Are you an optometrist grappling with whether to outsource your Revenue Cycle Management (RCM) activities? Maybe you’re expanding to multiple locations. Maybe you’ve had a string of billers leave, wreaking havoc on your AR. Or maybe you’re merging or being acquired, have specific compliance concerns, or simply desire to focus more on patient care.
Whatever your reason, outsourcing is a big decision—especially if you have never outsourced before. It's natural to have concerns. What will the cost be? How much control will I have? Will it be worth it?
As you ask those question, consider these five strategic advantages for your practice:
Scaling Up Operations: If your optometry practice is experiencing significant growth, such as expanding patient numbers, services, or locations, outsourcing your revenue cycle management (RCM) can provide the scalability and expertise needed to handle the increased workload efficiently.
Staffing Challenges: Difficulty in finding and retaining skilled billing personnel can hinder your practice's RCM efforts. If you've faced challenges in hiring qualified billers or experienced a high turnover rate, outsourcing can alleviate the burden of recruitment, training, and managing an in-house billing team.
Complex Billing Procedures: Insurance plans and government regulations can introduce complexities into your billing procedures, resulting in errors, claim denials, and delayed payments. Outsourcing to RCM specialists well-versed in these complexities can streamline the process and improve revenue capture.
Cash Flow Issues: Consistent cash flow challenges due to delayed reimbursements or unpaid claims can strain your practice's financial stability. Outsourcing RCM provides the expertise and resources to optimize your revenue cycle, accelerate payment collections, and improve cash flow.
Technology Advancements: The ever-evolving healthcare technology landscape requires regular updates and investments in billing systems, software, and staff training. By outsourcing RCM, you gain access to advanced technologies, automation tools, and industry best practices without the need for substantial upfront investments.