How Outsourcing affects the RCM- Revenue Cycle Management

The rapid changes in the healthcare standards and its processes is amounting to a lot of stressful nights for anyone employed in the medical industry.
Due to these apparent changes, a lot of practices are even making their medical staff help out in the billing and paperwork process. While this might seem like a noble idea, it can have quite a backlash due to the inexperience of the staff in the billing procedures.

Managing your revenue cycle lays the groundwork for every other operation involved in healthcare. Anything ranging from erroneous claims to late paperwork can deal a major blow to the whole revenue stream.
This is where outsourcing can help you. Medical practices can outsource their RCM to experts who have years of experience in dealing with medical billing. They can handle the management of all aspects of your revenue cycle so that you can devote your full attention towards providing the best medical care to your patients. Here are some reasons to convince you further:

Revenue

If you have an oncology specialist clinic, you won’t try to hire an orthopedic surgeon, will you? To become a successful enterprise, all of your work should be done by experts in that specific work field. Outsourcing your medical billing will save you a lot of money and time as you can cut down on all of your management expenditure. Medical Practices with outsourced RCM leads to a stress-free practice environment, increased revenue and a smooth working process. You can use this saved money for other revenue generation services like hosting promotional activities and patient engagement.

Workforce

Finding the perfect employee for medical billing and coding can be quite a difficult task. Due to the frequent changes, it’s very hard to find someone experienced enough to handle all manage all the process of billing cycle. Outsourcing companies have experienced billers and coders on their teams who can process all your claims without any errors, ensuring a constant revenue stream. Without an in-house billing staff, you can also save up on a lot of cost with no worries of employee health benefits, infrastructure, etc.

Reimbursement

According to MGMA, your healthcare practice isn’t sustainable if you have a denial rate of more than 4%. With the help of your outsourced experienced staff, there will be minimum errors in your coding, leading to a very low claims denial rate. The more claims get accepted, the more you get payment reimbursements. Proper submissions lead to improved efficiency and trouble-free system. Get paid faster – with no delays.   

Here at Medphine, we offer tailored services for each practice as we believe that every practice has different needs and requirements. Our process initiates in-depth review to identify your assets and liabilities, in order to provide the best services possible. Medphine is one of the premier organizations to offer total outsourcing of your management system that allows you to work stress free and achieve maximum profit.

Call us today at 732-419-2907 to know more or visit us at medphine.com now.