Boost Financial Stability with Revenue Cycle Management Partnerships
Valerion Health
August 24, 2023
Healthcare providers were once reluctant to outsource their revenue cycle management (RCM) tasks to revenue cycle partnerships. They preferred to keep these processes in-house, perhaps due to a sense of familiarity and control. However, times are changing.
Recent research by CWH Advisors, a leading management consultant, reveals that 61% of healthcare providers are now open to collaborating with third-party providers to streamline their revenue cycle. The catalyst for this shift? Post-pandemic disruptions prompted providers to reevaluate their financial strategies.
Domestic staffing challenges and tighter budgets are among the key motivators for healthcare providers to consider revenue cycle partners. In this tech-enabled era, a seamless billing process is not merely about numbers; it’s about ensuring a pleasant and efficient payment journey for patients.
Interestingly, reality defies the initial reluctance. Revenue cycle partnerships are emerging as a viable solution that not only alleviates financial pressures but also improves patient experience. In this article we’ll delve into how these revenue cycle management partners are reshaping the RCM landscape benefiting both providers and patients.
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Healthcare providers were once reluctant to outsource their revenue cycle management (RCM) tasks to revenue cycle partnerships. They preferred to keep these processes in-house, perhaps due to a sense of familiarity and control. However, times are changing.
Recent research by CWH Advisors, a leading management consultant, reveals that 61% of healthcare providers are now open to collaborating with third-party providers to streamline their revenue cycle. The catalyst for this shift? Post-pandemic disruptions prompted providers to reevaluate their financial strategies.
Domestic staffing challenges and tighter budgets are among the key motivators for healthcare providers to consider revenue cycle partners. In this tech-enabled era, a seamless billing process is not merely about numbers; it’s about ensuring a pleasant and efficient payment journey for patients.
Interestingly, reality defies the initial reluctance. Revenue cycle partnerships are emerging as a viable solution that not only alleviates financial pressures but also improves patient experience. In this article we’ll delve into how these revenue cycle management partners are reshaping the RCM landscape benefiting both providers and patients.
6 Ways How Revenue Cycle Management Partnership Produce Financial Stability
#1. Enhancing Financial Performance
Revenue cycle management partnerships can significantly boost your organization’s financial performance. By streamlining billing processes, reducing claim denials and improving reimbursement rates, you can witness a significant improvement in revenue.
At Valerion Health, our team of specialists can also negotiate with payers to secure optimal reimbursement rates, enhancing revenue. You can also benefit from effective cash flow management and payment tracking methods that improve liquidity. They also provide valuable financial insights through detailed reporting that allow you to make informed decisions about resource allocation, budgeting and investments.
#2. Boosting Efficiency Through Standardization
RCM experts bring a wealth of experience and industry knowledge, introducing standardized processes throughout your operations. This consistency ensures that billing and related processes adhere to industry best practices, leading to more accurate and timely claims processing.
Standardized coding practices minimize errors, reducing coding discrepancy related claim denials. Moreover, these partnerships streamline workflows by establishing consistent processes for verifying patient information, coding medical procedures and submitting claims. The result is fewer errors, faster payment processing and rigorous quality control measures that reduce compliance risks.
#3. Elevating Patient Experience
RCM partners work in your favor by aligning to your organization’s priorities and simultaneously improving patient experience. These partnerships are designed to simplify billing processes through proactive communication.
For instance, your outsourcing partner will inform patients about treatment costs in advance and follow up on payments regularly to optimize collections. A healthy provider and third-party partnership ensures transparent payment options, user-friendly billing statements and responsive customer support.
#4. Fostering Workforce Sustainability
RCM solutions providers actively contribute to fostering workforce sustainability through several key processes. Their ability to efficiently streamline and manage administrative tasks, such as billing and coding eases your team’s workload so they can focus on improving patients’ lives. This ultimately serves to boost job satisfaction and lowers the risk of burnout.
A reliable outsourcing partner will offer efficient resource allocation strategies. By optimizing staffing levels and assignments, they help you ensure that their workforce is effectively deployed. This not only reduces labor costs but also makes sure that the right people are in the right roles, contributing to long-term workforce sustainability.
#5. Achieving Cost Efficiency & Flexibility
RCM partnerships empower you with an impactful blend of cost efficiency and flexibility. For instance, at Valerion Health, we tailor solutions to meet specific client needs, allowing for cost optimization by up or down scaling services as demand fluctuates. This adaptability ensures that providers pay only for necessary solutions. Additionally, RCM partnerships provide the flexibility to swiftly respond to industry changes and variations in patient volume. By avoiding fixed in-house costs, healthcare organizations can maintain financial resilience, ensuring a nimble approach in an ever-evolving healthcare landscape.
#6. Facilitating Scalability for Continued Growth
RCM partnerships can play a pivotal role in enabling you to scale your business and ensure consistent growth. Your outsourcing partner will help you seamlessly accommodate increased patient volume and expanded services without the burden of building, managing and paying for an in-house RCM department.
Furthermore, by streamlining billing and coding processes, providers can handle higher patient volumes more effectively. This operational agility is essential for healthcare providers seeking to grow their patient base and services while maintaining financial stability.
How Can We Help?
Valerion Health has spent decades devising transparent and collaborative solutions for small to large healthcare systems. Backed by the expertise of experienced professionals and AHIMA/AAPC credentialed coders, we efficiently streamline your revenue cycle. Contact us today.
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