3 Benefits of Revenue Cycle Management Outsourcing
In a previous blog post, I highlighted that revenue cycle management (RCM) outsourcing can help dermatology practices improve their profitability, minimize their risk, and gain greater peace of mind of their dermatology medical billing operations. Yet while RCM outsourcing is not a new concept — and one that has proven extremely valuable to a growing number of practices — entrusting your medical billing to an external resource is a big decision.
So let’s dive a little deeper into the reasons why you should outsource your dermatology billing:
1. Streamlined Operations
- Greater Control. There’s a misconception that, by outsourcing, you’ll lose control over your business and money. In reality, outsourcing dermatology billing actually improves doctors’ control and understanding of their revenue cycle, since it delivers transparency and facilitates personal relationships with experts.
- Better Security. Successful revenue cycle management outsourcing companies have HIPAA-compliant and secure medical billing processes in place to protect the confidentiality of data. They also provide documentation and transparency that sometimes is lacking with in-house billing staff, providing comfort that your billing operations are safe.
- Regulatory Compliance. Often, with other responsibilities, in-house billers don’t have time to stay current with changing rules and regulations. A good dermatology billing outsourcing partner does that for you, helping your practice keep up with changing conditions–from industry regulations to payer policies.
2. Stronger Financial Performance
- Increased Revenue. In addition to reducing the overhead of internal staff, office infrastructure, equipment, and software, outsourcing your RCM to dermatology billing and coding experts–who specialize in the claim submission process–helps you receive more of the payments you are legally entitled to collect, thereby increasing your revenue.
- Reduced Costs. Managing your own billing operations can be costly, requiring a dedicated team with ongoing training and oversight. Offloading this overhead to a dermatology RCM company can save you money (and time) associated with in-house billing, and thereby increasing the profitability of your claims.
- Less Capital Expense. Beyond staff, implementing an in-house billing system requires considerable infrastructure and resources, including expensive computers and software. Outsourcing dermatology billing enables you to shift investment from a capital expense (buying and owning) to an operating expense (paying for a service), giving you more flexibility, scalability, and control of your cost.
3. Improved Patient Care
- Increased Focus on Care. Running a practice takes time away from your core business: caring for patients. Putting the revenue cycle in the hands of dermatology billing experts streamlines your processes–and bottom line–while enabling you to concentrate on quality patient care.
- More Satisfied Patients. By offloading RCM responsibility from your staff, they can devote more time to the overall patient experience–from appointment scheduling through follow-up visit. This will help ensure your patients remain happy, while billing matters are handled by your dermatology billing expert.
- Greater Peace of Mind. At the end of the day, you want to know you’ve provided the best patient care while maximizing your revenue and profitability. Entrusting your RCM to trained dermatology medical billing outsourcing experts gives you confidence that every claim is being processed and paid, so you can focus on your patients.
Learn more how revenue cycle management services can free you from the details and challenges of managing in-house billing operations while improving your financial performance and patient care.