It's no secret that the health care industry is changing, particularly on the financial end. The Affordable Care Act and other elements of health care reform have transformed a number of processes and changes will likely continue for the foreseeable future. This can be problematic in hospital accounting offices, as new regulatory compliance measures will likely have to be implemented. Ensuring the success of these compliance efforts without impacting efficiency and productivity can be difficult, particularly in organizations with limited resources.
"These rules are constantly changing, requiring physicians and administrators to spend time and money on continuing education, software, or staff training to stay current, having a direct effect on the cash flow and profits of a practice," wrote Tom Lowery in the Huffington Post.
Lowery suggests outsourcing as an ideal solution because it allows billing and accounts receivable departments to unload many of their tedious tasks and concentrate primarily on the most important aspects of their operations. This time can also be used to train and educate employees on any new regulatory changes in the health care market. In fact, outsourcing to organizations that specialize in keeping up with these changes will only improve compliance efforts because billing departments will have knowledgeable staff members at their disposal.
Falling behind is never a good thing, regardless of your industry. It's even more important in health care. Due to the very nature of the industry, changes will never stop, even after the ACA is fully implemented, so partnering with a third party accounting partner will always be an effective solution.