Today one of the major areas of concern of healthcare practices is related to managing the workforce at the same time containing the labor costs simultaneously.
With the rising healthcare expenses accounting for more than half of operating costs in the present crisis situation, labor cost containment has always been the topic of discussion for many healthcare practices.
In fact, majority of the finance executives of healthcare practices have reported that the labor cost is one of the primary concerns which is leaving them with sleepless nights; thus, resulting in opting for the outsourcing of revenue cycle management solution.
Today many healthcare practices are prioritizing revenue cycle management optimization to meets their daily goal and in order to run their practices effortlessly; where they can focus more on their core work of patient care management. According to a report, the revenue cycle outsourcing market is expected to rise upto $23 billion by 2023 at a CAGR of 11.9 from $11.7 billion which was in the year of 2017.
Outsourcing revenue cycle management has improved the collections rate for many practices. Furthermore, revenue cycle outsourcing solution:
- Lower your overall cost
- Provided you with up to dated technology solutions in improving your billing and coding efficiency
- Help you with reduced coding mishap and errors
- Better accounts receivable management with reduced write-offs
- Help you to scale operations such as increasing or adding up new facilities
- Provide you with complete access to a pool of experienced billers and certified coders at a cost effective rate
Aiding healthcare practices evolve to be more patient centric, it is in fact, the solution to managing all your denials, timely claims submission and an integrated approach of technology and services at a cost effective rate helping you with a seamless billing solution.
Improving your KPI outsourcing revenue cycle management is the solution for rising healthcare cost and administrative burden is one of the observations of Dr. Dipak Nandi a recipient of several entrepreneurial awards, M. D, and a board certified psychiatrist.