Outsourcing RCM an Attractive Idea for Providers Searching for Improved Efficiency
The total financial impact of outsourcing revenue cycle management (RCM) can amount to tens of millions of dollars per year – even in well-run organizations – making outsourcing RCM an attractive idea for providers, write Navigant’s Jeff Goldsmith, PhD, Dave Hampshire, and Jeff Nieman at the HFM Blog.
The search for improved efficiency in hospital and health system operations never ends. With operating revenues growing in low single digits and expenses growing more rapidly than revenues, health systems increasingly are looking to offload operational control over activities considered “not core,” if doing so can improve operating margins. Outsourcing is not controversial in the business world, particularly with broadband internet’s capability of moving data rapidly through the cloud to remote locations. But this trend has had uneven application in the hospital industry.