3 myths about outsourcing home health RCM
Leaving your revenue cycle management (RCM) to the experts can bring greater visibility, efficiency and accuracy to your billing process. Not to mention what it can do for your cash flow and bottom line. So why do so many home health agencies fear outsourcing their RCM?
Here are 3 common myths about outsourcing billing, coding and RCM that could be keeping you from a healthier bottom line.
Myth 1: Outsourcing RCM only complicates things
If you’re convinced that expert RCM services will complicate your internal processes, it may be time to rethink your revenue management strategy. Because outsourcing billing and coding can simplify your revenue cycle management from end to end.
Expert billing and coding services can simplify your revenue cycle management, identifying issues that could be the reasons behind unpaid claims, claim denials, or sluggish cash flow. A dedicated team of RCM experts can also keep your finance and clinical teams connected, resolving issues quickly and effectively so they won’t continue to bog down your team or your bottom line.
Our goal is to make things easier for everyone involved in your revenue management processes — and at every stage of the cycle. We begin with a clearly defined plan tailored for your home health agency, then spell it out in our service level agreement. You’ll know what to expect from us and what the implementation process looks like.
Clearinghouse services are complimentary as part of our service agreement. We stay on top of collections, follow up on unpaid claims, and help resolve claim denials to maintain your financial equilibrium. In fact, with our expert services, your RCM is always on — and that can mean steadier cash flow and a healthier bottom line for your agency.
Our efforts to uncomplicate your RCM don’t stop there. We’ll check in with you regularly to find out how we’re doing, and what we can do better to manage your cash flow and protect your financial resources.
Myth 2: Outsourcing makes RCM more time consuming
If you’re like many home health agencies, you may not be aware of the time your staff spends managing billing processes and collections. It’s likely taking more time than you can afford — robbing your team of precious time they could be spending caring for patients.
Consider just one example: the time it takes to resolve claim denials, especially when it comes to commercial payers. Since payers have different requirements for submitting corrected claims, your staff may be spending time more time than you realize clarifying payer requirements, setting up and updating payer information in your EHR and resolving claims so they can be resubmitted.
You can free your team from these responsibilities by outsourcing your RCM. Our deep knowledge of coding, billing and payor requirements drives more accurate, effective and efficient RCM, helping you avoid common trouble spots that cost time and money.
Myth 3: Outsourcing RCM offers no immediate ROI
The primary driver for ROI is often labor costs. But outsourcing can also improve your cash flow and will cost less than managing your RCM in house. There are also other factors and benefits to consider.
Today’s regulatory climate is intense. Regulatory changes may mean less money for home health agencies, and those who choose to lean on external resources to manage compliance are making a smart investment for the future of their organization.
Outsourcing your RCM can help offset the downward shift in home health payments by keeping money coming in the door. We help protect you from revenue leakage after implementation, and you’ll see the advantages of outsourcing right out of the gate. We drive more efficient billing and collections, helping to shorten the time from statement to payment. And it helps you save time, money and resources while collecting more revenue.
In fact, one of the biggest and most immediate returns you’ll experience is more time for patients. When your revenue is tied up in unpaid or denied claims, it can affect more than your finances. It can affect your patient retention and engagement. Today’s consumers demand a more personalized and engaging healthcare experience, and if your staff is spending valuable time on a backlog of claims, they have less time for patients. Our experts relieve your staff of the burden of RCM and give you more time to spend where it matters most: caring for patients.
Given today’s healthcare staffing shortages and increased demand for home health services, the real question seems to be: Can you afford not to outsource your RCM?
Explore the advantages of outsourcing
Still on the fence about outsourcing your RCM? Consider what it’s costing you to keep it in house. In addition to staff wages and time spent on billing, coding and collections, factor in rejections and denials that could be impacting your cash flow, your bottom line, and your patient retention. Chances are the advantages of outsourcing your RCM far outweigh the financial risks and costs of managing it on your own.
Connect today for a closer look at MatrixCare.
Cameron Roy
Cameron Roy, Regional Sales Director
Cameron is a seasoned professional with over 17 years of experience in the realms of business, leadership, and sales. As the regional RCM sales director of HEALTHCAREfirst, Cameron leverages his extensive to drive success and propel the company’s revenue cycle management division to new heights. Cameron has consistently demonstrated his exceptional leadership abilities, inspiring and guiding teams towards achieving outstanding results. His comprehensive understanding of all aspects of a successful business allows him to provide strategic direction and make informed decisions that optimize operational efficiency and drive growth.
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