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How to Lower Operational Costs with Outsourced Revenue Cycle Management (RCM)?

As a healthcare provider, you know that delivering excellent care requires more than clinical expertise. Managing administrative processes like billing, coding, and collections can feel like a full-time job in itself—and an expensive one at that. This is where outsourcing Revenue Cycle Management (RCM) can transform your operations. With the right partner, like Staffingly, Inc., outsourcing your RCM processes can save up to 70% on staffing costs while improving efficiency, compliance, and cash flow. Let’s dive into how this works.

Key Takeaways

• Cost Efficiency: Outsourced RCM reduces staffing costs by leveraging specialized offshore teams.
• Enhanced Accuracy: Expert teams minimize errors in billing and coding, leading to fewer claim denials.
• Improved Cash Flow: Timely processing of claims ensures faster reimbursements and stable revenue streams.
• Scalability: Outsourcing allows healthcare practices to adapt quickly to changing patient volumes or regulations.

Why Outsource RCM?

Managing RCM in-house can be costly and time-consuming, especially for small to mid-sized healthcare organizations. It requires hiring trained staff, investing in technology, and staying updated with ever-changing billing codes and compliance requirements. By outsourcing RCM to a specialized partner like Staffingly, Inc., you can focus on patient care while reducing operational headaches.

1. Significant Cost Savings

Staffing an in-house RCM team involves salaries, benefits, training, and ongoing overhead expenses. Outsourcing provides access to skilled professionals at a fraction of the cost. Offshore teams, particularly those provided by Staffingly, Inc., are trained to handle medical billing, coding, and collections efficiently, offering up to 70% savings compared to in-house operations.

Additionally, outsourcing eliminates the need for costly investments in RCM software and system upgrades. Most outsourcing partners already use advanced technologies to streamline operations.

2. Error Reduction and Compliance

Medical billing errors can result in claim denials, delayed payments, or even compliance issues. Staffingly’s experts are well-versed in ICD-10 codes, payer-specific requirements, and regulatory updates. With a dedicated outsourced team, you can ensure accurate claims submissions and reduce the chances of audits or penalties.

For instance, if a clinic submits an incorrect diagnosis code for a patient’s treatment, it can lead to reimbursement delays or rejections. With outsourcing, skilled professionals review claims thoroughly before submission, minimizing errors and maximizing revenue.

3. Faster Claims Processing = Better Cash Flow

Timely reimbursements are critical for keeping your practice financially healthy. Outsourced RCM services ensure faster claim submissions and follow-ups, helping to reduce accounts receivable days. Staffingly’s teams track unpaid claims, appeal denials, and ensure every dollar owed to your practice is collected.

For example, a busy family medicine practice that struggled with 60+ days in accounts receivable outsourced RCM to Staffingly. Within three months, their outstanding claims were resolved, and cash flow stabilized.

4. Flexibility and Scalability

One of the hidden costs of in-house RCM is the challenge of scaling. Adding more staff during peak seasons or adjusting to regulatory changes can be expensive and time-consuming. Outsourcing offers a flexible solution. Staffingly can quickly scale operations up or down based on your needs, ensuring seamless support regardless of patient volume or billing complexity.

5. Focus on Core Healthcare Services

Healthcare providers often spend countless hours managing RCM tasks, taking time away from patient care. Outsourcing allows you to delegate these administrative burdens to experts, freeing up your team to focus on improving patient outcomes.

A telemedicine provider, for example, outsourced its billing and coding functions to Staffingly. The result? They redirected their resources to expanding patient care services while the outsourced team handled billing complexities behind the scenes.

What Did We Learn?

Outsourcing RCM is a smart move for healthcare providers looking to reduce costs, streamline operations, and improve cash flow. By partnering with a trusted provider like Staffingly, Inc., you can eliminate the headaches of in-house billing while accessing skilled professionals who ensure compliance and accuracy. Whether you’re running a small clinic or a large healthcare organization, outsourcing gives you the flexibility and expertise to stay competitive in an ever-changing landscape.

FAQs 

Q: How much can I really save by outsourcing RCM?
A: You can save up to 70% on staffing costs by outsourcing to a provider like Staffingly, Inc., which offers highly trained offshore teams.

Q: Is outsourcing RCM secure?
A: Yes. Reputable providers like Staffingly ensure full compliance with HIPAA and other data security regulations, protecting patient information.

Q: Will I lose control over my billing process?
A: Not at all. Staffingly provides real-time reporting and communication, ensuring you maintain full transparency and control over your RCM operations.

Q: Can outsourcing work for small practices?
A: Absolutely. Outsourcing is scalable and customizable, making it ideal for practices of all sizes, including small and mid-sized clinics.

Disclaimer

The information in our posts is meant to inform and educate both healthcare providers and readers seeking a better understanding of the prior authorization process. However, it is not a substitute for professional advice. Insurance requirements, policies, and approval processes can vary widely and change over time. For accurate guidance, healthcare providers should consult directly with insurers or use professional resources, while patients should reach out to their insurance providers or healthcare professionals for advice specific to their situation.

This content does not establish any patient-caregiver or client-service relationship. Staffingly, Inc. assumes no liability for actions taken based on information provided in these posts.

For tailored support and professional services,

please contact Staffingly, Inc. at (800) 489-5877

Email : support@staffingly.com

About the Author: Noah Thomas is a revenue cycle management expert, specializing in optimizing financial processes, billing, coding, and reimbursement systems to improve healthcare organizations’ efficiency and revenue.