Majority of the medical practices topmost concern is cost reduction and their chief financial officers (CFOs) desire for better reports with enhanced data statistics, superior visuals and dashboards. How can out-sourcing your revenue cycle management (RCM) address these concerns?
How Outsourcing Your revenue cycle management (RCM) Can Help Your Practice
Outsourcing your RCM can bring several benefits to your practice including:
Increased Revenues and Reduced Labor Costs
Around, 10% to 12% of practice collections are spent on the medical billing process. However, with an outsourced medical billing, a practice can:
- Reduce overhead costs
- Increase reimbursements
- Decrease claim denials and rejections
In a practice case study, the practice reported a 72% growth in its billing revenue within six to seven months. This was due to the improved reporting with enhanced statistics and withdrawing unprofitable route processes implemented in their medical billing process.
In most cases, physicians and medical professionals even seen a 95% claim payment upon the initial submission within 45 days. Just because they have transferred their revenue cycle management/medical billing to a third party medical billing company.
Easy to analyze Dashboard Reports
Practice can focus more on their patients rather than spending hours and hours on construing and then interpreting the billing reports, with the help of an outsourced medical billing provider.
Medical billing provider provides dashboards that easily show the issues with your medical accounts. Moreover, the statistics can be checked on a weekly, monthly, or yearly basis according to:
- Patient volumes
- Procedure mixes
- Days in AR
- Major Denials
This makes it easier for practice to handle their patients’ financial matters and results easily and less time-consuming.