Best Practices for Outsourcing Revenue Cycle Management
Best Practices for Outsourcing Revenue Cycle Management Achieving successful outcomes and a positive experience when outsourcing your RCM to a partner depends on three key factors: a) selecting the right partner, b) managing the transition from your internal team to the partner, and c) collaborating effectively with the partner to maximize synergy for both your […]
Benefits of Outsourcing
Benefits of Outsourcing Running a private medical practice today is no walk in the park. Between seeing patients, managing staff, and keeping up with ever-changing regulations, doctors have their hands full. One of the biggest headaches? Dealing with the financial side of things, especially revenue cycle management (RCM) and medical billing. Let’s face it – […]
Do You Know When to Outsource Your Billing?
Do You Know When to Outsource Your Billing? How to identify when your practice is falling behind and needs external expertise. Managing billing in a private practice is a critical but often overwhelming task. As your practice grows, the challenges of maintaining an efficient and compliant billing process increase. It’s essential to recognize when your […]
Is Your Billing Team Really Focused?
Is Your Billing Team Really Focused? The Hidden Costs of Remote Revenue Cycle Management and Why Being Local Matters. The shift toward remote and hybrid work has transformed many industries, including Revenue Cycle Management (RCM). While remote work offers flexibility, it raises significant concerns, especially in crucial areas like billing, which require meticulous attention to […]
Hidden Credit Card Transaction Fees: How Virtual Credit Cards Affect Private Practices
Hidden Credit Card Transaction Fees: How Virtual Credit Cards Affect Private Practices In the healthcare industry, there are often hidden costs that can affect how much money private practices make. One such cost comes from Virtual Credit Cards (VCCs), which insurance companies use to pay providers. While VCCs are convenient for insurance companies, they can […]
The Future of Revenue Cycle Management: Trends and Predictions
The Future of Revenue Cycle Management: Trends and Predictions The healthcare landscape is undergoing a seismic shift driven by rising costs, evolving patient expectations, and a growing emphasis on value-based care, making effective Revenue Cycle Management (RCM) the life raft for healthcare providers in this turbulent environment. Current State of Revenue Cycle Management Today’s healthcare […]
Addressing Revenue Cycle Challenges in Rural Healthcare Settings
Addressing Revenue Cycle Management Challenges in Rural Healthcare Settings Revenue cycle management (RCM) is a crucial aspect of healthcare operations, involving the management of patient service revenue from appointment scheduling and insurance verification to billing and collections. RCM can be especially difficult in rural areas. Despite serving as a critical healthcare safety net for millions […]
Streamlining Your Revenue Cycle: How Technology Can Boost Your Bottom Line
Streamlining Your Revenue Cycle: How Technology Can Boost Your Bottom Line In today’s healthcare environment, where US healthcare costs are projected to reach a staggering $7.2 trillion by 2031 [CMS], optimizing revenue cycle management (RCM) is a necessity. Every dollar lost due to inefficiencies translates to reduced resources for your practice. Fortunately, technology offers a […]
The Impact of Value-Based Care on Revenue Cycle Management
The Impact of Value-Based Care on Revenue Cycle Management The transition from a Fee-For-Service (FFS) model to a Value-Based Care (VBC) model in the healthcare space has been revolutionary. As providers put more of an emphasis on delivering high-quality care while attempting to lower costs, this causes a strong impact on revenue cycle management (RCM). […]
Fee For Service vs. Value Based Care: What’s The Difference?
Fee For Service vs. Value Based Care: What’s The Difference? In the healthcare space, there are two primary business models: Fee for Service (FFS) and Value Based Care (VBC). Each model has its own set of implications for patients, providers, and payers. Understanding the difference between the two models is crucial for navigating the modern […]