Should You Outsource Your Cardiology Billing

Managing any healthcare business is a tough affair. This is especially true for a complex specialty like Cardiology. Apart from its clinical aspects, one of the biggest challenges faced on the administrative side is with Cardiology billing, chiefly for its coding intricacies. Further, the ever-evolving landscape of modern healthcare presents its very own set of challenges. Disruptions in billing and coding are very frequent, largely fuelled by inadequate staffing, or a general difficulty in recruiting new personnel due to a persistent labor shortage. To add to the crisis, the rise in wages threats to take a toll on the sustainability of many healthcare practices. In fact, the 2022 Patient Pay Study, reflecting insights from 38 executives in health systems, hospitals and large medical groups, revealed a concerning trend. It showed that 63% of the respondents were experiencing staffing shortages in their revenue cycle departments.

On the brighter side, more than 64% of providers today are outsourcing their medical billing operations for better economy and improved sustainability. In a recent survey, more than 73% of healthcare executives stated of increasingly turning to outsourcing option as a strategic solution to manage revenue cycle management processes efficiently.

Outsourcing as a Strategic Solution

As cardiologists seek effective ways to balance financial goals, accelerate cash flow, and enhance patient satisfaction, outsourcing emerges as a compelling option for seamless cardiology billing, coding, or simply managing the practice. Here are the main reasons.

  • Improving Patient Experience and Payment Solutions – A key motivation behind the surge in the interest to outsource is the desire to enhance patient experience. Only 42% of respondents felt satisfied with their current patient payment solutions. Providers are increasingly focusing on the digital front end, emphasizing automated and technologically augmented check-in and payment capabilities to create a more retail-like payment experience for patients. This shift aims to address concerns about the financial literacy for patients, which 59% of providers assessed as poor or in need of drastic improvement.
  • Vendor Selection Priorities – Among the providers surveyed the top concern when outsourcing revenue cycle management processes is finding a vendor with a proven ability to accelerate cash flow and reduce days outstanding. Nearly 70 percent of providers emphasized the importance of excellent customer service as a top priority when selecting outsourcing partners.
  • Diversification of Outsourced Services – Beyond patient collections, healthcare providers are exploring outsourcing for various revenue cycle management operations. A study by the Healthcare Financial Management Association (HFMA) found that 22% of surveyed revenue cycle leaders manage inpatient services in-house but outsource certain outpatient services, such as anesthesiology, gastroenterology, and urology.

Positive Outlook on Revenue Cycle through Outsourcing

A survey conducted by Tebra indicates a growing optimism among medical billing companies regarding revenue cycle outsourcing. Forty-three percent of companies view outsourcing medical billing is a significant opportunity to leverage technology, optimize services, boost revenue, and reduce repetitive tasks. This represents a notable increase from 27% in 2018.

As healthcare providers continue to grapple with the dual challenges of staffing shortages and financial constraints, outsourcing revenue cycle management processes, such as Cardiology billing, to a specialized company like Sunknowledge Services Inc. emerges as a strategic lifeline. This is because as a leading RCM organization, Sunknowledge collectively focuses on improving patient experience, accelerating cash flow, and working constantly to ensure a smoother Cardiology billing transaction.

By partnering with Sunknowledge, cardiologists can effortlessly navigate the current challenges in their billing operations and position themselves for sustained success in the dynamic healthcare ecosystem.