Top Revenue Cycle Outsourcing Myths—Exposed
In this 5-part blog series, we explore the most common myths around working with a partner for revenue cycle management—and offer practical tips for gaining the most from your investment.
Perhaps you’ve seen the data from a recent HIMSS survey that shows the more revenue cycle management (RCM) solutions you have, the higher the rate of denials your organization is likely to face.Or maybe you’ve heard horror stories of healthcare organizations that have tried to tie together disparate RCM technologies, only to encounter significant expense and lackluster results.It’s true that lack of interoperability between multiple RCM solutions can strangle financial performance. Usually, it’s because interoperability issues result in billing errors such as coding mistakes—and those mistakes come with a high price tag.But interoperability isn’t an insurmountable challenge. The solution: software that seamlessly integrates with the existing electronic health record (EHR), practice management (PM) and other revenue cycle solutions, streamlining workflows and data under a single RCM platform.Simply put: using software to conveniently merge your revenue cycle management process enables you to change your profits, not your process. It not only establishes a consistency in approach that simplifies charge coding, capture and review, but also enhances accuracy from the point of registration through claims submission. It supports more timely claims submission by ensuring the right information is captured at the right time. And it sets the stage for more effective follow-up with payers.Seamless integration also boosts point-of-service collections by putting real-time benefits and eligibility data in the hands of front-desk staff. Patients gain increased transparency into their expected out-of-pocket costs—and staff become empowered to establish payment plans, where needed.With an advanced revenue cycle software solution, you can easily optimize RCM technologies already in place. The results: higher collection rates, shorter payment cycles and reduced operating expense.The next post in this series will debunk the next biggest myth in RCM outsourcing: The inevitable lack of communication in RCM partnerships.
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If your practice is struggling to gain the most from multiple RCM systems, it’s time to prescribe a solution. Pulse supports critical RCM functions with advanced revenue cycle software solutions, results-focused healthcare RCM experts and experienced, certified coders who work in partnership with physician practices to drive financial improvement.To learn how Pulse can help your practice get paid faster, simplify RCM processes, and improve the patient financial experience, visit our Revenue Cycle Management page.