Reimbursement was ranked the number one concern via a poll administered by Cardinal Health. In this poll healthcare decision makers reported reimbursement is the biggest problem facing health systems and practices today.
Getting reimbursed for the services you provide can be extremely challenging. A new obstacle to claim reimbursement comes along every time you think you have figured it out. Things like on-boarding and retaining qualified billing staff to handle medical billing and collections has become difficult and expensive.
A growing number of physicians are turning to an outsourced Revenue Cycle Management (RCM) partner to alleniate the administrative burden and overhead associated with the billing process. Practices that outsource their billing can see a 5-10% increase in net collections, not to mention the operational benefits that allow practices to focus on a better patient and provider experience.
How would I feel if our AR over 120 days was less than 15%?
What benefits would I see in the practice if revenue increased in proportion with the number of patients seen?
Is my net collection rate declining? If so, what would I do if our net collection rate was increasing instead?
What would I do if I didn't have to manage poor billing performance?
What would I do if our patient data was compromised?
It can be difficult to measure all of your current in-house expenses. Often, practices only look at the hourly rate they pay billing staff and forget about the other costs that go along with collecting the money they've earned.
General Practice
1 provider<, 20 patients per day, 10% IWC @ $250/ claim = $120k in lost revenue/year
Specialized Practice
1 provider, 20 patients per day, 10% IWC @ $2,500/ claim = $1,200,000 lost revenue/year.
