Revenue Cycle Outsourcing: Pursuing Cash Flow Stability, Scalability and Workflow Efficiency
Many of today’s physician practice groups and hospitals face numerous revenue cycle issues, including lower reimbursement rates, inconsistent cash flow, staffing challenges, and time-consuming claim denial processes. It’s been estimated that hospitals lose $68 billion each year due to billing errors alone. The challenges that come with managing the entire revenue cycle in-house can also conflict with plans to grow an organization or to expand on the services being provided.
The use of a Revenue Cycle Outsourcing (RCO) vendor is a popular option for providers in order to keep up with demand and to maintain consistent revenue. RCO contracts can range from a few specific functions, such as collection services and customized follow up activity, to an extensive support team of revenue cycle and technology specialists. Deciding on which type of outsourced services should be considered and the right vendor can be a challenge. The use of an experienced Certified Healthcare Business Consultant (CHBC) or CPA advisor should also be considered to help with meeting long-term goals.
Benefits of Revenue Cycle Outsourcing with ReMedics
Below are a few of the many benefits that RCO with ReMedics can provide to your organization. One of the first steps in working with us is to identify those processes where we can help to deliver the best return on investment for your organization.
- Reduced administrative burdens in the business office
- Remittance and reconciliation processes scalable to growth
- Financial stability with more consistent cash flow
- Reduced denials and delayed payments from payers
- Improved A/R collections and follow up
- Automated data capture and validation processes
- Correspondence document management and indexing for efficient retrieval
- Improved data quality with AI and RPA technology
- Exception worklists for efficient follow up activity
- Integration with existing EMRs, PM Systems, banks and clearinghouses
- Practice group autonomy and timely funds distribution for MSOs
- Accurate, timely review of all payments and denials with drill-down reporting
- Allows staff to focus on more specialized tasks and patient care
Choosing the Right CRO and Technology Business Partner
Whatever your specific goals and requirements are, look for a business partner that can provide the experience and technology to eliminate many of your manual processes. Automated data validation, as an example, provides a significant benefit in reducing time consuming corrections to claim defects. ERA splitting of co-mingled remittance files for hospital billing and professional billing would be another example.
The use of an RCO vendor also needs to be scalable, so that a new practice group or expanded location can be seamlessly integrated with your EMR/PM system and accounting processes. The vendor should be able to demonstrate success with physician group mergers & acquisitions, multi-system remittance processing, and other custom nuances specific to an organization.
Contact ReMedics today to set up a call with our management team. ReMedics can help to develop a scalable project plan designed to exceed your outsourced objectives and long-term goals.