Challenges such as rising operating costs and shrinking margins are all too real for healthcare professionals. In order to be profitable and successful in today’s complex, ever-evolving healthcare climate, medical facilities such as hospitals and ambulatory surgical centers (ASCs) need to optimize their revenue cycle and maintain a steady cash flow.
One of the best ways to improve and optimize revenue cycle management (RCM) is to outsource to a partner with the right expertise and a fresh perspective. Here are seven key benefits of outsourcing revenue cycle management at your facility.
1. Avoid Adapting to Rigid, Ineffective Processes
Avoiding adapting to rigid internal processes is one of the key benefits of outsourcing revenue cycle management. Rather than attempting to figure out—let alone optimize—your facility’s revenue cycle management in-house, you can turn it over to the pros and avoid adapting to outdated, inflexible, and altogether ineffective processes. Gaining expert insight will help you optimize your revenue cycle workflows and allow both you and your team to work as efficiently as possible.
2. Access Industry-Tested Performance Benchmarks
By outsourcing revenue cycle management at your facility, you can gain access to industry-tested performance benchmarks to measure success and track progress toward your business’s goals. Access to meaningful industry benchmarks will help you develop a better understanding of your organization’s revenue cycle management as well as how you stack up next to the competition.
3. Gain More Control with Access to Better Insights
With a big-picture view of your organization’s cash flow thanks to data analytics, you can gain more autonomy over your ASC’s revenue cycle and drill down on operating costs, net collections, and natural financial ebbs and flows. Utilizing better data insights empowers ASC administrators to pinpoint opportunities for improvement and drive stronger financial performance than with in-house revenue cycle management.
4. Reclaim Missing Revenue Sitting on the Shelf
Another one of the benefits of outsourcing revenue cycle management is that it aids ASC administrators in cleaning up outdated claims and accounts to reclaim missing revenue. Additionally, you can also reduce unnecessary claim denials due to medical billing coding errors and gain denial appeals support so you’re never leaving any money sitting on the shelf, so to speak.
5. Minimize Recruiting Costs and Challenges
Most administrators will agree that it’s difficult and expensive to recruit and retain qualified revenue cycle employees to work in an ASC. Outsourcing your revenue cycle management and leaving the heavy lifting to the finance gurus will help you minimize—or even completely avoid—facing unnecessary recruiting costs and challenges.
6. Improve the Revenue Cycle Time Frame
Outsourcing your revenue cycle management can help decrease the time frame of the entire process, ensuring more timely reimbursements and fewer cash flow interruptions. Working with a quality RCM vendor can help shorten the time period from charge to cash, allowing you to improve revenue cycle efficiency and maximize your ASC’s billing cycle with accurate, on-time payments.
7. Enhance Your Patients’ Experiences
Optimized revenue cycle management allows ASC administrators to dedicate more time and attention to patients as opposed to navigating revenue woes. Not only will your patients benefit from better, higher-quality care experiences at your ASC, but also from new and improved workflows that streamline payment processing. The right RCM partner will even assist with the setup of online billing solutions to provide patients with convenient payment options that today’s healthcare consumers both want and expect.
Choose the Right Partner for Revenue Cycle Management
With the right vendor partner to carry the administrative burden, you can streamline and optimize your financial processes, improving your ASC’s revenue cycle management and profitability as a whole. Amblitel partners with ASCs on revenue cycle management to help elevate performance, increase profits, decrease expenses, and streamline internal process inefficiencies.
Curious about the benefits of outsourcing revenue cycle management and how enlisting the right support can help transform your facility? Get in touch to schedule a free consultation and learn more about how the solutions and services we can provide to better manage your ASC.
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