Medical practices constantly struggle to handle their hospital accounts receivable. Inefficient hospital AR management results in higher AR days, a lack of cash flow, and high rates of bad debts. All of this can impact on your practice negatively. To keep up with rapidly changing reimbursement requirements, you need to invest a substantial amount of time and resources. However, the consistent labor shortage and rising labor costs are making it difficult for providers to maintain an in-house AR management staff.
In this situation, the most feasible solution would be hiring a firm specialized in hospital accounts receivable management.
In this blog, we have discussed how outsourcing AR services can be beneficial for your medical practice.
Advantages of Outsourcing Hospital Accounts Receivable Management
With an efficient revenue cycle management organization by your side, you can have the following benefits-
1) Improved reimbursements:
Outsourcing AR services aids in rapid collection from both payers and patients. The right firm can streamline workflows and provide accurate coding and documentation that will reduce chances of claim denials and higher AR buckets.
2) Better provider-patient relationships:
The team of experts is a crucial bridge between providers and patients. One wrong interaction can stain the relationship resulting in a deteriorated reputation and patient experience. However, the team of outsourced experts executes the operations with efficient communication skills and eliminates the bottlenecks within the process.
3) Access to innovative practices:
It is difficult for providers to keep up with the changes in regulations and industry best practices. Furthermore, implementing industry standards and updated technology demands extensive training and education. However, the team of outsourced experts has knowledge and access to the latest technologies and industry best practices that improve your practice performance.
How to Hire an Outsourced Partner
Hiring an outsourced hospital accounts receivable company is a crucial decision and requires a deep insight into the current process. We have discussed the key steps to partner with a third-party RCM organization.
1) Assess practice needs:
Identifying and analyzing your practice needs is a good place to start. Understanding the requirements of your practice will help you learn about how many professionals you will need. Also, it will help you to create a budget for your practice.
2) Learn about industry presence:
Understanding a company’s efficiency and productivity is essential before you partner with them. While thinking about outsourcing hospital AR services, you must go through reviews and client references to understand their expertise and the value they serve at a given cost.
3) Look into transparency and communication:
Make sure there are no hidden charges for the services provided. Also, there must be regular reporting of your practice’s financial performance. On the other hand, they must maintain effective and clear communication among the stakeholders.
4) Understand compliance measures:
In a heavily regulated industry, your RCM partner must ensure adherence to compliance. Make sure the company maintains each regulation minutely including HIPAA-HITECH compliance.
To Conclude,
Numerous providers across the country have started to embrace outsourced hospital accounts receivable services as a futuristic approach. By choosing a specialized firm to handle AR solutions, you can have access to up-to-date and streamlined processes according to industry standards without compromising care quality.