Growth through 2020
A recent article from Global News Wire anticipates a 12.89% growth in the Revenue Cycle Management industry over the next four years. And there are many reasons more and more providers are deciding to outsource their medical billing and collections.
It is often more cost effective to bring on a medical billing company to take over the Revenue Cycle than to hire the staff to work billing, collections and accounts receivable in-house. The value of an experienced medical billing company ensures a return on investment that decreases expenses and internal overhead.
Many Electronic Medical Record vendors roll Revenue Cycle Services into their sales package. Not only do you have your system set up through them, they may have dedicated resources to work your AR. Just be sure they have a strong collections track record and ask for references to speak to other clients about how they have successfully improved their Revenue Cycle.
Back to Basics
Providers did not go to school to learn how to treat patients AND handle their own billing and receivables. By outsourcing their Revenue Cycle to medical billing experts, they can allow the billing company to focus on their proficiency, while providers can focus on what they do best: take care of their patients. Often times, it can even allow providers to see more patients in a day when some of the back end workflow is removed from the office equation.
For just these, and many more reasons, offices from single-practice providers to multi-facility medical practices are choosing to move their Revenue Cycle to an outside source. Legacy Consulting Services has a comprehensive Medical Billing team with the experience and know-how to not only cleanly work your AR, but report back to you regularly with progress and challenges that can be identified and re-trained at the office level to keep your days in AR down while increasing your office’s revenue. Contact Us today to see how we can help you!