We’re no strangers to food-delivery services such as Grubhub, Doordash or Uber Eats. Most of us order out occasionally. Food delivery services are often helpful when we can’t make the time to cook. Didn’t get around to buying groceries because it’s raining? Order on Doordash.
Wondering what the correlation is between food delivery and outsourcing a business process like revenue cycle management? Don’t write it off just yet—the two aren’t very different.
Businesses tend to outsource a process when there’s a paucity of time, budget or resources to manage work in-house. Outsourcing helps make room for growth, control costs and allows in-house teams to focus on quality service delivery and business expansion.
We know revenue cycle management is tricky. That’s why so many healthcare businesses struggle to answer the question—why outsource revenue cycle management?
You should consider it because it’s rainy season for healthcare businesses following COVID-19.
As a healthcare professional, you must agree that the pandemic has hit bottom lines, industry-wide. According to a study by PINC AI, a Premier Inc. Platform, clinical labor costs have risen by an eight-percent average leading to additional expenses worth $17 million dollars, annually, for a 500-bed hospital. The medical fraternity is collectively facing issues related to worker shortage and operational capability among others. The lack of digital innovation within revenue cycle departments heightens these challenges.
Outsourced revenue cycle management services offer several benefits:
- Increased cash flow
- Reduced cost-to-collect
- Fewer Denials
- High revenue integrity
- Value-based service care
- Customer satisfaction
- Improved business bottom line
Let’s look at some more reasons to consider RCM outsourcing in 2022.
Why Should You Consider Post-Pandemic Revenue Cycle Outsourcing?
The healthcare industry runs on tight margins leaving little room for any incremental moves. If you don’t invest in revenue cycle management, it may be difficult to deal with post-pandemic challenges. It’s not just your business’ financial performance at stake. Failure to streamline and automate service delivery will affect patient experience and operations too. As a result, you will fall behind your competitors.
RCM outsourcing can help you avoid the compounding pressure of managing these challenges.
End-to-end revenue cycle outsourcing providers can help integrate innovation into operations so that you continue to thrive amid workforce shortage and economic uncertainty. The integration of technological solutions can also minimize the frictions that affect costs and service delivery, standardize operations, help you achieve scale and improve efficiency.
Outsourcing providers help standardize revenue cycle operations and ensure long term success by offering performance insights. They help you avoid fixed costs related to hiring and training talent by providing continuous access talent and technology, irrespective market disruptions.
An outsourcing partner’s job is to make sure that you achieve overall capability, scalability, innovation and process improvement success. In addition to being accountable for revenue cycle management, they also have diverse expertise, follow industry best-practices and help you focus on what you do best—offer value-based patient care. Streamlined revenue cycle operations will enable growth, help you face competition and tackle existing challenges in the industry.
Unfortunately, the workforce crisis will worsen in the near future. For this reason, it becomes even more important to weigh the pros and cons of RCM outsourcing. Outsource your revenue cycle operations and lead by example.
At HelioNext, we can help prepare your organization for all uncertainties with end-to-end revenue cycle management services. We also offer innovative technology-based solutions for operational transparency and performance insight. The thing we care about the most is helping you deliver quality patient care.