Medical Practices are outsourcing their Revenue Cycle Management (RCM) to companies like InSync Healthcare Solutions - and in turn now have an efficient billing process, enhanced financial performance and heightened patient-to-provider relationships
Related: Essential Questions Towards Revenue Cycle Management
Outsourcing your practice's Revenue Cycle Management (RCM) to an organization that specializes in that process can alleviate the tedious stress associated with having to deal with RCM while juggling the other responsibilities you are faced with.
Most functions that are not directly affiliated with a company's core practice motives are usually outsourced. When it comes to the Revenue Cycle Management, the question to analyze is if a practice wants to take some of the focus away from their patients towards another process, or lean on a capable and trust worthy organization. Which extends towards better reporting, efficiency, and less decline in revenue due to clinical errors running RCM in-house.
Some Critical Factors to Consider
To stay competitive within the market, outsourcing RCM has provided practices with lower Operating Cost. This cuts away from additional personnel loss, training, reporting, vacations, and any other elements from adding a team committed to RCM. For more clarity, the average cost of retaining a single employee ranges anywhere from $30,000 - $45,000 all elements included.
Physicians can spend less time on tedious, clinical work and more time focusing on their clients. On average, a physician can find themselves spending up to 10 hours just on paperwork. RCM can help ease this, and in-turn allocate that time towards other facets of their daily duties.
RCM organizations have tools and assets that are directed towards automating and organizing the functions associated with billing and so on. They also typically have a large team that's focused around these functions - in short the amount of energy, time, and assets used towards operating a proper and efficient RCM is inconceivable when staying in-house. In the end you might lose revenue and lose time that could have been spent patient-facing.
Outsourcing RCM is not and should not be a per hour cost, but a percentage of collections. This is stated because an RCM company will work rejected denials all the way through, and they will know the modifiers to add in order to bring them to the attention of the practices.
If you want to bring higher revenue, remain competitive in the industry, and overall generate a healthcare-focused mindset within your practice, outsourcing your Revenue Cycle Management is a logical move.
Looking for Software? InSync Healthcare Solutions has you Covered
InSync Healthcare Solutions software is extremely proficient with Practice Management, Revenue Cycle Management, and Electronic Medical Records — no matter what your practice needs are our services are here to bring efficiency and ease.
Offering comprehensive Revenue Cycle Management services to help practices achieve financial success and efficiency through:
Full access to the RCM system and pertinent financial information.
Immediate financial reports.
Up-to-date financial health of the practice available at the click of a button.
- And much more!
If you're looking for more information on how our specific systems can help your practice, let us know! We would love to chat and go over any questions you might have.