If your practice is struggling with unposted charges, unsubmitted claims, unworked follow-ups, large amounts of credit balances, denied claims, or other billing and revenue cycle issues, outsourcing may be the answer. Outsourcing revenue cycle management lets professionals handle your medical billing for a fixed cost or percentage of collections, freeing your practice to focus on what you do best—care for patients. Here are four benefits of outsourcing revenue cycle management.
1. Benefits of Outsourcing Revenue Cycle Management: Boost Revenue
Revenue cycle management companies have extensive experience filing claims and managing the health care revenue cycle. These companies know how to file clean claims for quick, accurate reimbursement.
Outsourcing revenue cycle management can help your practice get the expertise you need to boost your revenue. Whether your practice faces high claims denial rates or slow claims processing, a revenue cycle management company can help. When your practice contracts with a company to outsource your revenue cycle management, you get access to high-quality medical billing specialists with deep experience in claims processing. These experts use highly efficient medical billing best practices to get your claims filed quickly with minimal errors.
Outsourcing can increase the share of claims on which your practice can collect. By minimizing bad debt and claims denials, outsourcing will increase your practice’s revenue. One analysis found that outsourcing more than pays for itself in increased reimbursements.
Additionally, outsourcing gives small practices access to some of the economies of scale enjoyed by larger practices. Small practices may struggle to right-size their billing staff and may not have the time and resources to manage their revenue cycle. With a revenue cycle management company on board, your practice can get access to trained medical billing specialists with deep experience in claims processing.
2. Benefits of Outsourcing Revenue Cycle Management: Save Time
Outsourcing revenue cycle management can also save your practice time. You will no longer need to devote time and resources to training new medical billing staff. If your practice faces high turnover in medical billing and key administrative positions, outsourcing can limit the time and money you spend bring hiring new staff and bringing them up to speed.
Revenue cycle management companies are also experts in the latest billing and regulatory changes. When you outsource, you will no longer need to devote staff time to learning new billing procedures and codes. Your practice can also accept new insurance plans with ease.
3. Benefits of Outsourcing Revenue Cycle Management: Streamline Staffing Needs
When your practice outsources revenue cycle management, you need fewer on-site staff. For medical practices, streamlined staffing can be a significant benefit. Your practice will no longer need to hire and manage a team of medical billing specialists. You also will not need to worry about covering absences, smoothing workflows, or measuring and managing team performance.
When you outsource revenue cycle management, you can focus your hiring and staff management on key patient care tasks. Small and physician-led practices, in particular, may find it easier to focus hiring efforts on providers and front-desk staff, leaving medical billing staff in the hands of your revenue cycle management company.
4. Benefits of Outsourcing Revenue Cycle Management: More Time to Focus on Patient Care
Medical billing codes and requirements change frequently. Keeping up with changes takes away from the time your providers and staff can spend caring for patients. When you outsource, your revenue cycle management company will stay on top of coding and regulatory changes to ensure your billing processes are up-to-date.
Outsourcing also lets your practice have a leaner, more focused staff. Removing the need for an in-house billing department lets your practice focus hiring, training, and development programs on your key mission—improving your patients’ health.
Should Your Practice Consider Outsourcing Revenue Cycle Management?
Outsourcing can save your practice time while increasing revenue. Outsourcing can be a great option for small practices whose billing volume does not justify a large staff of medical billing experts. New practices or practices that are not technology savvy may also benefit significantly from outsourcing. Finally, if your practice is struggling to keep up with medical billing or facing high claims denials, outsourcing might be right for you.
However, outsourcing revenue cycle management does mean losing direct control over all aspects of your medical billing and collections practices. If maintaining this control is important for your practice, in-house or co-sourcing options may be best for your organization.
TempDev Can Help With Outsourcing Revenue Cycle Management
With TempBill, TempDev can handle all of your revenue cycle management needs. Your practice can fully outsource revenue cycle management to TempBill, or you can work with TempBill to handle medical billing through a co-sourcing model. TempBill also offers temporary medical billing and revenue cycle support for special projects, staff shortages, and absences.
Call us at 888.TEMP.DEV or contact us here to get started outsourcing revenue cycle management.