About 22% of revenue cycle leaders who manage their inpatient revenue cycle management already outsource some of their outpatient RCM, and 12% have ambitions to do so in the future, finds a new survey conducted by the Healthcare Financial Management Association, reports Healthcare Finance.
The findings demonstrate a growing interest in digitally transforming outpatient RCM to improve efficiencies, optimize revenue and alleviate a growing administrative burden.
With the COVID-19 pandemic came a greater emphasis on community outreach and an expansion of outpatient services. As outpatient revenue increases and hospitals navigate unprecedented staff shortages, RCM services that leverage multifaceted digital transformation and employ an experienced third-party team become increasingly critical to ensure that financial responsibilities are being met efficiently, effectively and in a compliant manner, survey authors found.
Organizations that outsource RCM are generally very satisfied with their outcomes, and those that are most likely to outsource one function are more likely to outsource more, results showed. Read more.
