Change may not always be easy, but for many practices outsourcing the more tedious medical billing and collections duties to experts can save time and boost profitability. Many times outsourcing also frees up your staff to focus on other important practice duties — including more patient engagement and interaction.
But how do you know if this strategy is right for your medical practice?
Start by answering these five questions to see if the time is right to outsource your revenue cycle management (RCM):
Are you satisfied with your key financial metrics from month to month?
___ Yes
___ No
Does your practice consistently pursue payment when claims are denied?
___ Yes
___ No
Does your practice have difficulty posting payments accurately and/or in a timely manner?
___ Yes
___ No
___ Don’t know
Are you collecting 90% or more of what you bill for?
___ Yes
___ No
___ Don’t know
Are you confident that you have the necessary resources to handle the switch to ICD-10?
___ Yes
___ No
___ Don’t know
If you answered No/Don’t know to any of these questions, your revenue cycle may need some attention. Outsourcing might be the right step to optimize your results.
