Providers are facing one of the worst economic crises of modern times. Outsourcing full revenue cycle management to a third party could help some cut costs while focusing on patient care.
Mission statements from healthcare organizations come in many shapes and sizes, but at the heart of all those missions is the intention to provide high-quality, patient-centered care that improves the health of those served by the provider.
While that intention is straightforward enough, the act of delivering on that promise is not. Regardless of size, healthcare organizations must balance myriad processes, many of which are not direct patient care. A prime example is revenue cycle management.
The revenue cycle is a critical healthcare process, and its management is central to the business of healthcare. But revenue cycle management is complex and frequently wrought with inefficiencies.
“It's an area where lots and lots of hospitals struggle and the difference between effective revenue cycle management and ineffective revenue cycle management is success or failure in the industry,” says Jordan Shields, a partner at Juniper Advisory, an independent advisory firm that works exclusively with hospitals and health systems.