The decision to outsource Revenue Cycle Management (RCM) tasks is not always an easy one for healthcare systems to make. There are many misconceptions on what a partnership like that not only means for the providers involved, but if the benefits are worth the cost of the partnership. With medical coding and billing becoming more advanced every year, healthcare systems can quickly feel the effects of a poorly designed workflow within their administrative financial department. Here are three unexpected benefits of entering into a RCM partnership that has had measurable success navigating the regulations and demands of the healthcare financial administrative industry.
Promote Measurable Growth
At Signature Performance, our trained industry experts pride themselves on their ability to work quickly and effectively to solve some of the biggest revenue-based problems facing the healthcare industry today. When it comes to measurable growth, one of the best places to start is to address areas where consistent errors are being made and revenue is being lost. Once areas of improvement have been identified, measurable growth can begin to take place. Accurate medical documentation is a critical aspect of billing within the revenue cycle process in the healthcare industry. Reducing the amount of errors within medical coding and billing can drastically reduce healthcare administrative costs. With healthcare administrative costs making up almost 30% of medical billing, understanding the different codes and their purpose can greatly benefit the providers within the healthcare industry and those who receive payment notices.
Our team has invested in state-of-the-art technology that streamlines the billing process in a way the healthcare industry has never experienced before, and our dedicated Associates have the know-how to apply it effectively so we can help guide our clients to a stronger bottom line. By streamlining medical billing, providers and payers can benefit from the accuracy of the claims and the expedited nature of the filing. Many of our clients have found that outsourcing their medical billing has greatly increased their revenue, which has ultimately allowed them the opportunity to invest those funds into attracting top talent and being able to treat more patients. As a result of retaining new talent in the healthcare industry, these facilities are able to focus on expansion that can benefit their community.
Security is Key
With so much sensitive, personal data being involved in medical billing, it is natural for providers to be nervous about security when it comes to outsourcing to a healthcare administration vendor. At Signature Performance, security is key. We know that we are entrusted with an enormous amount of protected health information, so data security, daily operations and industry compliance are our top priorities every single day.
This protocol not only ensures that we are doing our best work every week, but we are protecting our partners and their patients every step of the way. By staying on top of the latest security-based technology and industry regulations, we can continue to lower healthcare administrative costs and streamline the medical billing process in a way the healthcare industry has never seen before.
Signature Performance Eases Administrative Demands
At Signature Performance, it’s our mission to improve efficiency within the healthcare administrative services industry. Our unmatched experience on both the payer and provider side of the business allows our team the opportunity to evaluate industry issues from a variety of perspectives, eliminate any static within communication efforts and create custom solutions that get to the core of the problem.
Signature Performance serves some of the largest payers in the country! Our end-to-end claims cycle and payment integrity reviews make it easy to optimize a payer’s existing system and eliminate common administrative errors. Our 15+ years of experience provides Signature with the industry insights and knowledge our team needs to effectively navigate communication challenges payers and providers face. At Signature, our team will coordinate with the provider and patients to help payer beneficiaries receive access to the services they need while eliminating unnecessary costs in the process.
When it comes to providers, Signature works with healthcare systems of all sizes. Our team is passionate about implementing cost-effective revenue cycle support. As a full-service revenue cycle business administration partner, we offer a wide variety of provider-based services that will get insurance claims processed accurately and in a timely manner. Our custom solutions and state-of-the-art processes will ensure that providers are paid properly for the care that was administered.
To learn more about how Signature Performance can help you or to request a revenue cycle assessment, contact our team today or follow along on our Facebook and Instagram pages to learn more about Signature Performance’s vision.
Mark Mathia is the Chief Experience Officer at Signature Performance Inc., in Omaha, NE. Mathia is also a Gallup Certified Strengths Coach. Signature Performance is an industry leader in reducing healthcare administration costs for private and public healthcare sectors. Our unmatched experience in serving both the payer and provider side of healthcare financial management allows us to implement innovative solutions for every administrative demand.