If you’re an FQHC executive, you know how difficult it can be to find qualified professionals with FQHC billing experience in this specific (and ever-changing) industry — especially in this post-COVID landscape.
You’re naturally facing questions about new regulations and the latest billing requirements, which seem to be changing by the day. But most importantly, you’re looking for affordable expertise. Fortunately, outsourcing revenue cycle management (RCM) billing services may just be the game-changing move you’ve been looking for.
You can even consider a co-sourcing arrangement, in which some billing services are shared with an external team, while others remain in-house — perfect for those who crave a flexible approach. Either way, here are five reasons you should consider hiring experts to handle your medical billing.
1. You Get The Expertise You Need
Did you know that just 1375 FQHCs serve more than 35 million patients every year? That puts into perspective the crucial role your health center fulfills in the community — and illustrates just how difficult it can be to find team members who live and breathe FQHCs. Outsourcing or co-sourcing your medical billing to a third party is a great way to get the expertise you need without hiring additional employees. This position requires meticulous attention to data and trends — and by using RCM outsourcing, or opting for a hybrid approach, you can be confident that all of your statements and other documents will be processed properly and per regulatory requirements by the experts. The experts at the outsourced company are able to handle all communication with:
- Insurance companies
- Government agencies
- Medicare or Medicaid officials
You can tap into the external firm’s expertise to minimize your coding errors and improve your overall revenue. It’s not just a logistics role, of course — partnering with an outsourced RCM team also gives you access to trends and tech insights you might not otherwise have access to. Operating an FQHC may sometimes feel like you’re on your own little island — but outsourced support can connect you with other professionals in the area who know your needs, and have forward-thinking ideas on how to solve them.
2. You Save Time and Money – Without Having to Sacrifice Jobs
RCM billing outsourcing or co-sourcing is an excellent way to save time and billing expenses. Access to better technology and staff specializing in medical billing and coding means that you may have fewer paperwork errors and faster approvals for your facility.
But if you already have an in-house billing team, that doesn’t mean they have to lose their jobs. If that is a concern for your FQHC, there are creative solutions! Many community health centers that outsource either re-position those employees into other roles in the company, or work out a co-sourcing agreement. This allows your center to have access to the experts and innovative technologies while still valuing the resources of your in-house team.
3. You Can Focus on What Matters Most in Your Health Center
Outsourcing your billing helps ensure that you can focus on what matters most in your health center: patients, staff, and business.
Without a doubt, medical coding and billing are highly demanding and time-consuming. By outsourcing or co-sourcing, you spend time doing what’s important: managing patients’ care while improving outcomes in an efficient manner.
4. You Can Expect Better Cash Flow
In addition to greater compliance and accuracy, follow-up services can help you achieve faster payment and lower rates of denied claims. This increases your effectiveness as an FQHC. The outsourcing company can follow up with your patients and insurance companies, eliminating paperwork errors that can delay payments — preventing denials and hiccups instead of simply reacting to them.
Reduced billing errors can increase payments received from insurers, improving (and speeding up) your cash flow. Additionally, increased efficiency means the RCM outsourcing company can handle more claims within a shorter period, increasing your revenue.
5. You Can Serve More Patients
From physical square footage needs to the financial demands of a fully in-house billing team, trying to do it all yourself can limit the number of patients you can effectively serve. Outsourcing or co-sourcing allows you to access a larger pool of experts at a fraction of the cost — and serve even more patients as a result. Your outsourced team will be able to work seamlessly with the billing software you’ve already invested in to ensure an efficient experience on both ends.
RCM Billing Services Can Transform Your Operations
The benefits of outsourcing your medical billing are hard to ignore. Your FQHC will be able to collect more revenue, reduce costs, and take steps toward becoming more efficient. The result? When you streamline the conversion from a billed visit to a paid visit, that money goes right to your bottom line — dollars that you can then invest in serving more patients.