Outsourcing revenue cycle management services may seem daunting at first, but with the right precautionary planning, outsourcing is a viable, practical and cost-effective solution for continued growth and increased revenue. With careful strategic planning and critical thinking of the outcomes desired for the organization, executives can navigate the implementation of RCM services outsourcing with confidence and certainty. In a discussion with Healthcare Finance and John Kerndl, Senior Vice President and Operations Chief Financial Office for LifePoint Health, Kerndl and his team analyzed their desired outcomes when undergoing the transition to an outsourced RCM services vendor.
One consideration was having LifePoint’s administrative team more available to focus on other aspects of the business rather than being tied up in revenue cycle operations. By having an outsourced company focus solely on working through all aspects of the organization’s revenue cycle, the administrative team was able to direct their efforts on patient and employee satisfaction, an added value for the company.
Another consideration was to manage the organization’s compliance with current regulations. With an ever-changing regulatory environment, organizations need to ensure they are on top of their game when it comes to following the rules and keeping their processes compliant.
A major point in outsourcing RCM services is to understand the responsibilities of both parties, so that nothing falls between the cracks. When transitioning, organizations need to be aware of what is required of them, and periodic meetings to establish ownership and refine processes and responsibilities is crucial to continuous improvement and growth.
Overall, outsourcing RCM services takes a conscious effort to establish responsibilities and processes, but the increased revenue and added values are extremely rewarding and points to more insight and control into the organization’s performance and outlook into future growth. To see how you can benefit from RCM services through CHMB’s LYNK Revenue Cycle Management, contact sales at firstname.lastname@example.org.
Read the original article from Healthcare Finance here.