Hospital systems could risk losing $122 billion in revenue by the end of 2021. The American Hospital Association commissioned a study to examine the effects of the COVID-19 pandemic on hospital revenue. They found that hospital revenue will likely continue declining throughout 2021 to make up for the increase in drug, labor, and supply expenses from 2020. As the world slowly transitions to post-pandemic, health systems may look for a way to recoup some of this revenue. Many providers have begun outsourcing their revenue cycle management to increase revenue, improve patient experience, and further their success.
One of the top reasons hospitals have started to outsource their RCM is to increase revenue and efficiency. In-house billers and coders are often more expensive than paying a third-party provider. These third parties also have years of combined clinical experience and expertise in minimizing denials. Third parties also have ample resources and have spent time perfecting their workflow. They can provide comprehensive reports that allow you to keep track of your billing operations while increasing cash flow.
When outsourcing, there is no need to retrain your staff to stay compliant with the ever-changing billing and coding regulations. It allows health systems to redirect their staff into more efficient roles. Staff members will now spend less time on administrative duties and focus their energy on other areas.
Advanced Data Systems Corporation surveyed their patients to predict patient satisfaction. They found that the best predictor of patient satisfaction was engagement. On-call staff and patient monitoring were both mentioned as essential forms of patient engagement. By outsourcing coding and billing, staff members have more time for patient engagement, improving overall patient satisfaction.
Revenue Cycle Management outsourcing can potentially improve a health system even if they are already doing well. Organizations that are doing ‘okay’ and want to push towards ‘great’ are perfect candidates for outsourcing, especially if they’re looking to boost clean claims.
There are many reasons an organization may choose outsourcing. Advent Health Partners makes it easy with years of combined experience from registered nurses, credentialed coders, and business analysts.
Additionally, Advent Health Partners offers Revenue Integrity Consulting to provide your team with analytics and proposed strategies to increase your revenue. Our team can identify trends in your organization’s denials and provide data-driven strategies, additional revenue, reduced risk, and, most importantly, rapid results.