The health care industry is complex, and many new regulations and trends are making it difficult on hospital and other healthcare organization’s cash flow. Successful revenue cycle management (RCM) is time-consuming and can place large, administrative burdens on your employees who need to be spending their time focusing on the patient.
These reasons have led many healthcare organizations to rely on outsourcing their RCM In fact, 80 percent of hospital leaders said they were considering outsourcing full revenue cycle management by 2019 (Black Book).
How do you know if outsourced RCM is right for your organization?
1. Your organization is expanding.
When you bring in new physicians and see an increase of patients coming in your doors, sometimes it’s easy to put your RCM on the backburner. By outsourcing, you can save yourself from the stress of hiring and training, and put your trust in professionals who can handle any size company.
2. Your patient satisfaction decreases.
Providing high quality care should be the focus of your organization. When your staff is focused on cutting costs, billing and other issues, it can affect the relationships you have with your patients and hinder their overall experience. With the right RCM company, you can be confident that billing is simple and collections are being made. This allows you to spend time on what matters most: giving your patients the attention they deserve.
3. You’re overwhelmed by changing regulations.
There’s no doubt that regulations and compliance issues will become more complex in the future and that can be hard to stay on top with the rest of your responsibilities. By partnering with a reputable RCM company, you will have a team of experts that understand regulation changes and can ensure your organization remains compliant.
The rise in outsourcing also means that there is also an increase in RCM companies that want your business. And when the collection agency industry does not have the best reputation and companies are known for being untrustworthy and ineffective, it can bring doubts that outsourcing is the right choice for your company.
At Finance System, Inc. we understand your frustration and your concerns.
But we’re different:
- Reputable agency that abides by strict laws
- Experienced with your industry
- Courteous, professional and effective
- NO up-front costs
- Proper tools and resources to ensure the highest returns
- Certified and Audited PHI Data Security
Are you ready to outsource your revenue cycle management? Contact us to learn more about our services and how we can create right, custom plan to turn your bad debt into revenue.