A recent report from Black Book Market Research revealed that many revenue cycle management (RCM) platforms lack the necessary functionality needed to meet the demands of new reimbursement models. As hospital decision-makers evaluate new and evolving financial software, many are turning to outsourcing. As many as eighty percent of hospital CFOs consider outsourcing to be the best stop-gap measure.
Gaps and inefficiencies that lead to revenue loss are often due to complex processes in billing and collections. Resolving cash leakages is just one of the many benefits of outsourcing RCM. Other benefits include:
- Leveraging expertise in billing and collections, especially with coding changes brought on by ICD-10
- Workflow and process optimization that utilizes best-in-class technologies
- Smart staffing and avoiding the need for succession planning
- Real-time monitoring and reporting, giving actionable insight into AR days and collection rate trends
With the challenges of a rapidly changing health care model, outsourcing continues to gain momentum. Outsourcing RCM to an expert provider, such as Regent RCM, presents ASC’s with customized solutions and streamlines revenue cycle management processes.
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