Third-Party Revenue Cycle Expertise Reduces Healthcare Costs, Tightens Processes

Healthcare executives are looking for assistance in maximizing income and improving efficiency

2012-12-06

OREM, UT, December 06, 2012 (Press-News.org) Pressures to meet meaningful use (MU) requirements and cut costs are driving growth in revenue cycle services (RCS) throughout the country according to the recent KLAS report, Revenue Cycle Services: Which Firms Deliver Big Returns? ICD-10 preparation and reduced reimbursements have also added to demand for outside revenue cycle assistance to improve cash collections, reduce A/R days, and deal with legacy claims.

"Providers are looking at every process in their revenue cycle," said Mike Smith, VP of professional services research at KLAS. "Many are turning to third-party firms for extra help with everything from temporary project-based work to continual assistance with ongoing A/R follow-up or even full outsourcing of their revenue cycle department."

This report discusses three primary sources for addressing providers' revenue cycle struggles, which are:
- Engaging with extended business office services (EBOS) firms for self-pay, private and government insurance, workers' compensation, legacy A/R, and financial clearance and counseling
- Contracting with revenue cycle outsourcing (RCO) firms for providers seeking full-scale outsourcing
- Working with revenue cycle transformation (RCT) firms for providers seeking leadership and direction in improving processes and reassessing

The following firms are included in this report: Accretive, Anthelio, Apollo Health Street, Cymetrix, Deloitte Consulting, Dell Services, FirstSource, Huron Consulting, MedAssets, PwC, and Xerox. Parallon and Conifer are also discussed for RCO. Those leading the pack in extended business office include Deloitte Consulting, PwC (government insurance), and Cymetrix (private insurance, self-pay, service to patients). In revenue cycle transformation, Huron edges out PwC for the top score.

About KLAS
KLAS is a research firm on a global mission to improve healthcare delivery by enabling providers to be heard and to be counted. Working with thousands of healthcare executives and clinicians, KLAS gathers data on software, services, medical equipment, and infrastructure systems to deliver timely reports, trends, and statistical overviews. The research directly represents the provider voice and acts as a catalyst for improving vendor performance. KLAS was founded in 1996, and their staff and advisory board average 25 years of healthcare information technology experience. For more information, go to www.KLASresearch.com, email marketing@KLASresearch.com, or call 1-800-920-4109 to speak with a KLAS representative. Follow KLAS on Twitter @KLASresearch.

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Third-Party Revenue Cycle Expertise Reduces Healthcare Costs, Tightens Processes

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