Outsourcing Hospital-Based Specialties: How Outsourcing Billing and Coding Can Optimize Health System Cost Effectiveness

Studies show that financial leaders of healthcare organizations face multiple disruptions damaging the cost-effectiveness of their health systems. Many CFOs seek to achieve greater economic efficiency by outsourcing revenue cycle management (RCM) to overcome these barriers. Here, we discuss how outsourcing coding, billing, and collections services (RCM) will enhance the cost-effectiveness of the health systems at your hospital or practice.

Advantages of Outsourcing Revenue Cycle Management 

Partnering with an outsourced service for hospital-based specialty revenue cycle management makes numerous business aspects of a healthcare organization cost-effective, including insurance eligibility verification, coding, billing, and claims denial management. Here we discuss how an RCM partner makes your healthcare systems more economical:

Minimized Labor Costs 

When you work with an outsourced agency, RCM experts will take over and offer vital insights into various management processes. This partnership allows you to overcome staffing shortages in the financial and revenue departments and move the existing RCM staff to other critical areas without raising labor costs. 

Reduced Overhead Expenditures 

Unfortunately, hospitals and medical practices cannot always accurately project ever-fluctuating patient volumes. During the COVID-19 pandemic, the number of patients engaged in telehealth appointments soared while in-person encounters have reduced significantly. Outsourcing the billing and coding functions of the anesthesia or emergency medicine departments will allow for greater flexibility in resource allocation as patient volumes change. The ability to quickly scale up or down will not only help your organization mitigate labor costs, but also manage overhead expenses and further streamline operations. Less Time Spent on RCM Tasks 

Less Time Spent on RCM Tasks 

Over the past few years, healthcare organizations have seen a substantial increase in demands from insurance companies for more specific coding. These issues produce a backlog of unpaid claims, forcing hospital administrators and doctors to spend extra hours and dollars on each claim. With assistance from an outsourced partner, you can accelerate these processes and significantly improve the outcomes. 

Using the proper denial management and coding systems, an experienced RCM partner will recognize and mitigate trends that negatively impact cash flow and revenue. This approach ensures that the health system, hospital, and hospital-based practices save time, resources, and money.

Finding the Ideal RCM Partner 

Outsourcing hospital-based specialty revenue cycle management ensures you remain cost-effective, even if faced with disruptions. Find an RCM partner who offers solutions that meet your specific needs. When deciding where to outsource these tasks, consider the following criteria: 

Superior Reporting and Communication Skills  

A quality partner will offer customized reporting, financial analysis, and exceptional communication. These factors are crucial for minimizing billing issues, claims rejections, and denials. 

Outstanding Productivity Metrics 

Hospital department revenue cycle solutions that feature the highest productivity metrics will help you mitigate overall operational costs by eliminating unnecessary expenses. A company with the appropriate metrics will also help optimize your revenue, allowing you to concentrate on providing superior patient care. 

Amplified Patient Care Management 

The focus of all hospitals and healthcare facilities is to provide patients with the best possible care and treatment. A strong RCM partner will work diligently to ensure that their services help you and your staff create exceptional patient experiences.

Choose Ventra Health for Hospital-Based Specialty Revenue Cycle Management 

Numerous challenges can impact the cost-effectiveness of your hospital-based specialties, but Ventra Health offers extensive knowledge in anesthesia revenue cycle management and emergency medicine revenue cycle management to help alleviate these concerns through innovative RCM solutions. We have the resources needed, and we have the unmatched expertise for enhancing your organization’s financial management practices. We will help you to quickly adapt to changes in care delivery, regulations, markets, and medicine in general, by allowing your hospital-based specialty to optimize revenue and eliminate compliance risk even during disruptions. 

With our hospital revenue cycle services, your organization can focus on what matters most — delivering excellent patient care. Contact us today for more information on Ventra Health’s RCM services and advisory solutions.