Does Your Revenue Cycle Solution Pass The Test? 5 Things You Can Improve On Today!

If you want an effective health care organization, your revenue cycle solution needs to be trusted, proven, and on-point - all the time. Too many companies have ended in financial ruin because they failed to keep their revenue cycle moving in the right direction.

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Take the case of one medical center, where an over-the-top meltdown was caused by bad decisions on the part of the CIO. He ended up without a job, and the hospital saw a $13.6 million operating loss in just six short months. He should have outsourced his revenue cycle management, and avoided all the hassle of trying to manage his own in-house solution.

But that doesn't have to be your fate. There are several ways a revenue cycle solution can be improved to maximize revenue and cut unnecessary costs through the use of a business process outsourcing (BPO) company.

Here are five options for improvement you can start on right away, when you outsource your revenue cycle solution:

1. Costs

You may think your costs are actually less when you have an in-house team, but that's not the case. With a proven revenue cycle solution, you'll see:

  • Lower costs

  • Higher revenue

  • Faster turnaround

  • Improved collection processes

In turn, you will be able to improve your revenue stream, and raise the level of value offered to your organization through other channels.

2. ICD-10 Preparation

Has the recent ICD-10 implementation left you feeling highly stressed? Was your company prepared? By outsourcing your revenue cycle solutions to the right BPO company, you can expect:

  • Proper ICD-10 preparation and future codes

  • Answers to questions about ICD-10

  • Knowledgeable staff who can handle any issues

  • Support when you need it

Outsourcing your revenue cycle solutions to a BPO company lets you focus your time and talents on the increasing pressures and challenges of ICD-10. You may have had extra time to prepare before, but that time has run out—make sure you and your team are ready to dive in headfirst!

3. Staff Turnover

There are few things worse for your revenue cycle than losing someone in an associated department right when you need them or at a critical time in the process. With an outsourced revenue solution, you won't need to worry about that. Instead, you will receive:

  • Continuous support from properly trained individuals

  • Knowledgeable staff to work on your revenue cycle solutions and improve the image of your brand

  • A constant group of dedicated, focused workers

  • Fast delivery of your solutions when you need them

Not needing to worry about who is handling your revenue cycle solutions and whether those people will be there tomorrow is very freeing. It can help you focus on other important issues, and leave the revenue cycle management to those who are already set up to handle it the right way.

4. Denial Management

Being denied a claim can mean a struggle to address all the issues that come with operating a healthcare facility (especially with ICD-10 looming). With that in mind, management of denial becomes an important part of the revenue cycle. Consider using a BPO company to achieve:

  • A lower number of denials

  • A reduction in lost revenue

  • Faster approvals

  • Ease of management

  • Improved patient satisfaction

  • Increased revenue coupled with decrease costs

  • Faster reversal of incorrect denials

  • Better overall rates of approval and collection

  • Preventative strategies to keep your company moving forward

With years of experience in denial management and related issues, a BPO company can be just what you need to make sure that denial management is handled correctly as a part of your revenue cycle management.

5. Experience and Technology

To make your revenue cycle solution really work for your organization, you need experienced people and the proper technology to track, collect, contain, and process information related to that solution.

Getting that at an in-house level can be expensive, time-consuming, and difficult. With an experienced BPO company, you will receive:

  • Knowledgeable help and support

  • Faster processing

  • The right technology to do the job

  • Lower costs

  • The revenue cycle solution you need without expensive upgrades

Outsourcing is the right way to handle your revenue cycle solution, as some healthcare organizations have learned too late. Don’t end up in the news for the mistakes your healthcare organization made with its revenue cycle.

Determine If You Need Denial Management Services

If you plan to improve your revenue cycle you need the right solution, and you can find that solution with outsourced revenue options from BPO companies.

Topics: Revenue Cycle Solutions

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