Labor often represents one of the largest costs in a hospital. Many hospitals have had success balancing workload by using revenue cycle management outsourcing to provide extended services of the business office functions, such as self-pay account resolution, bad debt recovery, denials management or pre- or point-of-service financial clearance. Securing extra resources also allows hospitals to manage costs and improve cash collection.
67% of hospitals outsource self-pay account resolution
84% of hospitals outsource bad debt (long term) recovery
Resources can often be disproportionately weighted to patient access, which can negatively impact business office resources that are critical to billing and A/R collection. An imbalance in these teams can lead to an inability to meet cash collection targets.
If you’re struggling with allocating resources or finding the time to focus on certain revenue cycle activities, consider balancing revenue cycle workloads by outsourcing to achieve your cash targets. Specialized outsource teams can focus on increasing and accelerating cash collection and delivering a meaningful patient financial experience. Contact us, we can help.