With the recent changes in the healthcare landscape, medical practices have become just as competitive as the corporate world. Healthcare providers have found themselves pouring more money into cutting-edge care and technologies, more staff, and facility maintenance to remain relevant in the current market.
And with higher patient deductibles, patient out-of-pocket expenses have risen…which means that doctors are less likely to get paid on time, if at all. Many providers have had to add more administrative staff, as well as allocate more time and resources to settle patient accounts.
What does all this mean for your practice? You’re spending more to make less.
This makes effectively managing your revenue cycle management process more important than ever before.
What You Can Do To Avoid Losing Revenue
Today, doctors are spending more time, money and resources to settle patient accounts, including hiring more staff, sending out multiple billing statements per patient and calling patients to receive payment.
A more efficient and cost-effective method to manage your patient accounts and optimize revenue cycle management for your practice is to outsource.
What Can Outsourcing Do for My Practice?
First and foremost, outsourcing revenue cycle management frees your healthcare providers and staff to focus on what’s important: delivering compassionate, comprehensive patient care and improving patient outcomes and satisfaction.
Secondly, outsourcing can save your practice money. This year alone, in-house RCM operations have cost hospitals and healthcare providers over $252 billion. Outsourcing RCM can reduce banking and brokerage fees to less than a penny.
RCM companies have a specialized understanding of the best way to optimize revenue and minimize costs. Recent case studies have shown that hospitals and healthcare providers who have chosen to outsource their RCM have seen an average of 5-6 percent revenue increases. This means that you not only save money, but make more.
Contact the Medical Consultants Group in Atlanta
Let the Medical Consultants Group handle your patient accounts receivable. To find out how our strategic healthcare revenue cycle management plan can work for you practice, call (404) 272-4883 or fill out our online contact form today.