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By Megan L. Benton
November 29, 2022
Healthcare organizations continue to struggle financially. Margins remain depressed due to ever-increasing expenses. In May 2022, HFMA reported labor expenses per adjusted discharge increased by 37% from 2019 to March of 2022. More than half of hospitals are projected to have negative margins through 2022. Providers are relying on vendor partners to help contain revenue. Outsourcing revenue cycle functions are one of the few options healthcare organizations can take to reduce labor costs and offset increased expenses.
A strong working relationship with your revenue cycle partner is critical to achieving cost savings. Below are some tips from operations and providers that will help to ensure success.
Once you have answers to these questions for all teams involved, share the information with those who need it.
Providers and outsourced vendor partners must work together to build a shared understanding of the goals. Strong communication and review of progress toward goals can help to ensure success. It is essential to review goals regularly to align teams. Doing so makes it easier for vendor partners to adjust and support providers in the most meaningful ways.
Megan L. Benton
Executive Director – Customer Success