8 Reasons to Outsource ASC Revenue Cycle Management
There are many reasons ASCs transition from in-house billing to outsourcing revenue cycle management (RCM). Here are eight of the most common we have come across.
1. Difficulty finding and/or keeping qualified, ASC-experienced, RCM personnel.
2. Rapidly growing expenses associated with maintaining in-house personnel (e.g. salaries, benefits, vacation, sick time, education, turnover).
3. Increasing technology expenses (e.g., initial cash outlay, continuing maintenance and upgrades of multiple computers/printers/software, staff training).
4. Increasingly complex and costly regulatory government requirements (e.g. Medicare, HIPAA).
5. RCM challenges facing existing centers, such as days in A/R increasing and cash flow diminishing, and no one on staff has the time and/or experience necessary to address such issues properly.
6. Joint-venture ASCs looking for an RCM company that represents impartiality (i.e., no hospital or physician bias) and delivers services in the best interest of the ASC.
7. New centers that want to develop a smaller business office, leave more space for clinical operations, and achieve savings in business office furniture, equipment and other expenses associated with a larger office.
8. Outsourced RCM company concentrates solely on coding, billing and collection tasks, with no other responsibilities/interruptions.