Explore benefits of revenue cycle management outsourcing and set your team up for success
In the home-based care industry, staffing challenges have only intensified as more individuals seek home-based care services. It’s becoming harder for smaller agencies to remain competitive and obtain highly skilled clinicians when large corporations can pay their workers nearly twice as much. With the added strain of increasing labor costs and retaining staff, it's clear providers must explore new avenues to reduce expenses and enhance efficiency before heading into 2024.
One effective strategy to combat these challenges is working with a reliable revenue cycle management (RCM) partner. Outsourcing your healthcare RCM offers providers a solution to significantly reduce costs and redirect those savings to retain skilled staff members or even secure sought after specialists. It also saves providers time when it comes to areas like onboarding and training.
Work with a smaller team
In-house teams for medical billing services often contend with employee burnout and high turnover. By outsourcing a portion of your RCM workload such as intake, billing or collections, you can operate with a more manageable team, ensuring better engagement and reduced stress.
Save on cost, gain skilled experts
Home-based care is in particularly high demand, which means businesses that are already overwhelmed are only going to fall more behind if they fail to make necessary adjustments. Having a suitable outsourced home care revenue cycle management partner can result in reduced labor costs, allowing you to redirect resources to strengthen your nursing and clinical teams. Simultaneously, it aids in the streamlined management of all your revenue cycle processes by improving claim rates, eliminating backlogs, and significantly reducing denials.
If you only require an outsourced team for specific processes, a strong RCM partner should seamlessly integrate with your in-house staff. Prochant is a US-led, wholly owned offshore team that offers tailored solutions for intake, billing, and collections. We offer revenue cycle reimbursement expertise for DME/HME, home health and hospice, infusion pharmacy, and specialty pharmacy providers.
Alleviate onboarding and training
New technology like automation has allowed providers to offset some of the repetitive administrative burdens, but this requires extra staff training and time that managers don’t have. With an expert outsourced RCM team, you no longer must worry about onboarding or training new staff. Your partnering team does the hiring and training for you, keeping your best-in-class results in mind.
RCM partners expedite the training process, as revenue cycle management is their primary focus. With this burden lifted, you can focus on what truly matters: your patients, business growth, and improving critical metrics like DSO and 90+ A/R.
Strengthen data security
While an internal home care revenue cycle management team might seem like a budget-friendly choice, it can also mask hidden costs and potential compliance risks. In this day and age, data security is of paramount concern. With data breaches affecting even the multi-billion-dollar enterprises, healthcare providers must prioritize information security. Trusted RCM partners can help address this issue.
When considering outsourcing, selecting a reputable RCM partner is essential. Look for vendors who can demonstrate their adherence to strict security procedures. Many companies claim to be "HIPAA certified," but it's advisable to opt for partners with formal HIPAA certification and those who have demonstrated compliance with even more rigid security protocols, like HITRUST CSF Certification.
In this tech-savvy era, data security is an ongoing process, and certified organizations continuously work to maintain their compliance in the face of evolving cyber threats. Notably, Prochant is the sole RCM partner for HME with HITRUST certification, showcasing our commitment to data security and the organizations we serve. Your data's protection is our top priority.
Getting ahead of 2024
If problems like weak revenue cycle KPIs, understaffing, and rising labor costs are affecting your business, take the steps now to get your revenue cycle back on track. Outsourcing can be a reliable solution for healthcare providers of any size, allowing you to focus your efforts on building a skilled in-house team while also working with cost-saving reimbursement experts who have your revenue cycle management’s best interest in mind.
Have questions on how to optimize your revenue cycle management with an outsourcing partner? Connect with us today.
Prochant is the only AI-driven reimbursement service provider in the home-based care industry. We deliver focused revenue cycle management (RCM) solutions to healthcare providers with 7 wholly-owned global delivery centers. Our expertise lies in providing end-to-end RCM for home-based care, infusion, and specialty pharmacies, consistently delivering exceptional results to some of the leading healthcare providers in the country. We harness specialized automation technology and deep industry knowledge to streamline the time-consuming and expensive reimbursement process. As a result, we help healthcare providers accelerate their collections, increase revenue, and reduce operational costs while managing risk. Prochant is HITRUST certified, the gold standard for HIPAA security.