Tuesday, December 22, 2009

Revenue Cycle Outsourcing

Managing your revenue cycle is always a challenge. Along with quality of care, patient satisfaction and employee management – you must manage the financial end of things to remain successful. Often times, financial management is the piece that will slip through the cracks, proving to be detrimental to any practice or hospital.

A growing trend for many overloaded practices and hospitals is revenue cycle outsourcing. Not only will this greatly aid in sustaining a stronger cash position, it will alleviate many problems with personnel and technology. Outsourcing particularly proves its worth when a facility recognizes it is lacking the internal expertise to successfully and effectively manage their revenue cycle. This also allows staff to focus on what you find even more important – your patients.

Although revenue cycle outsourcing will solve many problems, it is still imperative that you are able to manage the outsourcing firm, meaning you will need to commit an internal resource manage this task. It is important that not only your outsourcing firm benchmark themselves, but also that you benchmark them - establishing specific and measurable targets for their performance. Agreement on clear goals will allow for a winning partnership between you and your outsourcing firm.

Visit http://www.thinkfirst.us/ to see how we can help you.