The revenue cycle market is projected to grow at a rate of 12% by 2021, according to a MicroMarket Monitor report. Why? Because administrators recognize they have to fight for every dollar but are stretched thin as revenue cycle is demanding and time consuming.
“ASCs are increasingly focused on delivering value-based care, which aims to improve quality while reducing costs,” said Regent RCM Director of Revenue Cycle Management Erin Petrie. “ASC leaders are also trying to build organizational accountability. Outsourcing revenue cycle aligns with both of these goals; it is the ideal way to increase cash flow, cut costs, and optimize a center’s revenue cycle, while strengthening transparency.”
In a recent blog post, Regent RCM outlined three competitive advantages to outsourcing RCM. Here are three more important ways ASCs benefit when they outsource their revenue cycle.
- Transparent Reporting
ASCs often lack the expertise, technology, resources, or time needed to execute transparent measurement and reporting in their finances. Outsourcing to experts gives ASC leaders access to sophisticated financial analysis and tracking tools.
Revenue cycle experts use third-party reporting software to offer deep insight into centers’ financial performance, analyzing and addressing the root causes of problems. For example, by outsourcing revenue cycle, an ASC can receive a thorough audit of its accounts receivable processes. The center can then use this helpful information to reduce days in A/R and improve cash flow.
- Staying Ahead of Requirements
Healthcare laws and regulations are constantly changing. ICD-10, for instance, is frequently re-shaping coding, and ASCs must stay ahead of the curve. But centers also have numerous other day-to-day priorities to complete, and new regulations sometimes fall through the cracks.
Outsourcing solves this challenge seamlessly. Professional revenue cycle vendors must proactively keep tabs on industry laws and regulations, ensuring that their ASC clients remain updated and protected.
- Saving Space to Increase Revenue
Outsourcing revenue cycle can free up physical space within an ASC. Because an outside vendor is handling the revenue cycle, the center acquires valuable extra square footage, which opens up new possibilities and opportunities. An ASC can use the available space to enhance value-added aspects of the business; for example, buying more testing equipment or adding new services that will increase the reputation and revenue of the center.
Are you considering outsourcing to optimize your center’s revenue cycle? The experienced team at Regent RCM is available to your answer questions and discuss a revenue cycle evaluation. Contact Regent RCM.