During the last several years, hospitals, physicians’ practices and Healthcare providers, have undertaken steps to improve revenues to remain viable. As with all businesses, providers must also overcome the tremendous pressures of industry competition. With projected growth of 20% in Revenue Cycle Management, healthcare sectors lag other industries when it comes to considering outsourcing their non-core activities.
However, in recent years many providers are seeking to outsource many revenue cycle activities to experienced professional services teams. While there are advantages of keeping services in-house, outsourcing offers several unique values. The advantages of outsourcing non-medical services are a viable strategy to be considered.
Why Outsourcing Medical Chart Auditing and Coding?
Cost Saving
Outsourcing medical chart auditing as well as coding services allows hospitals and other healthcare practices to reduce expense such as human resource aspect of managing, recruiting, training and scheduling an internal coding department., resulting in significant savings, which will have a direct impact on bottom-line.
Access to Specialists
To provide medical chart auditing and coding in-house, hospitals must hire experienced nurse auditors and certified coding specialists. Not only is it time consuming to find and hire qualified staff but hiring the right specialists is also costly. However, by outsourcing, hospitals and healthcare providers can benefit of the expertise without all the expense of FTE staff.
Focus on Patient Care
Outsourcing nurse auditing and coding services to a professional third-party service provider allows medical practices to concentrate on improving patient care and satisfaction. Outsourcing nurse auditing and coding allows in-house staff to increase overall productivity and revenue.
While delivering high-quality care remains top priority for hospitals and physicians’ practices, sound revenue cycle management nonetheless dovetails closely with the success of their practices. Facilities that choose to outsource due to the shortage of qualified nurse auditors and qualified medical coders find that they gain more control of their revenue cycle, with an added benefit of increased revenue collection.
Outsourcing is a solution that fits the needs of large hospital groups, standalone hospitals, large and small physician groups, FQHC and other healthcare organizations, reducing backlogs and reduced cost.