You may be one of the many physicians who are wondering if they should outsource their billing and revenue cycle management functions. You’ve outsourced payroll, but with a complicated process like this you might hesitate to move forward into RCM outsourcing as well – maybe even more so than other aspects or work related to practice management that has been done in-house up until now due largely because it is such an extensive job responsibility!
You’re not alone either: There can often arise conflict between those doing these types of jobs themselves versus being handled externally by another party who comes at them from a different perspective.
Who would have thought that the idea of outsourcing your finances to someone else might seem like a good option at first? If this is something new for you, then give yourself some time before making any decisions. The financial world can be an intimidating place and there will always remain uncertainty when entrusting other people or organizations – who knows what could go wrong?!
The important thing in starting out with entrepreneurship isn’t just managing money well; it’s also knowing how much control over one’s own life they need (or want) while still being able logistically to navigate all aspects involved without too many headaches along the way.
RCM is more than just getting the bill out of your office. It’s also about confirming eligibility and coverage, assuring accurate coding for each patient visit or service performed to ensure maximum reimbursement from insurance companies- all tasks that are necessary before you can be paid!
Billing can be a lot of work, but it’s necessary to take care of the essentials before you’re paid. You’ll need to make sure your eligibility and coverage are confirmed as well as accurate coding for both procedures performed on patients who receive treatment from you or products bought at their request (including medication prescriptions). You also have reporting responsibilities like charge posting timely claims submissions which are necessary so that any due payments may come out smoothly without delays caused by manual entries made during processing hours when there isn’t enough staff left over after taking into account those busy with other tasks associated with running an office such.
Why are you still doing everything yourself? The answer is outsourcing. Let’s talk about why shall we!
How to reduce the billing cost?
It’s often thought that outsourcing the responsibilities of an RCRM is costlier than keeping it internally. However, this isn’t always true as there are many other factors to consider besides just payroll costs and benefits – such as time spent on breaks or casual inequities due to inefficiencies within your company for doing so. In order to make sure you are maximizing your practice’s potential, it is important that the real estate costs associated with in-house billing staff and other overhead items be considered. This will allow for more profitable use of these resources by chasing down dollars already earned rather than underutilizing them as they currently exist on paper only and not having any impactful value towards increasing revenue or likelihood of success among clients.
In-house billing staff is an unnecessary expense that can be eliminated through outsourcing.
The opportunity cost for employing in-house personnel is too high, and it disproportionately affects business operations like adding additional providers or providing ancillary services when that real estate could otherwise generate revenue at a much lower price point than what’s necessary with outsourced labor.
High staff turnover
It’s a challenge to keep employees in any industry, but when you have an in-house billing staff turnover rates can become overwhelming. The practice relies heavily on their people wearing many hats and performing various roles–which means they’re faced with high risks for missed payments or denials of service if something goes wrong at every turn!
It would be difficult -to say the least-, trying to manage revenue cycles without relying extensively (and sometimes too much) upon human resources like this example does; given how crucial these individuals are during such delicate times where money matters most.
Lack of denial management process is a problem
Denial management is a difficult part of practicing medicine. If you’re receiving more than 4% denials, your practice might not be healthy because it lacks the necessary infrastructure and resources to handle these issues adequately with policies in place that monitor how often they happen as well as who pays for them when there’s an insurance denial or appeal filed against us
If I had one-piece advice about what would make my work easier then this will have been heard by all those working hard on denying claims–It’s called quality control!
It’s important to have a plan in place so that you can identify potential issues and provide corrective action for them immediately.
Without proper denial management protocols, your practice will not be able to detect systemic problems or acute cases before they become serious setbacks with regards to attending’s ability to deliver front-line patient care effectively as well avoid these situations altogether.
You’re launching a new medical practice
The current state of healthcare in America is not ideal. More and more physicians are seeking out outsourcing for billing operations because they can’t keep up with everything on top of the demands made by their existing patients, which often require them to research insurance carriers or bill individuals directly without any knowledge about how this works beforehand
For example: determining who gets reimbursed when someone from another state has an auto accident isn’t something you have time to do while taking care of other obligations such as seeing new clients at your office hours every day.
Outsourcing is a great way to offload some of your day-to-day responsibilities, but it’s important that you vet the RCM partners yourself. Make sure they know how best to handle those nuances and special requests from clients who can’t afford mistakes themselves.
Finding an RCM partner is not always easy. Do you want to make sure that they care for your money like it’s their own, and are willing to help grow the practice into something bigger with future opportunities for success? Find someone experienced enough in this field who knows what they’re doing!