Time to Outsource Key Medical Billing and Collections Tasks? [See Checklist.]

Outsourcing Revenue Cycle image

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.

Find out more. Get the new report: “Rethinking Your Revenue Cycle: 3 Reasons to Outsource.”