Tag Archives: outsourced RCM services

How To Transition To Outsourced RCM Services From An In-House Setup

How To Transition To Outsourced RCM Services From An In-House Setup

Posted on July 2, 2021

Introduction: Outsourcing RCM Services

For many healthcare institutions, even the thought of outsourcing their services to a revenue cycle management service company can be unnerving as it poses many challenges; one of them is coding and billing. Needless to say, medical coding and billing are among the important cogs of a healthcare firm’s machinery. If both are carried out in an accurate and timely manner, they can pave the way for a smooth revenue cycle, and if not then it can bump up costs. Therefore, healthcare firms fear transitioning to an outsourced RCM service from an in-house setup as, if not done correctly, it can affect the firm’s income and put it in a hole. However, the actual scenario is different.

To back it up with statistics, a National Health Insurer report says that around 25% of the claims paid are incorrect because of which healthcare firms have to suffer a loss in the range of 5%-14% of their total entitled revenue. Hence, to receive the entitled amount, the healthcare organization must outsource their RCM services to a well-credited revenue cycle management service company that is expert in matters related to denial resolution, bill modifications, claim appeal tender, and claim follow-ups. One must also look for credentials like whether the RCM services company has expertise in the ICD-10 & ICD 11 coding systems or not. This way a healthcare firm can transition to a reliable and holistic RCM services provider who can safeguard the firm’s liquid assets ensuring a positive cash flow, eventually boosting the healthcare organization’s revenue cycle.

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How Much Does Healthcare RCM Services Cost in 2021?

How Much Does Healthcare RCM Services Cost in 2021?

Posted on June 29, 2021

Healthcare should be able to strictly focus on their specialization – offering medical care to patients. Any responsibility other than that takes away the focus from the core task of providing healthcare. What’s more, healthcare employees lack the knowledge and experience of providing billing services. As a result, they have to be trained. On the other hand, outsourced RCM services already have the technical expertise and, hence, are cost-effective.

In this blog, we will talk about the factors that influence the cost of healthcare RCM services in 2021 and how costs can be managed to optimize ROI.

Factors that Influence The Cost of Healthcare RCM Services in 2021

Let’s discuss the factors that affect the cost of healthcare RCM services:

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