With today's challenging environment for operators, see how outsourcing your RCM to a trusted partner can benefit your entire community.
Collecting revenue as efficiently as possible is critical to your facility's financial health. However, with upcoming changes to PDPM and 87% of SNFs reporting moderate to severe staffing shortages, finding the expertise to collect those dollars is challenging. See why operators should consider outsourcing their revenue cycle management for both financial and broader facility benefits.
The benefits of outsourcing revenue cycle management
Allocate More Time and Staff to Patient Care
Your facility’s priority is patient care, not spending endless hours on complex billing, denial management, or payment follow-up. Time is an especially finite resource today since nursing home staff are stretched thin. Even as an administrator, one minute you might be reporting to your board while the next you’re serving lunch in the dining hall.
Outsourcing your revenue cycle management allows you to focus more time and more staffing resources on your real goal: supporting the residents in your care.
Maximize Your Cash Flow
Your facility cannot operate without a healthy balance sheet, but healthcare reimbursement is notoriously complex. Facilities often lack the expertise and time to build airtight financial processes which leads to errors, missed billing opportunities, and money left on the table.
With a revenue cycle management partner, you have a dedicated team to efficiently handle everything from pre-authorization to coding to collections. They’ll track down every dollar on your behalf.
Get Reimbursed Quickly
Your ability to operate also depends on how quickly you can get reimbursed. A claim isn’t submitted promptly? That’s one more day, week, or month you can’t cover your costs. Your go-to person for denial management is on vacation? Suddenly your A/R balloons. It’s hard to have an “always-on” revenue cycle strategy when you have a small team with other responsibilities.
By comparison, revenue cycle management companies are built to efficiently operate 365 days a year. They have the personnel, tech-enablement, and procedures to prevent delays and to make sure your business is reimbursed as quickly as possible.
Improve Your Regulatory Compliance
Your facility must abide by a variety of industry regulations and payer policies to maintain its compliance. If you don’t comply, you risk expensive settlements or losing your license entirely. An expert revenue cycle management partner will ensure your financial procedures align to federal, state, and local guidelines. They’ll also make sure you’re ready to adapt to regulatory changes, well before those changes go into effect.
Eliminate Financial Stress
Operating a skilled nursing facility is hard. You’re responsible for hiring, operations, patient care, legal, and everything in between. Given those competing priorities, you might not have time to analyze your finances beyond “We’re in the green” or “We should be worried.”
Partnering with a revenue cycle management team positions your facility for long-term financial success without adding administrative burden to you or your team. You can rest easy knowing that trained, qualified, and committed professionals are optimizing your facility’s financial performance.
You’re an expert in long-term care. Partner with an expert in long-term care RCM.
Skilled nursing facilities are a critical part of our nation’s healthcare system, but they need more support to survive. Now is the time to look beyond your facility’s walls and partner with a true revenue cycle expert like Quality Healthcare Resources. You’ll see the financial benefits, feel the staffing relief, and find new confidence in your facility’s long-term future.