Healthcare organizations are undeniably going through a challenging financial phase. Hospitals and Practices are quickly revisiting their strategies to mitigate the economic impact, reduce operational costs and optimize profits, making them consider outsourcing medical billing services.

Some healthcare organizations do have inhibitions in partnering with a revenue cycle management company believing that it could impact their decision-making authority in the process. However, the reality is quite the opposite when you consider outsourcing revenue cycle management services. An experienced medical billing service company ensures a collaborative and cohesive work model  designed around the best interest of the Hospital or the Practice

A medical billing and coding services company ideally works as an extension of your internal revenue cycle team—automating some of the manual tasks, improving clinical, operational and financial efficiencies, while delivering a seamless patient-physician experience, and letting you focus on higher priority tasks including patient care. This blog is a deep dive into three of the clear advantages that a healthcare revenue cycle management partnership can bring to a Hospital/Practice.

1. Medical Billing Specialization that Accelerates Performance

From Patient Scheduling, Insurance Eligibility Verification, Patient Documentation, Medical Coding, Charge Entry, Claim Submission Billing to payments, A/R follow-up, Patient Statement and Reporting, Medical billing is quite an extensive process that requires specialization in each of these areas. Instead of hiring a couple of employees to handle the end-to-end revenue cycle functions, a revenue cycle partner gives you the winning edge with their proven strategies, profound experience in each of these specializations to deliver the desired financial results. What’s more, RCM companies such as SolvEdge work in a Strategic billing partnership model, where our billing is directly linked to your revenue cycle performance, double ensuring that you get what you pay for !

Our revenue cycle team is built on experienced doctors, technologists, SMEs, revenue cycle specialists and certified medical billing experts who are well-equipped with the skills and the expertise needed to chase every dollar due. SolvEdge has found its strategic partnership model to have increased reimbursements by 10-20% for our clients.

2. Flexibility to Drive Down Costs

Hiring in-house staff also means fixed costs like salaries and other benefit expenses that add to the operational costs, which could be an additional financial burden, especially during this COVID-19 phase. Partnering with a healthcare revenue cycle management company brings no fixed costs, where the healthcare organization pays a small fee based on the total claims and reimbursements. This variable cost structure facilitates especially small Practices by reducing operational costs during fluctuating environments due to increased supply costs, reduced patient volume, etc. In other words, the partnership fee reduces with a decrease in patient volume, which in turn boosts the Practice’s bottom-line results.

3. Scalability to Facilitate Continuous Growth

One of the key advantages of partnering with a medical billing company is the flexibility to scale. Healthcare organizations can standardize revenue cycle processes with the broad suite of solutions that the outsourced billing services bring. By integrating technologies like rules engine and automation, Hospitals and Practices can leverage a host of innovative solutions that streamline workflows, while improving the agility and accuracy of the revenue cycle process. Moreover, scalability ensures that unprecedented changes or a sudden influx of demands are met at the right time, without causing any delays in the overall revenue cycle process.

Also Read:

8 Questions to Ask Before You Hire a Medical Billing Company

10 Reasons to Consider Outsourcing Revenue Cycle Management Services

Automating Healthcare Revenue Cycle Management Services for Faster Reimbursements

Looking for a strategic medical billing partner who can simplify and maximize your revenue cycle process? Give us a shout!