H ealthcare providers face immense challenges with processing business transactions—as a result of manual processes, lack of automation and non-integrated business applications. Consider the fact that - of every dollar spent, 30 cents is never collected and 20% of all uncollected funds are attributed to incorrect coding practices or insurance requirements not being met prior to the treatment.

Healthcare providers spend a huge cost on managing their coding and billing processes—which can be managed better by partnering with a healthcare revenue cycle management firm. Here are 10 reasons why care providers should consider outsourcing medical billing services to accelerate their revenue cycle performance.

1. Focus on Patient Care. The healthcare industry is constantly evolving. Constant monitoring of revenue cycle only distracts them from offering the high-quality care and attention that healthcare consumers expect. In a patient-centric world where patient engagement and patient experience are changing healthcare delivery models—outsourcing RCM services to a medical billing and coding company helps care providers stay compliant—while primarily focusing on patient care.

2. Reduce Man hours. Your RCM partner can handle the routine RCM activities including billing, coding, reimbursements, helping you manage your facility with lesser number of staff. Managing fewer staff allows you to focus on other critical aspects and network with other professionals at work.

3. Timely Reimbursements. With professional revenue cycle experts working on your billing, you can be rest assured that you get timely reimbursements. From collecting and verifying patient enrollment details to giving the correct medical codes, it can take care of the end-to-end revenue cycle functions.

4. Uninterrupted Cash Flow. Medical billing outsourcing services use the latest software and hardware to manage billing. Once the practice sends out the relevant documents to the third party medical billing company, medical billing is immediately taken care of—and the following steps including the insurance verifications and A/R collections are taken right away. Relieved from time-consuming administrative tasks—doctors can take time off and focus on attending seminars or take other professional learning initiatives.

5. Error-free Billing. Professional billing companies leverage cutting-edge technologies and an outsourced healthcare revenue cycle management company is far less prone to common billing errors. Error-free billing facilitates the entire process of billing and undeniably improves the reputation of the facility.

6. Maintaining Regulatory Compliance. One of the key challenges of in-house billing is the lack of time to stay on top of the compliance issues and regulatory changes. A healthcare revenue cycle outsourcing company generates successful models of workflows that assures compliance. The hospital or practice can be relieved from the hassles of compliance, payer policies and industry regulations.

7. Optimize Reimbursements. With trained staff, certified coders and SMEs, their in-depth knowledge and expertise helps optimize reimbursements. A professional medical billing company can ensure correct coding and rules—facilitating better refunds.

8. Better Cash Flow. Consider an instance where the staff has taken off from work for several days; this could disrupt the revenue cycle process. An outsourced revenue cycle partner can mitigate this impact by streamlining reimbursements and cash flow.

9. Improving Efficiency. With healthcare outsourcing companies, physicians can shift their focus towards higher-priority tasks and improving practice efficiency. Having a dedicated medical billing team working on the possible issues, the practice revenues are bound to increase drastically.

10. Transparent Models. There is a common misconception that outsourcing healthcare revenue cycle management gives lesser control over the business. On the contrary, partnering with the right medical billing service company gives you utmost control and transparency.

Work Hassle-free with SolvEdge Revenue Cycle Management Services

SolvEdge is a healthcare-exclusive medical billing company and our Revenue Cycle Management (RCM) division ensures that all bills are submitted in time with appropriate information. We understand the significance of providing accurate and correct information—to avoid any claim delays or denials by the insurer. Our medical billing team is well-equipped with trained and certified coders with an average of 5+ years of professional experience to handle medical and coding CPT and ICD codes with modifiers, and more.

Do you have a requirement with healthcare revenue cycle management? Give us a shout at +1-(833) 33-Solve / business@solvedge.com - or simply talk to our team.