At the risk of sounding redundant, 2015 is going to be a big year for the healthcare industry. It seems safe to say that every year brings its’ own challenges and obstacles, and 2015 is no exception.
Three challenges in particular are going to keep physicians and office administrators up at night—ICD-10 transition, Meaningful Use, and the shift to value-based reimbursement models. Each of these challenges will require more time and money, two valuable resources that most practices can’t afford.
For practices that are already stressing out about these major shifts, many are looking to outsourcing their revenue cycle management operations. If you’re one of these practices, you might consider doing the same in order to get your valuable time and resources back so that you can focus on what matters most—providing quality care to your patients.
Let’s weigh the pros and cons of outsourcing revenue cycle operations to help guide this very important discussion.
- Concerns over security
Relinquishing access to your patient’s important health information to a third-party undoubtedly presents concerns over security. It is the top priority when looking to outsource revenue cycle operations to make sure you are working with a professional, reputable RCM provider. Data hacking and HIPAA violations are offenses that could cost your practice.
- Added cost
This is seen as a con to most healthcare providers when they are first seeking out a medical billing solution, but in reality, it is an extremely cost-effective option. The improved efficiency alone is enough to offset the cost. Not to mention the money that is saved from hiring an internal billing staff to handle these operations. Hiring internally presents increased overhead to overcome.
- Regulatory compliance oversight
The Department of Health and Human Services is constantly changing HIPAA guidelines. Staying on top of these updates is a necessity that requires constant oversight. RCM services monitor these changes for you and adjust their billing accordingly.
- Optimized reimbursements
Billing errors are reduced when using a professional RCM provider, allowing for maximum reimbursements in a timely manner.
- ICD-10 transition
Experienced medical billers take the burden out of training internal staff to handle the additional workload that ICD-10 will place on practices. This leaves staff with additional time to spend on other administrative duties.
- Improved overall efficiency and productivity
Heed the warning that so many industry leaders are drawing attention to: healthcare operations are becoming more complex and costly to manage alone. Outsourcing key operations is the most cost-effective and efficient solution for any medical practice.