Although there have always been a few detractors from the idea of revenue cycle outsourcing, it continues to be something that practices of all sizes are doing in order to free up in-house resources and to streamline the efficiency and effectiveness of their practice overall. However, there have been a lot of changes over the years when it comes to the role of revenue cycle outsourcing.
First of all, more practices are more willing to outsource their revenue cycle management. They are beginning to realize that doing so will help make it easier for them to focus on the actual operation of their practice as well as help them increase revenue, increase efficiency, ensure the accuracy and timeliness of their billing and submissions, and to keep up with an industry that is constantly changing.
Even though the practice of outsourcing revenue cycling has been around for years, many practices would use several different revenue cycle companies. For example, a practice might work with a coding firm, a service that qualified patients for Medicaid, and a service that reviewed their zero-balance accounts in an attempt to find ways to recover more money. Outsourcing different parts of the revenue cycling process to different vendors that, for the most part, did the same thing, was not that uncommon.
However, there’s no real reason to outsource small portions of your business to different vendors when you can find one vendor that can do all of those tasks. Consolidating these services to a single vendor will make things a lot easier to keep track of. In a sense, revenue cycle firms have become more like partners for many practices than just yet another vendor. By working with just a single partner, you’ll forge a stronger relationship with clearer lines of communication. This will make it easier for a revenue cycle service to understand what your needs are, thereby fulfilling those needs more effectively.
Besides the fact that more practices are realizing the benefits of outsourcing their revenue cycle management services, many practices are choosing to just work with a single management service instead of outsourcing to numerous vendors. Working with a single partner will provide your practice with more control, after all.
ProMD Practice Management is happy to help with your billing assessment needs so you can maximize profits and increase patient satisfaction. To learn more about how ProMD can make your practice run like a well-oiled machine, call 888-622-7498 or fill out our online form to request a billing assessment.