The Financial Impact of Average RCM Services

The Financial Impact of Average RCM Services

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Billing is a necessary part of your healthcare organization, and because coding can be so complex, errors and delays are commonplace. These snags in the process not only restrict your revenue stream, but also limit your ability to scale your practice. When you finally get your revenue cycle management process right, you’ll see a noticeable increase in growth and profitability. 

Outsourced Billing and Why You Need It

Outsourced billing is when you allow a professional, dedicated third-party service to handle all coding and billing procedures on your behalf. When you’re running a healthcare practice, your primary focus is on patient care, not the complicated codes and back-and-forth interactions with insurance companies, who often reject claims outright due to minor oversights.

You either delegate the responsibilities across your administrative team, or hire a single person or team to handle all the billing responsibilities for you. However, in-house billing has a long list of costs associated with it, including the ongoing costs of having an employee and the cost of equipment that employee requires to complete the job.

Outsourced billing takes that responsibility off your hands, all while employing dedicated focus. A reputable RCM provider uses years of expertise and ongoing relationships to get you paid faster and on a consistent basis, without gaps in revenue across long periods.

Insurace companies often rejct claims outright due to minor oversights

Disadvantages of Mediocre Billing

Mediocre billing, whether it’s completed in-house or by an RCM service provider, severely limits your ability to keep your business thriving and scaling. When your RCM cycle is long, your revenue isn’t hitting your bank account, leaving you high and dry for months at a time.

Claims require regular submission and prompt follow-up. Relationship building both with insurance companies and patients is also a critical aspect of billing. Mediocre billing means claims are doomed the moment they’re submitted; and without a clear focus on billing, coding errors, claim denials, and delays become the norm.

Benefits of Professional RCM

When you hire a third-party RCM service provider, your benefits are two-fold: 1) you save costs associated with an in-house team, and 2) your revenue stream becomes consistent, allowing for growth.

You can experience faster claim times with a professional RCM that handles all your billing on a regular basis, using their attention and knowledge to get you paid faster. Their expertise means increased accuracy and revenue you can count on, instead of the constant uncertainty around your cash flow.

When you have supportive and effective healthcare RCM services, you can have peace of mind knowing you’re getting paid promptly and regularly. You also no longer have to concern yourself with the administrative functions, including billing oversight, and can focus wholeheartedly on maintaining high-quality patient care so your organization can grow. 

Upgrade Your Practice with Professional Healthcare RCM Services

Your RCM is critical to the financial viability of your organization. By outsourcing your medical billing and coding, you can reduce your days in A/R with better end results and more revenue as a result. Just as your patients turn to you for your expert knowledge and guidance, you can turn to a professional healthcare RCM service like Ultimate Billing to have your numbers handled by pros. No more fumbling and mistakes — just clarity and a steady cash flow you can count on. 

If you’re ready to maximize collections and revenue for your organization, set up a quick consultation with our team today.

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Ultimate Billing exists to reduce the business burden of healthcare, allowing our clients to focus on patient care.

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