Pressures to meet meaningful use requirements and cut costs are driving growth in revenue cycle services (RCS) throughout the country according to the recent KLAS report, "Revenue Cycle Services: Which Firms Deliver Big Returns?"
ICD-10 preparation and reduced reimbursements have also added to demand for outside revenue cycle help to improve cash collections, reduce A/R days, and deal with legacy claims, the report shows.
[See also: Top 5 provider mistakes in revenue cycle.]
"Providers are looking at every process in their revenue cycle," said Mike Smith, vice president of professional services research at KLAS. "Many are turning to third-party firms for extra help with everything from temporary project-based work to continual assistance with ongoing A/R follow-up or even full outsourcing of their revenue cycle department."
Benefits of outsourcing:
[See also: Intake critical point for revenue cycle.]
This report discusses three primary sources for addressing providers' revenue cycle struggles: