Most hospitals and practices find it difficult to manage the complicated requirements of the revenue cycle. This is why they outsource a portion of the entire task to third-party specialists. I find it difficult to decide what outsourcing should be done in most practices. There is no single solution to outsourcing. This means that there are many factors that should be considered when making decisions. This blog will discuss how to Outsource Medical Billing Services to get maximum benefits with Medcare Medical Billing Services (MSO).
Medical Billing Services
It’s a serious thought to outsource
You are wrong to think that outsourcing healthcare revenue management means delegating all of your back-office revenue tasks and letting a partner do it. This will allow you to write your long-term plans on it. The decision to outsource in order to cut down on FTE expenses is straightforward and requires no brain-racking. These engagements don’t require any strategic decision-making, and they yield much faster results than expected.
A closer assessment of your current processes is necessary when outsourcing decisions are driven by strategic requirements. One example is to look for new revenue streams that you haven’t pursued or with limited success due to a lack of expertise. Sometimes it’s a combination of both.
An Always Best Call: A Need-Based Call
One of our clients decided to outsource only A/R and coding as part of their strategic decision-making process. The client had an excellent internal quality control team, which allowed them to afford to outsource spade work. They sought out an external resource to assist with A/R follow-up. This was primarily because they wanted to deal with low-value accounts more efficiently. We were chosen by the client for A/R follow-up and coding. After that, we focused on training our employees about their processes.
Another client identified several metrics that required a change in performance. These included cash-to-net ratios, accounts receivable days, and denials of net revenue percent. To ensure we didn’t go sideways, they incorporated them into our SLA. We made this promise and followed the HFMA MAP keys in order to implement evidence-based revenue cycle improvement strategies.
These examples show that outsourcing revenue cycle requirements are a viable option. However, there are some aspects of revenue management outsourcing that can be extremely valuable.
Sometimes it may not be necessary-based
Outsourcing patient access is one example. It allows you to make sure that all touch points are consistent, resulting in a unique experience. This is natural because coding requires a certain level of expertise, a robust workflow, and technology to ensure consistency. Finding the right staff has been a constant struggle. Healthcare providers can benefit from the expertise of a third party who specializes in coding.
Sometimes, healthcare providers have difficulty balancing older and newer accounts receivable. It is a good idea to outsource some of your A/R receivables, especially older ones. They require more focus. and extra effort to recover. A few years ago, a client was having significant difficulties with older accounts receivables–payer as well as a patient–and he delegated the task to us in order to have a better grasp of it. The client had a secondary reason for outsourcing. They wanted to be able to concentrate on growth activities as they expanded hospital facilities throughout the country. As their staff could concentrate on the most recent accounts, outsourcing allowed them to better meet their secondary needs.
What about End-to-End Outsourcing?
What about outsourcing the end-to-end revenue cycle? Is it risky or safe? All doubts aside, the answer is very secure. We say this because, in the past and present, we have helped many of our clients increase their revenue cycle metrics across all areas. We are an experienced vendor and feel more comfortable managing daily challenges than putting out fires occasionally.
Having regular meetings can help, but it can also slow down the process and make it inefficient. A comprehensive view can make it easier to identify and correct mistakes. This is because it’s easier to communicate, train, and retrain everyone in one team. It makes change more effective and faster.
A cross-department partnership can add another benefit to an end-to-end revenue circle partnership. It is possible to call for back-office staff changes according to your needs. All employees working for you will only be banking on a few tools, which makes it much easier to swap roles. Clients who first approach us to manage their revenue cycle are often reluctant to give up control. This is understandable.
To drive a revenue cycle like an internal department within the client’s company, we create a team that includes revenue cycle specialists who work closely together. This expert team has a lot of work to do. The team can also create custom reports that help the CFO look at specific payers, denials, patients, and other details.
It doesn’t matter if you outsource part of your revenue cycle needs, it is crucial to understand both the costs and the potential returns.
What makes us experts?
Medcare Medical Billing Services (MSO), a BPO provider for healthcare services, has over a decade’s experience providing a variety of back-office services to US-based medical practices. Our services include billing and medical coding. Experts with extensive experience in revenue cycle management are behind our revenue cycle management process. This includes charge entry, billing, and follow-up on account receivables and patient payments. For more information about our services, please get in touch.