As the pressure to outsource receivables management mounts, more health care executives are voicing support for the trend. Healthcare Finance News cites a new report that shows high-deductible plans are partially responsible for the momentum behind this practice.
"According to consultant Peer60, 46 percent of financial healthcare executives polled said their organization plans to outsource collections, an interesting stat that shows the scope of the responsibility organizations now hold when it comes to collecting payments," reports Henry Powderly for the blog. "The rise in high-deductible plans has placed more pressure on healthcare providers to collect directly from patients, a process that can have rough consequences if handled poorly."
If your care facility is considering an outsourcing plan, here are some of the advantages of outsourcing receivables management:
Improved revenue cycle. When collections happen smoothly and efficiently, outstanding debts are settled more quickly and those resources can be invested in technology, infrastructure and other areas of your hospital or practice budget. This allows facilities to expand and remain competitive in an ever-evolving enterprise space. Inefficient strategies congest the revenue cycle rather than supporting a healthy and continuous stream of revenue.
Better allocation of human resources. At present, your accounts receivable administrators may be overwhelmed by a large volume of claims, expending too much time and energy to pursue debts with little return. Their efforts can be redirected to high-priority claims and other tasks when their backlog of cases is reduced. When administrators are stretched too thin, the potential for human error increases and patients don't receive the same level of attention they would under different circumstances.
Contact Professional Medical Services today to learn more about how our solutions can optimize your hospital finance strategy.
