These days, outsourcing of medical billing is preferred by most healthcare organizations. The factors like advancement in technology and evolving government regulations are driving the healthcare organizations to seek assistance in Revenue Cycle Management. Outsourcing covers registration and insurance eligibility verification to claim submission and payment collections. This practice would help healthcare providers and medical billing companies in resource optimization and maximize reimbursement. The healthcare organizations must take into account the fact that seasonality has a trivial role to play in hospital and practice revenue.
The key findings of a recent study in revenue cycle management by consulting firm Crowe are as follows:
There were a few practices changed by the hospitals and so the revenue was affected:
Most of the trends seem predictable, healthcare organizations can plan beforehand to reduce the kind of stress. In order to curb the same, the below tips can be followed as recommended by Crowe:
As the factors are clearly shows, the healthcare organizations must take steps to manage seasonal fluctuations in volume and income. This is where the expertise of an experienced medical billing company comes into picture who can support in elimination of any billing issues.