We discussed in Part 1 of this series how outsourcing Accounts Receivable management offers valuable time and resources to spend on addressing core functions of your healthcare system. Now let’s consider the savings.
One of the primary benefits of outsourcing portions of your Accounts Receivable management is that it can free up resources that can address other pressing needs in your organization. I’m sure every healthcare financial professional already has a long wish list, but here are some areas where our healthcare partners find enhanced resources help their revenue cycle and patient experience:
- Enhance Point of Service collections through training/technology
- The increase in patient financial responsibility puts an even greater emphasis on collecting revenue early in the cycle, which serves dual purposes in enhancing collections while decreasing the cost of collection. From executive support to careful hiring to scripts and training, investments in Point of Service collections pays dividends.
- Focus on technology and payer interaction to reduce claims denial rate
- Frequent denials of insurance claims can reduce revenues and become a drag on staff productivity. Placing an emphasis on the data behind claims, as well as better relationships with payers, enhances you revenue cycle.
- Improve coding
- Coding mistakes bog down the revenue cycle and cause frustration for providers and patients alike. Efficiencies in coding reduce operating expenses. Providers can look to outsourcing, training or technology for coding improvements.
- Implement/improve/augment electronic payment opinions
- Consumers (including your patients) have become accustomed to being able to make payments in a number of convenient ways when they shop for everything else. Relying on billing via snail mail is no longer good enough. Invest in a convenient online payment system in addition to tap-to-pay systems for in-office to meet patient demand.
- Maintain AR days or reduce them while a hospital system tries to manage internal staffing shortages or turnover.