task.
If you are reluctant about letting a service provider handle your RCM needs, then here are some reasons that might help you make a decision:
- It will help you maintain a positive patient experience which is a priority for any medical practice. Unfortunately, practices have to focus more on cutting costs and getting paid on time rather than focusing entirely on patient care. But with careful consideration and shifting the RCM burden to a third party, practices can focus on what they do best. It will not only translate into increased patient face-time but also reduce distractions for the providers, giving them more freedom to see more patients.
- Outsourcing revenue cycle management will result in reduction of overhead costs. There is no doubt that in-house billing requires significant investment of time and money. From hiring, training and retaining to expenses related to technology and infrastructure, there is a lot of money that needs to be spent. But when outsourced, there is no need to worry about these expenses. Most vendors are paid a certain percentage of collections, so it becomes a worthwhile investment during a certain time period if revenue is decreasing at the practice.
- If you outsource RCM requirements, you will be getting access to the expertise and experience of the service provider. You will be shifting the liability to a third party that is more knowledgeable in compliance, regulatory, coding and administrative areas. Most reliable vendors also assist providers with PQRS, MACRA or HIPAA which means, there is no need to hire experts for the same.
- Outsourcing will also help in enhancing business intelligence. There are some practices that hesitate to outsource this component due to perceived lack of control. But if you are choosing a reliable organization, you don’t have to worry for the same.