From Cost Savings to Revenue Growth: How Outsourcing RCM Benefits Providers?
Prompt payment to healthcare providers for their services is crucial for a detailed discussion on managing macro costs, quality, and equity. Without it, addressing the issue of rising healthcare costs becomes challenging. Healthcare providers are well aware that getting paid is not an easy task. A quick search for revenue cycle management (RCM) reveals 16-step pie charts, highlighting the complexity of this $140 billion market in the United States, which employs 188,000 medical records specialists. Successfully managing revenue cycles, which involves capturing fair payment with minimal effort, is a specialized business function. The complexity and labor-intensive nature of RCM make it difficult for a typical healthcare practice to master. If you find yourself spending too much on RCM staff and processes or if your claims denial rate is higher than the industry average, outsourcing your medical billing may be a solution to your problems. By allowing experts to handle payment collectio