Are you skeptical when it comes to outsourcing your current in-house billing to a Revenue Cycle Management company (RCM)? If yes, what contributes to your skepticism? Often, when you compare the goals of both organizations, your medical practice and a RCM provider, they are remarkably similar. Both parties are focused on maximizing practice revenues, working efficiently and delivering the best service possible.
So if the goals are similar, what prevents the two entities from working together? I believe there are two primary obstacles: fear of job loss and fear of losing administrative control. By addressing each of these concerns, I hope to clarify some common misconceptions.
The idea of outsourcing services often evokes negative feelings pertaining to job inadequacy, costs, job insecurity or possibly loss of administrative control. Contrary to this common response, working with a RCM company provides feelings of relief and support. When an RCM company is employed to service the billing & collection functions of a medical practice, a professional and cohesive relationship is established to identify and solve the administrative challenges that might go undetected or unaddressed. Ultimately, office personnel are finally able to focus on the job function for which they were hired.
The daily challenges of scheduling patients, posting charges and payments, and following up with payers prevent office staff from efficiently processing the billing. When claims are processed, mistakes are not captured, denials begin to mount and payments start to lag. Thus begins the dreaded cycle of slower payments and aging accounts receivable. There is no extra time in the day to investigate issues, respond to denials or implement solutions.
Experienced RCM companies utilize technology such as electronic eligibility and claim scrubbing to improve the process and enhance the revenue cycle. These services cut right to the core of problem transactions so that cleaner claims are sent the first time. Mistakes are caught and corrected at the beginning of the claim cycle, thus eliminating the need to resubmit or appeal.
The services of the right professional RCM ensure the most efficient process upfront and alleviate most of the common pitfalls that contribute to lower reimbursements and slower payments. Ultimately, the administrative functions become more streamlined and efficient. Many times, an added benefit is a satisfied team and a more productive work force in the practice.
Are the daily challenges of your practice keeping you up at night? Are your goals being met? Push aside your skepticism and learn about services that could help to secure your job and gain better control of your practice’s financial performance.