In 2022, hospitals and healthcare practices have seen some major improvement in terms of patient volume. However, even with huge such demand, providers are still struggling to maintain the bare minimum profitability.
In a recent survey, the healthcare CFOs and revenue cycle VPs in fact have reported a significant amount of concern for the rising costs when asked what their top concern is when it comes to the financial health of their organizations; whereas only 22% of respondents reported of the risk of recession was a major concern for their organization’s financial health, while 21% cited shrinking margins and 13% due to unidentified revenue leakage.
Today labor shortage challenges have kept many healthcare practices worried. In a recent survey, labor shortages are affecting revenue cycle management big time reported many providers.
In fact, to add to the provider’s stress and anxiousness across the care continuum, the rising expenses are one other factor causing pressure for a lot of providers; as it is only leading to lackluster financial problems and disruption of billing management.
Today it is no secret that healthcare practices are experiencing clinical deficiencies due to labor shortages yet providers are still being skeptical about outsourcing.
Outsourcing the modern day solution:
Providing customized solutions and ensuring better billing management, outsourcing today is the ultimate solution to the rising healthcare cost, labor shortage issues, complications with price transparency and all. Filling in the billing gaps for better continuous revenue generation and better ROI, outsourcing today reduces the headache of retraining staff, their training session etc. In fact, eliminating unnecessary spending, outsourcing today is a cost-effective solution to efficiently manage your billing operation.
Further reducing the rate of error and claims denials, outsourcing takes care of your complete billing operation analyzing all your loopholes and fixing them as soon as possible.
Dr. Dipak Nandi, M.D, a pioneer in the healthcare industry and a New York based renowned neuro-psychiatrist, who is certified by the American Board of Psychiatry and Neurology, in fact, stated that – outsourcing today is the need of the hour and a convenient solution to the rising healthcare cost and labor shortage challenge.
Dr. Dipak Nandi who has also been instrumental in improving the healthcare industry for more than two decades also stated that outsourcing today is the ultimate key to healthy revenue growth at a cost-effective rate.