Augment Your Billing Staff with Outsourced Payment Processing
For many physician groups, medical clinics and MSOs, staffing shortages in the business office have contributed to a variety of cash flow obstacles. A/R backlog continues to affect cash management as the volume of unpaid claims and denial rates remain a constant challenge. In a recent article published by Becker’s Hospital CFO Report, one Vice President of Revenue Cycle at a health system with 25 locations was quoted as saying that “high vacancies and leaves of absence are the top issue for many RCM departments.” Another commented that “My key focus right now is staff stabilization” (see Becker’s Hospital Review, October 5, 2022).
Adding to the complexities of maintaining revenue, many providers are also in the process of updating or changing their outdated EMR/PM systems and host billing applications. Mergers and acquisitions also bring into play a significant amount of manual work to reconcile, distribute and report on all payments being posted (or re-worked) from multiple locations, business units, divisions and HIM sources.
Outsourcing RCM Functions
In obtaining help with Business Process Outsourcing (BPO) services, options range from more targeted areas of need to outsourcing a large portion of the entire revenue cycle. Many vendors specialize in one specific area, such as patient access, billing, coding or the collection of unpaid claims. Whatever your priorities are for staff augmentation, identifying the right vendor for your specific needs is critical to making the process as efficient and effective as possible. One of the first steps in planning is to identify those processes where a vendor (or multiple vendors) can deliver the most financial impact within a designated time frame.
How Can ReMedics Augment Your Business Office?
Along with RCMS LLC, our technology sister company, ReMedics can provide for a variety of payment processing, data validation and bank reconciliation services that can optimize financial performance, reduce posting backlogs and increase cash. We can also assist with the splitting of ERAs to help with payment posting to legacy systems while going through a systems migration.
With the use of Robotic Process Automation (RPA) and other data management technology, our BPO services can include the processing of PLB adjustments, co-pays, deductibles, co-insurance, transfers, write-offs, take-backs, remark codes, denials and much more.
ReMedics Data Validation
Our Data Validation services ensure that correct information is applied to the patient account by helping to scrub and cleanse all of the captured data prior to posting. Once the data is received, we use ReSolve™ Revenue Cycle Management Solutions to automatically apply client-defined rules that find potential cash application errors before posting. We route those exceptions back to the client through dynamic worklists, while sending the validated information to the host billing system for posting.
ReMedics Reporting & Data Analytics
ReMedics provides pre-defined detailed reports and scorecards with key performance indicators (KPI) and other relevant data needed for monitoring of all the work being performed — across all departments and divisions. Clients also have the option to incorporate Microsoft Power BI as a data source for drill-down analytics and statistical analysis.
Let us know some details about your business office and outsourcing requirements. ReMedics can arrange for a Cost/Benefit ROI Analysis and develop a detailed project plan to achieve your goals. Long-term strategies for implementing permanent change, including the use of workflow automation technology, should also be considered. Contact ReMedics today to improve your cash flow.
A version of this article can also be seen at RCMSLLC.com.