Whether you’re a laboratory, pathology practice, molecular diagnostic provider, remote patient monitoring organization, or one of the nation’s largest hospitals offering ancillary services, factors causing revenue compression are threatening your bottom line. They include:
For many organizations, running on relatively slim profit margins has become the norm. These challenging times, underscored by lost revenue, can lead a leadership team to want to defer investments as a way to protect profits. But remaining in the status quo can end up costing you more than you ever dreamed. I believe not investing in technology that can optimize your RCM and increase reimbursements is a mistake. Here’s why.
If you're not using a modern RCM system, you're likely lacking:
When diagnostic providers weigh whether to invest in their information technology infrastructure, it’s essential to understand the true cost of accepting and maintaining the status quo, especially when deciding on RCM. Doing nothing has very tangible opportunity costs and business risks associated with it, including:
Outsourcing as an Alternative to the Status Quo
One misconception about RCM is that you need an in-house team to manage it. In actuality, healthcare executives are increasingly choosing to outsource their billing and claims management. According to a 2019 survey of managers, 90% of hospital leaders are evaluating whether to work with third-party vendors for cost efficiencies in both clinical and non-clinical functions.
Why? Because the benefits of outsourcing outweigh the RCM status quo. Diagnostic providers who outsource their RCM to XIFIN improve their cash collections on average by 20% to 40%.
Other benefits of outsourcing your RCM include:
Not Ready? Rather Than Choosing the Status Quo – Outsource Part of Your RCM
At its core, revenue cycle management is about submitting clean claims to payors and tracking them until reimbursement is complete – as quickly as possible. Without an advanced SaaS-based RCM solution, it is very easy for a system to become outdated. To maximize your eligible reimbursements, you need a highly automated revenue cycle management solution that maximizes efficiency, optimizes cash collection, and has financial integrity. Frankly, most systems just cannot do this.
As a result, deferring or choosing not to upgrade your RCM system leaves you potentially vulnerable to severe business and compliance risks and actively prevents you from improving your operational and financial performance.
Irrespective of your profit margin, can you afford not to optimize your revenue cycle management? In almost all cases, the investment more than pays for itself in improved cash collections alone, and your compliance risk is further minimized.
XIFIN offers flexibility by allowing you to engage us at a level suited to your needs, whether it be in-house billing, outsourced to our internal operations, or a hybrid of both. With our unique model, XIFIN can help design a solution that fits today and provides the flexibility necessary to adapt to your changing needs in the future. For example, many start-ups choose to begin with fully outsourced billing services and later transition to in-house billing once they are ready with the team and the processes to handle these critical functions. Likewise, some established diagnostic providers that have been handling billing services in house choose to outsource for the flexibility it provides in terms of staffing and related costs. At XIFIN, we use XIFIN RPM to drive all outsourced billing operations, so we experience the value of the solution ourselves.
To learn more details about the true cost of maintaining the status quo, download the XIFIN white paper, “The Cost of Preserving the Status Quo.”