Curious about the financial investment behind efficient healthcare Revenue Cycle Management (RCM) services? In this article, we discuss the topic— how much does healthcare RCM services costs in lengths.
RCM is not just about finances
To create a healthy RCM, you will have to dedicate a lot of time and effort. While focusing more on it is good for the finances of your business, it can take your mind away from other aspects of the business. Also, since RCM is not just about finances, you, as a business owner, taking control of it might not be the best idea.
This is where RCM outsourcing sounds more appealing. When outsourced to a reliable third party, it will leave you with time, money, and staff that you can divert to areas of the business that need improvement. In addition, a capable outsourced medical biller will easily clear the RCM issues and give you pointers on where your business can improve.
- Calculating the RCM costs
Since different medical billers use different ways to calculate the total RCM costs, providing a universal calculation could prove tricky. However, there are a few factors common to any RCM cost calculation.
- Signup fees may or may not be available depending on your service provider. Moreover, they can charge a fixed rate for each doctor or for each office.
- Administrative fees, depending on the size of your practice and the annual patient numbers.
- A flat rate or fee based on a percentage of the collected patient service revenue for claims processing.
At first glance, this might seem like a big expense. However, the declining percentage of unpaid insurance claims that come with proper RCM management will more than offset the charges for outsourcing.
- How proper RCM outsourcing can boost the revenue?
It’s only natural to wonder if medical billing outsourcing will be a complete waste of money. However, medical billing outsourcing is a process that can create a healthy RCM on your business that can raise the revenue to new heights. With the insight that comes with proper RCM, you will be able to see what areas of the business are thriving and what areas need improvements.
- Factors that affect the costs of RCM services
In addition to the common RCM costs that we discussed earlier, there are a few factors that can affect the costs of RCM services. They are,
- Incorrect patient information
- Medical coding errors
- Data entry errors
If a mistake like the ones above happens, it can mess up the calculations that go into the RCM process. As a result, the final cost of the RCM service can increase or decrease unexpectedly.
Final thoughts
Creating a healthy RCM is the first step to creating a better financial background for your medical practice. However, if you lack the time or the staff to focus on the RCM, outsourcing is always a great option.
So, if you are looking for a reliable medical billing company or want to know more about the topic, feel free to contact us. We at Invoisync are a group of expert medical billers who are capable of handling RCM of any scale.
