Do you spend sleepless nights thinking about how to maximize throughput within your revenue cycle functions? Throughputs can include increasing cash, decreasing days in revenue outstanding, improving customer satisfaction or maintaining compliance standards and the available strategies are often complicated by external factors such as: consumerism, newly insured patients, increases in patient liability, sophisticated payer edits, denials for payment and staff turnover.
If you do not address these items and find ways to increase throughput you may begin to realize reduced profit margins each year. You do not need to find all of the answers yourself; you can look to outside experts to assist. The utilization of strategic partners that specialize in revenue cycle management is increasing as facilities recognize that these partnerships often allow hospital leaders to focus on patient care, safety and clinical service delivery while seeing increases in cash, patient satisfaction and compliance.
According to a study published by MicroMarket Monitor the revenue cycle outsource market is expected to grow at an annual rate of 7.2% by 2019 with 45% of struggling hospitals seriously considering outsourcing solutions for their revenue cycle departments. This upsurge is due to the increased pressure to achieve a favorable bottom line while ensuring that the patient has a positive experience. The utilization of a strategic partner that specializes in revenue cycle management as a core competency can significantly improve your bottom line, improve technical processes related to the revenue cycle and minimize the challenge of human resource management for patient financial services functions.
During your next sleepless night, instead of counting sheep, review Healthcare Resource Group's patient financial services. HRG is positioned to be your complete revenue cycle support partner.
Revenue Cycle Specialist
Kimberly Moore has over twenty-five years of revenue cycle experience with expertise in patient access, billing, denials management, self-pay collections, reporting, value mapping, KPI development, and process improvement. Kim has worked closely with HRG's Extended Business Office team and healthcare providers throughout the Inland Northwest.