Revenue cycle outsourcing continues to gain widespread traction throughout the healthcare industry. Contracting certain business functions to external partners has become a boon for healthcare organizations looking to cut costs, increase efficiency, and keep up with the changeable commercial landscape.
The ongoing impacts of the pandemic have notably increased the demand for revenue cycle outsourcing even further, and the trend shows no signs of slowing among healthcare providers. In fact, outsourcing demand has grown almost 50% in the last four years alone, and our nation’s healthcare outsourcing industry is expected to reach a value of over $66 billion by 2026.
Today’s top tier health systems rely on outsourcing as a valuable strategy to combat or overcome staffing shortages, high turnover rates, unfamiliar compliance regulations, operational inconsistencies, and outdated technology – all of which play a crucial role in a provider’s financial health. It’s often helpful, even critical, for providers to seek revenue cycle expertise outside their organization in order to achieve optimal financial and operational outcomes.
From a staffing perspective, outsourcing removes the administrative burdens of hiring and training new team members whose responsibilities do not directly engage patients. Shifting these tasks to an established professional firm allows the provider to focus more exclusively on patient care, thereby boosting overall productivity and employee satisfaction.
To take matters a step further, partnering with external experts can help ensure the standardization of day-to-day processes at your hospital or health system. Trusted outsourcing partners like Savista are familiar with the most current trends and behaviors regarding certain facets of the healthcare industry. Employees are trained to apply proficiency within a specific context, sharpening a part of the puzzle in support of a more efficient and financially viable whole.
In the same vein, managing and sourcing cutting edge technology can drive patient intake, data entry, medical billing and collections, and useful analytics. Knowing that revenue cycle management technology can be a steep investment, you’ll want to loop in a partner with intel on the most modern and effective platforms to help your systems interact seamlessly while handling sensitive and complex information.
Your organization may also benefit from a third-party revenue cycle assessment – another advantage of collaborating with an outside source like Savista. An objective evaluation can help pinpoint inefficiencies and identify root causes responsible for revenue leakage at your hospital or health system. This can be the first step towards a more in-depth partnership with a vendor who can help you address opportunities for improvement. Savista is one of many organizations that not only perform assessments but can also provide the guidance and tools to optimize your revenue cycle thereafter.
Simply put, outsourcing can transform your business. Leveraging a solid revenue cycle outsourcing strategy can help you reach new heights from a financial standpoint as well as through the lens of patient care. It’s no secret that providers are under extreme pressure to lower costs in order to remain competitive in an increasingly commercialized healthcare market. Outsourcing can lend itself to cost savings by replacing employee wages with a stable expense line that ties to a predictable budget.
Today’s health systems are positioned for success with outsource partners who can suggest improved workflows, execute sustainable approaches, furnish modern revenue cycle management technology – all in service of a healthier bottom line and improved patient satisfaction.
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