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5 Reasons to Outsource Patient Revenue Cycle Functions

01 5 Reasons To Outsource Nonclinical Functions In Healthcare

As a devoted member of the healthcare community, you’ve probably encountered all the hurdles — billing errors, portal access difficulties and overdue payments from patients, to name merely a few examples. These are common administrative challenges in the medical sector.

What if there was a solution to the madness? With the ability to outsource different administrative tasks, there very well may be. 

Globally, the hospital outsourcing market is projected to exceed about $873.97 billion by 2032 with a compound annual growth rate (CAGR) of 10.9%. Medical facilities like hospitals and physician offices can see great monetary value in delegating their revenue cycle and administrative tasks to a third-party vendor. We compiled this list of the top five reasons to consider outsourcing to a knowledgeable vendor.

What Is Patient Support Outsourcing?

Patient support outsourcing involves allocating specific tasks to a third-party vendor — particularly responsibilities on the administrative and non-clinical side. You can consult a specialized team to handle various administrative processes, such as:

  • Appointment reminder notifications
  • Patient inquiry response
  • Medical billing and coding
  • IT processes
  • Insurance tasks
  • Payment collection
  • Patient portal design and integration

5 Benefits of Outsourcing Patient Billing 

Outsourcing patient billing and engagement tasks can offer many advantages for your healthcare facility. From strengthening your company’s balance sheets to improving overall productivity, there are many reasons to consider outsourcing revene cycle processes. 

1. Competitive Edge

Between aiming to provide the highest-quality patient care and generating revenue, healthcare is a competitive sector. When it comes to getting ahead in this market, outsourcing non-clinical processes can play a sizeable role.

Outsourcing tasks like insurance verification and payment gives patients a more simplified experience. Additionally, outsourcing these responsibilities to a provider with more specialized knowledge and experience in these areas can yield better patient outcomes. That enhanced experience could lead patients to book future appointments with your practice over a competitor’s.

Outsourcing can make industry success more attainable for newer or smaller medical businesses. These organizations can achieve multiple capabilities that wouldn’t otherwise be feasible in-house due to space and budget restrictions. Healthcare providers can adapt to evolving industry changes, streamline growth and achieve valuable scalability.

Keep in mind that when you outsource these activities, you can access a diverse talent pool. You aren’t limited to vendors in your local area. That means you can choose your outsourcing partner solely based on skill and expertise rather than your city, state or country.

2. Increased Revenue

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You’d be surprised at the return on investment outsourcing can help you achieve. For example, by outsourcing patient revenue collection, you can see a significant increase in self-pay revenue.

Patient billing vendors use advanced technology, analytics and procedures to maximize business profits and patient experience. Outsourcing non-clinical tasks related to patient financial responsibility can yield considerable cost savings by:

  • Streamlining insurance verification pre-visit
  • Ensuring accurate patient payment estimates
  • Increasing on-time payments

Healthcare organizations can reduce spending on processes like billing, payment and IT by partnering with highly skilled vendors. By saving money in these areas, they can focus on what matters most — improving their medical services and generating cash flow on the clinical side of the coin.

Outsourcing can also save out-of-pocket costs associated with:

  • HR staff recruitment, replacement and training programs
  • Productivity errors, lapses and downtime
  • Integrating, upgrading and maintaining technology systems

Outsourcing relieves you of this responsibility by turning it over to the vendor. In turn, you save money and improve your capital investment strategy.

3. Higher-Quality Patient Care

While optimizing administrative processes like billing and insurance is important, patient care should remain the lifeblood of any healthcare organization. Outsourcing revenue cycle tasks can directly impact patient care and outcomes.

Relieving medical staff of administrative duties lets them focus their energy on treating patients and delivering high-quality care. The more pleased patients are with their care, the more likely they’ll remain loyal and refer your practice or medical facility to others.

Outsourcing medical billing and similar processes can also reduce needless stress and fatigue. Juggling patient care and non-clinical tasks can be exhausting for medical employees. In fact, administrative burdens are among the leading causes of healthcare worker burnout. Over half of physicians report high levels of stress and burnout from administrative responsibilities and work overload. Extreme fatigue can lead to low employee engagement, decreased morale and high turnover rates.

Outsourcing lets your staff concentrate less on demanding, repetitive administrative tasks. They can hone in on delivering outstanding clinical care, thus elevating patient satisfaction.

4. Improved Efficiency

Patient billing is a pivotal task in the medical industry. Healthcare providers must execute these processes quickly and accurately to ensure an efficient patient experience and consistent cash flow. Time is money, and inefficiencies in the billing process can be costly for medical organizations.

Unfortunately, billing blunders are prevalent in the United States healthcare industry. About 80% of medical bills contain inaccuracies. These mistakes can cost healthcare organizations $935 million weekly.

Outsourcing patient support tasks saves time, money and resources. You can assign complex insurance verification and medical billing tasks to an experienced team of experts and streamlined technology. Outsourcing redirects your in-house staff’s energy toward core clinical activities. They can worry less about things like:

  • Billing errors due to inaccurate insurance information
  • Days in accounts receivable
  • Lost revenue from non-payment

As a result, your staff can administer high-quality care services and your operations become more efficient.

5. Better Technology

Software subscriptions can cost your business a pretty penny. When you purchase a plan for each system out of pocket, these expenses can quickly snowball.

By outsourcing your administrative medical needs to a third party, you can access cutting-edge technologies and software features without breaking the bank. Millennia is committed to continuous innovation and taking the complexities of identifying and implementing new technology out of your hands. We handle the innovation process, and you see the benefits of these advancements without the added expense of implementing each new feature and upgrade.

Outsource Medical Billing With Millennia and Experience These Benefits for Yourself

If you’re looking to outsource revenue cycle management, our team at Millennia is ready to work with you! Our unified, end-to-end solution, supported by an experience team of patient support specialists, can make tasks related to patient payments more manageable than ever. We serve a wide variety of healthcare organizations, including hospitals, ambulatory facilities, physician offices and medical groups.

Offering pre-visit and post-visit solutions, we can help enhance your patients’ experience and your revenue stream. Our user-friendly package and analytics help facilitate:

  • Digital patient intake 
  • Insurance eligibility and verification
  • Patient payment estimates 
  • Digital payment options 
  • Knowledgable concierge support

Discover the value of healthcare outsourcing by partnering with Millennia. Learn more about the features or our comprehensive solution by requesting a consultation today!

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