Meaningful use drives demand for RCS
Providers looking at every piece of revenue cycle, KLAS report showsOREM, UT | December 6, 2012
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: