The reimbursement process of healthcare organizations is fragmented and expensive. As healthcare providers seek to maximize efficiency and reduce costs, they partner with multiple vendors to manage the many moving parts of the revenue cycle.
According to a recent survey, 83% of health systems outsource some portion of their revenue cycle. 10% of healthcare organizations use an end-to-end revenue cycle solution. However, working with multiple RCM vendors creates more problems than it solves.
Piecemeal RCM solutions are often standalone systems that are not integrated with other systems in the healthcare organization. This can result in a lack of data coordination, which can result in errors, inefficiencies, and
increased costs.
When RCM processes are fragmented, critical data is spread across various systems and reports, resulting in inaccurate billing and collections. It fails to give a big-picture view of revenue cycle operations.
A vendor who operates at the intersection of technology and specialized revenue cycle management services can streamline and simplify the revenue cycle. When RCM processes are cobbled together, they are often manual and prone to human error, which can delay billing and reimbursement.
Working with multiple revenue cycle vendors and systems results in opaqueness of processes. When multiple, sporadic reports are generated it is immensely difficult to assimilate the information and translate it into meaningful insights.
The hidden cost of partnering with multiple revenue cycle vendors can be high. The lack of coordination can result in increased labor costs as staff must manually enter data between systems
There is near-consensus across healthcare organizations that relying on in-house teams alone will not suffice in the current healthcare climate. Forward-thinking provider organizations are pursuing RCM partnerships to improve their fiscal health. It is essential to work with a vendor who offers full-cycle RCM solutions.
At SolvEdge, we combine our technology prowess and deep domain expertise to offer seamless revenue cycle solutions.
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