With the current crisis situation, it is no secret that 39% of hospitals are likely to experience negative operating borders in 2021 – a number that could even go high as 50%. In fact, reports have also shown that by the year-end hospitals margins could be 10-80% below. Where rural healthcare practices are expected to hit hard the most. This brings us to another survey where more than 98 percent of healthcare practices are looking for productive ways to improve the bottom line like outsourcing their Revenue cycle management (RCM).
The benefit of outsourcing your RCM:
Outsourcing your RCM has a wide variety of benefits for healthcare practices like:
Lesser venture and higher ROI – in-house billers handling your revenue cycle is a huge investment in technology, software, etc. which incase of outsourcing your RCM those costs are been eliminated, saving a lot of your money. Further staying up-to-date on the latest regulations in medical billing, coding, value-based care, risk adjustment, etc; outsourcing by operational extension also saves healthcare practices valuable time. Providing a complete training and continuing education that is quite expensive and requires time away from the office deviating in-house staffs from billing operation, outsourcing with the latest training, technology ensures best practices with minimal financial impact.
Helps you with better patient care management – improving your key performance indicators (KPIs) such as data and coding accuracy, reduced denial rates, and improvement in DSO along with timely appeals, etc, outsourcing helps to focus on the clinical side of the business.
Recipient of several entrepreneurial awards, Dr. Dipak Nandi, a proud member of the prestigious AIIMS alumni and a board-certified psychiatrist today is involved across the United States and India with key strategic initiatives in healthcare services like medical billing and telemedicine services. Being a pioneer in the field of healthcare outsourcing and telehealth solutions, Dr. Nandi has been the Managing Partner of Customer-First IT solutions provider. With a vision of offering a complete RCM and telemedicine support under one roof at a cost-effective rate, Dr. Nandi today is the part of the healthcare domain for more than a decade in fact observed, outsourcing your RCM is today’s modern-day solution that is not only cost-effective but equally resourceful.
