RCM Tip of the Day: Consider Revenue Cycle Outsourcing
Guest Post by Kelly Gooch
Outsourcing the revenue cycle management process can prove beneficial for healthcare organizations, according to Joel Gleason, senior vice president and global market head of the provider segment at Cognizant.
Mr. Gleason shared the following tip with Becker’s Hospital Review.
“For hospitals and standalone healthcare providers, it’s all about delivering top-quality care, not necessarily managing the revenue cycle. Collecting payment is crucial to success. But chances are it’s not a core competency.
“In fact, 57 percent of businesses outsource because it allows them to concentrate on what they’re good at, according to Deloitte. Focusing on the core business is the second most popular reason to outsource, just two percentage points behind cost-cutting. Outsourcing revenue cycle management to an organization that understands the process often is an excellent choice.
“While most companies outsource to save money, I’d argue it’s equally important to get outside help because it allows a healthcare organization to focus on what it does best, which is providing patient care.
“By outsourcing the revenue cycle management process, healthcare businesses can reallocate human and financial resources to use them in other parts of the business, and utilize the most up-to-date services.”