by: Sarah Joson
Thursday, March 26, 2015 |
With the new set of revisions set to take place this year, healthcare organizations seem to have more on their plate as cost of operations continues to rise, and reimbursements are not as consistent as these are supposed to be. This then adds to the pressure within a medical organization, where everyone from the physician to the staff is affected, because instead of focusing on the needs of their patients, they also have to attend to administrative tasks to ensure proper work flow and finances.
Outsourcing certain processes can be a great step towards streamlining operations. A post at HitConsultant.net lists down three advantages of revenue cycle management (RCM) outsourcing to healthcare providers:
Work out denied cases seamlessly.
From claims submission to payer collections, external providers can spot possible errors and problems that could lead to losses. One of these is denials management. In a report done by the Medical Group Management Association (MGMA), 50-65% of denials are not identified and addressed properly. This could then result to future occurrences and missed opportunities because they missed denials trends. As a matter of fact, the cost of modifying a misinterpreted claim is $25, and prevention is the only solution to these types of losses.
RCM outsourcing will lessen the admin work.
Healthcare providers went through a rigorous process of learning and preparing to care for patients, not to work on admin tasks brought on by billing procedures of an organization. The RCM provider will lessen the admin work for medical specialists so their time will be spent on what they are intended to do.
Processes are attuned with the changes.
RCM outsourcing also enables healthcare organizations to keep up with major movements and updates in the industry, like the ICD-10 which is anticipated to produce more denials. RCM service providers are a step ahead on these changes, and they can help clients go through major changes in the industry - leading to an undisrupted setup.