Many healthcare facilities are grappling with this question in the new year: Do we continue handling our billing and coding in-house, or do we outsource our Revenue Cycle Management? It’s not always a clear-cut decision. Every facility has to weigh different factors, such as staff capacity, budget, cash flow, and current inefficiencies.
Ultimately, before you outsource your facility’s RCM, you want to know that it will be worth the investment, saving time & money while improving accuracy & efficiency. Here are three reasons it might be time to start outsourcing your Revenue Cycle Management in 2020.
- You Have Staffing Challenges
Medical billing and coding require specific expertise, and many healthcare facilities don’t have a certified billing or coding expert on staff. For those that do, the burden of these tasks often falls to one or two qualified employees – who also have other responsibilities to attend to. If your facility feels under-staffed in this area, outsourcing is a good solution. Revenue Cycle Management companies specialize in these services and have a dedicated team of billing and coding professionals who have a deep knowledge of their industry.
- You’re Facing Revenue Issues
Billing and coding errors can really hurt your collections and restrict your cash flow. If your facility is experiencing a high volume of denials or delays, you might be ready to outsource your RCM to a company that can guarantee speed and accuracy. These services are worth paying for when they limit your denials and improve your first pass rates, getting you faster payments and lowering days in A/R.
- You Want to Prioritize Patient Care
Managing the administrative side of healthcare is time-consuming. If you find that your staff is overwhelmed by paperwork and struggling to balance tasks that support patient care, consider outsourcing billing and coding. Your employees should spend their time doing the work they do best and delivering the best patient care possible. If delegating RCM tasks helps those priorities and frees up valuable employee time, it is a worthwhile investment.