Improving cash flow and physician compensation requires working hand-in-hand.

Did you know that physician compensation only increased for 37% of all independent physicians in 2017?  That’s a sobering thought that compensations have remained relatively flat for many physician specialties year over year.  And couple that with a decrease in overall practice cash flow and constantly changing coding rules, and you’ve got unhappy physicians and a financially precarious practice.

Clearly, the need to automate manual practices in the back office within a physician clinic is the key to improving cash flow and physician compensation.  And the industry trend appears to be that more and more practices are outsourcing their revenue cycle management (RCM) for just this reason.

Here are some of a practice’s revenue cycle challenges that can be resolved by using an outsourcing team to assist your practice:

Rework how your backend efforts are operating

Many practices that are outsourcing their revenue cycle challenges are able to implement backend efforts to process and reconcile their bills earlier and faster.  This obviously improves a practice’s ability to collect AND speed up reimbursements from payers.

Shore up inefficient billing practices

It is estimated that outsourced medical companies help physician practices experience fewer rejected claims and less time to receive payments from a payer within the first two months of outsourcing.  This fact clearly shows that money spent outsourcing can be recouped by a physician practice in a short period of time.

Take on newer technologies and processes unfamiliar to your practice

Many physician practices are unprepared and inexperienced at implementing technology-driven care.  An outsourced medical billing, coding and RCM company already has experience at what today’s latest tools can accomplish and can implement these best practices for you by either doing partial or full managed business office services.

Becker’s ASC reports that RCM outsourcing and extended business office services are expected to report a 42 percent overall growth rate from the fourth quarter of this year through the first quarter of 2019.  This means that outsourcing has become the norm as opposed to something only a select group of physician practices gamble on.

Here at MEREM Healthcare Solutions, we’d love the opportunity to show you how much we can improve your practice’s RCM so that your specialty practice is thriving financially.  Improving cash flow and physician compensation requires working hand-in-hand with an outsourced healthcare solution.

Is your medical facility leaving money on the table? Contact the professionals at MEREM Health today to learn how we can ensure you are getting paid what you deserve every time!