The impact of the COVID-19 pandemic to businesses, regardless of size or industry, around the world cannot be denied. As such, companies have to pivot and adapt new strategies to stay competitive in these changing times. Now more than ever, they have to focus on the areas of the business that will allow them to grow their revenue moving forward.
For healthcare businesses, it is important to give priority to core competencies especially patient care. Medical professionals should be eased from doing time-consuming administrative tasks so they can focus on their main responsibilities. What companies can do is opt to outsource their Revenue Cycle Management (RCM) functions instead so that no side of the business is compromised.
Through outsourcing, they can streamline operations to increase claims processing, decrease denials and unpaid claims, and stay on top of regulations and new RCM trends. Moreover, outsourcing will also save companies the time and resources of building and hiring an in-house RCM team and connect them with a pool of highly-trained specialists.
Here are four RCM Teams that you can outsource to help you improve cash flow and keep your business resilient.
- Medical Coders
For fast and smooth billing processing, medical coding should be done accurately because it classifies all medical procedures and treatments in easy-to-understand codes, enabling all healthcare professionals to comprehend the medical journey of a patient. Having experienced medical coders in your team ensures less errors, which is important in the process of medical billing to guarantee that all healthcare providers are paid for their services and all claims are handled efficiently for patients.
- Medical Billers
Just like coders, medical billers are a must-have in your RCM team. They play a crucial role in any healthcare business practice because they are responsible for submitting medical claims to insurance companies, which is critical for the financial cycle of your company.
Medical billers have specialized knowledge on payments, bill adjustments, claim follow-up, claim denial resolution, and collections management. All of these components must be managed correctly to guarantee revenue flow.
- Denial Management Specialists
Medical claim denials are one of the most common barriers to effective RCM. The inadequate management of these can lead to revenue loss, additional costs, and slowing down cash flow, which healthcare companies must avoid especially now that we are still facing a global pandemic.
The Center for Medicare and Medicaid Services has stated that 30% of claims are either denied, lost, or ignored. This is where denial management specialists come into picture. They are the ones who have the duty to review and resolve denied patient insurance claims and appeal for possible reimbursement.
- Collections Specialists
Lastly, to yield the best results for your company, you may also need the expertise of collections specialists. These individuals have the responsibility to review and process billing information, debt, and unpaid insurance claims. It is also their task to find and locate debtors and arrange acceptable terms of repayment to protect your company’s financial assets.
When looking for a trusted outsourcing company, partner with the one that can help you build a dedicated RCM team that has:
- Access to world-class talent
- A+ recruitment process that can hire and on-board new teams within 30-45 days
- Most specially, a high Net Promoter Score of at least 60. Why?High Net Promoter Score
Net Promoter Score helps businesses gauge the quality of the customer service offered by outsourcing companies. Organisations can use NPS to assess which outsourcing service is best to partner with because this score shows loyalty trends and growth revenue outputs.
In a way, NPS represents the primary way customers survey their experience because it means that their clients are happy which results in customer loyalty and retention, making this a critical trait an outsourcing company should have. When used correctly, NPS (of at least 60%) can tell you how well the BPO is performing, how often they resolve issues, and if their clients are satisfied with their experience.
With the right partner, you are guaranteed with:
- Operational excellence
- Build a dedicated team of RCM experts
- Operational cost savings of up to 70%
- 95% coding, billing and documentation accuracy
- 90% ROI in correct claims processing
- Improved denial management rate
- ISO 27001 and 9001 certified, GDPR, HIPAA compliant
- Net Promoter Score >70: Sense of security and peace of mind
Connect to a world-class pool of talent all the while saving up to 70% operational cost without compromising quality of work and maintaining operational excellence by finding the right partner. The right partner also has an established Information Security in place to ensure patient data confidentiality regardless if working on site or remotely.
Partnership with Infinit-O
Infinit-O’s mission is to create endless opportunities for your company to realize its full potential.
Infinit-O Key Benefits:
- Building great, high-performing teams
- 70% Projected operational savings
- 72 Net Promoter Score (2019)
- 97% Client retention rate
We can build you a great, high-performing RCM team composed of:
- Medical Coders
- Medical Billers
- Patient Concierge
- Clinical Abstractors
- Patient Concierge
- Medical Review Specialists
- Care Navigators
- Outbound/Inbound Collections
- Other RCM Teams
- Other Healthcare Support
Let’s work together to build a great RCM Team.
Start small. Exceed expectations. Think infinitely. Think Infinit-O.