With more hospitals outsourcing billing and other revenue cycle operations, the medical billing market is projected to hit $19.7 billion by the year 2026. There are revenue cycle management programs to help you with accounts receivables, denials, bad debt, and more.
Your hospital or practice may be considering the pros and cons of outsourcing vs. insourcing your revenue cycle operations. That’s why we’re outlining our top reasons to outsource.
If you’re on the fence about outsourcing revenue cycle management operations such as patient financing, here are 5 reasons you should.
1. Lower Cost Structure
Outsourcing is less expensive than installing an internal revenue cycle management team. From lower labor rates to economies of scale, a third-party program can help you decrease the cost to operate your revenue cycle.
2. Access to Advanced Revenue Cycle Technology
If you aren’t using revenue cycle technology, you can be sure your competitors are. Advanced technology can make the difference between consistent and efficient operations and operations that cost your hospital too much to function.
3. Centralized Talent Pools
When you’re searching for revenue cycle management programs, marketplaces like AthenaHealth’s allow you access to multiple options at once. You can choose a local vendor, a company across the country, or virtually whatever else suits your business’ unique needs.
4. Ability to Scale Operations
Scaling up a hospital or practice takes money, technology, and more manpower than you have on staff. The lower cost structure, advanced technology, and access to financial experts outsourcing offers can help providers add facilities or other entities.
5. Improving Financial Performance with Patient Financing
Third-party revenue cycle management helps hospitals and practices collect more bad debts and save money through improved efficiency. When you outsource, you can focus on caring for patients while the financial experts assist you with what they do best.
At Epic River, we take care of patient financing so you don’t have to. If you want to know how you can start using our program at your hospital or practice, contact us today or learn more about our patient lending program.