Healthcare organizations are known to treat, save lives and promote overall wellness of their patients. But in order for the system to do it successfully and continually, being financially healthy is key. This is where billing, claims, and revenue generation comes in. Through revenue cycle management’s (RCM), these crucial financial processes are done and executed in an organized and efficient manner.
Knowing the latest information about the industry trends will give you leverage on how to effectively scale your team, manage your healthcare company and adapt to the changes in healthcare which later on can guide you in making operational decisions for your business. Below is the latest news in healthcare that pushes you to be one step ahead in your business.
But the swift shift in care regulations and reimbursement models debilitates most healthcare businesses making it difficult to maintain a stable RCM process. Aside from this, it is important to be aware of the challenges and the vulnerabilities of revenue cycle management. We listed the factors that affect the revenue cycle. For this process to be successfully integrated in your system, being aware of the following is your headstart for an effective RCM.
Billing errors, big or small, create a negative impact on overall patient experience and satisfaction. And do you know that as simple as accidentally documenting incorrect information results in revenue loss? Other billing errors are:
Training is crucial in building a great RCM team because ICD codes and claims regulations change frequently. But the major challenge is the expensive training and certification cost. But without this it declines performance, patient satisfaction, and revenue loss will arise.
We have established that RCM is complicated. Mismanaged process leads to:
These are just a few of the common challenges in RCM but you can start with these three to effectively manage this cycle and fortify your revenue system. Note that you can create your in house team, but doing so may shift your attention on what your business should primarily focus on, and that is patient care. The key to managing both clinical and revenue elements for your healthcare organization is finding the right outsourcing partner that will circumvent the said pain points listed above.
Incorporating several dimensions of your healthcare business supply chain through outsourcing from vendors that have been aiding healthcare companies is one element to success.
The right outsourcing partner can help you build a team of patient concierge, medical review specialists and other patient inquiry-related concerns who can support your business by freeing clinicians from answering phone calls and responding to appointment inquiries.
Aside from those stated about, there are vast benefits of outsourcing. Let us put that into a list.
Building a healthcare team can be daunting especially there are different kinds of experts in the industry. You need to be aware of the professionals suitable for an RCM system or those that are equipped with the right skills for health informatics. Aside from being aware of interlinking departments, limitations such as talent availability and expensive salary for these experts add another layer of operation challenges.
But with the right outsourcing partner, building a great team of RCM professionals and health informatics experts is one less worry for your business. To fully appreciate how an alliance with the right partner brings great benefits to a company, check the list below:
All companies want to save money and stay within budget. Outsourcing is the perfect affordable solution because you can save up to 70% on operational cost and you can work with seasoned professionals.
A great outsourcing partner operates 24/7/365. This ensures that more RCM functions are being completed round-the-clock to a regular 9 hour shift in-house staff.
A healthcare facility can easily become the victim of a full-scale cyberattack but outsourcing helps substantially by avoiding such missteps.
The right outsourcing company can build a great HC team with the required expertise and competencies that can stay up to date with the latest technologies in the industry.
Infinit-O is a trusted global solutions partner that can help you successfully grow your business.
|Job Title||Cost per In-house FTE ($ rate)||Cost per Infinit-O FTE ($ rate)||% Savings per Month|
|Account Receivables Specialist||$ 7,064.78||$ 1,600.00||77%|
|Claims Specialist||$ 4,868.86||$ 1,700.00||65%|
|Junior Medical Biller||$ 4,626.69||$ 1,600.00||65%|
|Job Title||No. of team members||Estimated Annual Cost Savings|
|Account Receivables Specialist||1||$ 65,577.41|
|Claims Specialist||1||$ 38,026.37|
|Junior Medical Biller||1||$ 36,320.26|
We understand your needs and want to help you actualize your potential by providing ease of access to talent and building you a great team based on your business requirements.
A well-established People, Process, Technology, Security (PPTS) Pillars is one sure way to overcome the limited supply of workforce, improve the healthcare delivery system, innovate care technologies to ease manual labor and fortify patient data security in agreement with clinician-patient confidentiality.
Having 4 pillars of success are key in only building a great and high-performing RCM team.
Know more about Infinit-O’s 4 pillars of success and our secret in building a great, high-performing RCM team.
To successfully grow your business and achieve your goals, it starts with proper planning and investing in the right resources. The following companies in the HC industry were able to identify their unique needs and sought help with the right partner who exactly knows how to address their demands.
We’ve gathered the following success stories so you can learn more about their outsourcing journey and how they were able to achieve their business objectives with the help of the right partner.
Infinit-O has been in the outsourcing industry for 15 years, creating long lasting partnerships and endless opportunities to small and medium businesses across the Healthcare, Finance and Accounting, Research and Development, and Customer Service industries.
Our vision is to help small and medium sized companies to grow and prosper by enabling them to experience the full benefits of partnering with an outsourcing company.
We build great teams for our partners through understanding their unique needs in order to help them achieve their business goals and the vision they have for their company. We have rendered a strong combination of business consultancy, process optimization, and outsourced services; all utilizing the latest technology to provide excellent value for our clients.
Get to know us more through these channels:
We share 15 years of experience in navigating data privacy laws and regulations. We guarantee strict compliance from the best information security practices with up to date cybersecurity certifications because your data is in our care. At Infinit-O, we not only value your business but acknowledge the importance of information security especially in this digital age. To overcome customary challenges and build a better cybersecurity system that ultimately protects and secures data, we are certified and compliant with:
Learn more about the full list of our Information Security bundle in this Whitepaper.
Having an extensive and profound expertise in the finance and accounting industry, we’re here to help you build a great RCM team for your unique needs and promise the following key benefits: