How much Collection from Accounts Receivable Can You Realistically Expect by Outsourcing?

July 13,2016 / By Som Chaudhuri

Som Chaudhuri

It is true that healthcare industry is taking giant strides ahead with changing scenarios in the world of medicine as well as treatment. Providers today need to have the right focus with a patient centric model & also have a proper visionary approach with financial outcome. The most critical aspect for any provider in healthcare today is to maintain a steady flow of cash that will help them growth in true proportions.

~ Accounts receivable services can well be acclaimed as the benchmark of any business practice. However, challenges with medical billing & subsequent claims submission can bring down your chances of ensuring the right transparency.

~ It all ultimately boils down to your disciplined understanding of the insurance company’s guidelines & regulations & staying constantly ahead of time with your follow-up activities. Often the in-house staffs lack the needed specialization that helps you gain a substantial lead in accounts receivable services.

Benefits of Outsourcing!

Outsourcing has heralded a new horizon for the providers. There are several companies functioning in the RCM domain today & are offering best in class solutions at competitive prices.

~ They also have robust platforms & technology innovations in place allowing them to comply with the quality metrics like HIPAA & subsequent protection of patient information in the right manner.

~ Also, it is seen that vendors have resources that have an astute understanding of the payor’s claims adjudication process that help them eliminate the loopholes in denial management methods.

~ They understand the importance of effective account management helping them to categorize current as well as aging accounts in the order of their priorities. The consultative expertise helps them recover critical accounts receivable in a consistent manner.

~ They also help you to focus on your core competencies with a mindset that is growth oriented. They help you with a flexible engagement model compared to your staffs while you receive state of the art services with a feasible ROI in place & cost-cutting.

It facilitates for a better financial management that you utilize in a better manner to the improvement of your infrastructure & other facilities. Prominent outsourcing partners can lay down the foundation for excellent recovery generating collections up to 97% that helps your financial health to improve categorically.

 

Want more? Get every update right in your inbox...