Healthcare providers are challenged by unprecedented environmental, financial, regulatory, and technological changes. Healthcare systems are being told they need to improve the patient experience and are asked to:
Outsourcing A/R to a vendor can be both a cost- and space-efficient means of reducing backlog and increasing collections. It can be a short- or long-term strategy, depending on an organization’s needs. If an organization is going through a revenue cycle transition or merger, an outsource partner can help reach cash flow targets while staff transition to new systems.
By employing the right strategies, outsourcing lower balance/aged accounts can also free-up more time for in-house staff to focus on younger, higher balance accounts, thereby helping to increase overall cash flow, reducing aging, and lowering denials.