Why I Won't Outsource Medical Billing (Part 2)

But...What if You Could…?

 

1. SIGNIFICANTLY INCREASE CASH FLOW

  • 94% of claims resolved at 1st submission (MRS data)

  • 9% average cash flow increase (MRS data)               

 

2. SIGNIFICANTLY REDUCE DAYS IN A/R

  • 23% reduction Days in A/R (MRS data)

  • 74% satisfied patients paid bills in full (according to Modern Healthcare)

                        
3. INCREASE REVENUE CYCLE EFFICIENCY

  • 78% of hospitals >200 beds had an avg. 6.2% revenue increase by outsourcing some Revenue Cycle Management (RCM) operations. (Black Book)

  • $400 billion annual impact (Becker’s)

  • Streamlining workflows

  • Reducing denial rates

  • Optimizing account resolution  

                        
4. KEEP 100% OF YOUR CURRENT STAFF

  • No job loss

  • Re-purpose employees               

5. USE ECONOMIES OF SCALE

  • Distribute expenses across RCM client base

  • Reduce overall operating costs

                        
6. KEEP UP WITH INDUSTRY REGULATIONS

  • Healthcare’s unprecedented rate of change

  • RCM keeps               

 

7. ENSURE YOUR COMPETITIVE EDGE

  • Develop efficient account resolution processes

  • Achieve better liquidation rates

  • Implement aggressive payer denial follow-up

  • Apply transparent POS collection practices

  • Employ innovative payment solutions

                        
8. RETAIN OVERSIGHT

  • RCM - contractually obligated to perform with a certain level of success

  • RCM accountable for their work                 

                        
9. HAVE HIGHLY TRAINED PROFESSIONALS WORKING FOR YOU

  • Benefit from large, combined knowledge base of billing professionals

  • Increase your profitability

  • Never worry about staffing

Is RCM…Cost Effective?

Does it increase revenue? Does it reduce days in A/R?

  • 250 people may potentially be involved in a single patient's bill

  • 55% - patient bills containing errors

  • 30% - incorrect insurance verifications

For more information, contact Medical Recovery Services

(816) 229-4887

Medical Recovery Services is a full-service revenue cycle company assisting

hospitals and surgical centers in achieving their full earning potential since 2004.

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