Managing resources can be an ongoing challenge considering all the functions that must align for a hospital revenue cycle to be successful. Despite best efforts, poor patient financial experience and account resolution efforts can severely impact financial performance.
Because of the labor-intensive expertise and technology necessary to streamline revenue cycle processes and improve accounts receivables, it often makes sense for a hospital to engage an experienced revenue cycle outsource vendor to augment patient access, business office and account resolution efforts.
According to Black Book:
More than 54 percent of CFOs believe outsourcing revenue cycle processes allow them to become more efficient and better positioned financially. And, two-thirds of hospital CFOs are seeking outsource agreements extending from 18 to 36 months.
As hospitals continue to grapple with the pressure of optimizing the revenue cycle and making sizable investments in software, call center technology, resources or training, outsourcing has emerged as a powerful alternative.
Whether you’re considering outsourcing for the first time or replacing an underperforming outsource vendor, contact us, we can help.
