Benefits of Outsourcing Revenue Cycle Management

Revenue Cycle Management (RCM) is the financial process, utilizing medical billing software, that healthcare facilities use to track patient care encounters from registration and appointment scheduling to the final payment of a balance.

RCM unifies the business and clinical sides of healthcare by coupling a patient's name, insurance provider, treatment a patient receives, and other personal information.

Benefits of Outsourcing Revenue Cycle Management (RCM)

Outsourcing revenue cycle management is more efficient for managing today's complex revenue cycle. PrognoCIS is an easy-to-use, patient-centric system with the ability to integrate with third-party applications.

Company and Healthcare teams can manage and automate workflows and simplify their tasks and processes. Their primary motive lies in increasing your financial revenue. They help lessen the task of managing tedious administrative workload such as patient scheduling, registration, rectifying errors that occur while entering patients' names, collecting payment, and reporting also making sure that the right CPT codes are entered, claims submission, and claims management.

Growth of the medical billing industry

• 1. Based on surveys from Healthcare Payments Insight, higher satisfaction rates were shown in consumers who used emerging payment methods.

• 2. Electronic medical billing services are used by more than 85% of doctors was claimed according to a report published by National Electronic Health Records Survey, 2019.

• 3. Due to the ongoing Pandemic, healthcare systems are not at ease as pressure has risen to ensure that their billing data can be organized and stored efficiently. It has been a challenging task for IT professionals at hospitals to provide billing services to alternative care locations. Thus creating a demand to outsource most functions which in turn leads to market growth of the medical industry.

• 4. 75% of patients browse online the cost of medical procedures, and 62% of patients mention that their out-of-pocket expenses in advance of service impact the probability of pursuing care. 49% of patients said impacts on their decision to use a healthcare provider before receiving treatment are based on having clear information on expected out-of-pocket costs.

• 5. The demand by doctors to outsource medical billing is expected to rise 168 percent over the next eight years according to a recent report published by Grand View Research, Inc

Conclusion:

Ultimately, the demand for the improvement of healthcare has led to the growth of outsourcing medical billing services.

I'm a senior marketing manager at Bizmatics. I'm very creative and know the importance of effective content marketing in building companies. I'm a regular reader of healthcare marketing which he channelizes through the Prognocis Blog.