Three key reasons why ASCs may consider outsourcing their revenue cycle management.
ASCs consider outsourcing their revenue cycle management for many reasons that often come down to balancing the cost and management of in-house billing with those of partnering with an outsourced billing company.
Whether a center is experiencing staffing recruitment and retention issues, having revenue cycle challenges, or looking for a partner that enables them to focus on growth and care delivery, three key reasons are often part of their decision-making process.
Here are three reasons why.
1. Outsourcing ASC revenue cycle management is less expensive
There are only so many hours in a day, and outsourcing allows administrators and staff to use those hours on strategic, big-picture projects that help grow profits and deliver results.
Outsourcing through an ASC billing service allows employees to focus their time and energy on understanding metrics and driving net revenue rather than spending time submitting claims and pulling reports. In this sense, outsourcing makes financial sense as well as strategic sense. It helps increase overall productivity by allowing employees who know the ASC best to work on growing the organization rather than tactical, day-to-day operational activities.
In addition, as an ASC grows — adding more of the cases it's already performing, new procedures, and/or specialties — the revenue cycle management company can scale in conjunction. This eliminates the need for a center to allocate expensive time and resources to recruiting, interviewing, training, and paying new business office staff.
2. Outsourcing ASC billing improves transparency
Contrary to what some believe, ASCs that choose the right surgery center billing service with which to partner often experience increased transparency when they outsource. This is because their partners — the businesses to which revenue cycle management is outsourced — know they must work to earn and then keep the trust of the centers that have hired them.
Maintaining trust comes in many forms, but this is often achieved through sharing comprehensive, insightful reports providing key information and insights about ASC billing operations and success. These reports highlight inefficiencies and issues that might be overlooked by in-house employees. Receiving regular reports from their ASC billing partners allows facility leaders to know with precision what's working, what's not working, and what can be improved with their center's revenue cycle performance.
This level of transparency is exceptionally valuable for physician-owners who find themselves having to balance the need to remain cost-effective, generate revenues, and adhere to constantly evolving and usually growing government requirements.
3. Using ASC revenue cycle services delivers enhanced consistency
If there's one thing that outsourcing revenue cycle management through an ASC billing service should deliver time and time again, it's consistency. Not only do the best ASC billing companies deliver services they are contractually obligated to perform, but they also provide administrators and physician-owners with time-tested systems designed to increase operational efficiency and effectiveness.
The entire revenue cycle is managed by ASC billing specialists who develop claims processes that combine current best practices with the flexibility to address the specific needs of each client center. Service providers ensure claims are submitted correctly, codes align with the service provided, and records are retained. Effective processes are repeated, and if change to one or more processes is needed, such as when billing rules are changed, the revenue cycle management company revises its methods. This ensures consistency and timely, proper billing that helps an ASC capture the reimbursement it deserves remains the standard.
ASC Billing Outsourcing: A Worthwhile Option for Any Center
Today, outsourcing to a top ASC billing company is a powerful tactic helping ASCs of all shapes, sizes, and levels of revenue cycle performance thrive and grow.