As health systems face pressure to increase cash flow and/or cut costs, many ASCs are outsourcing their revenue cycle management, which ultimately can help with both.
This is understandable – the practice of outsourcing RCM is just starting to become more widely adopted, and a poorly done transfer of systems can be fatal to an ASC. Furthermore, most ASCs are doing “fine” on this front, and don’t see the need for a change. They don’t realize that simply doing “fine” isn’t good enough anymore. There is far too much money being left on the table and ICD-10 will make the old way of doing things untenable.
There are four key benefits to outsourcing your RCM:
- Leveraging expertise in billing and collections, especially with coding changes being brought on by ICD-10
- Workflow and process optimization that utilizes best-in class technologies
- Smart staffing and avoiding the need for succession planning
- Transparent measurement and reporting, giving greater insight into AR days and collection rate trends
Stay tuned each week as we dive deeper into each of these outsourcing benefits, starting next week with leveraging expertise.