How to Fix Revenue Cycle Labor Shortage with Extended Business Office?

Healthcare providers can take advantage of a wide range of opportunities to move from high-touch manual processes to digital operations by leveraging new generation robotic process automation and an extended business office in each of these processes. An extended business office across the revenue cycle continuum can have a significant and long-term impact on your business results.

It’s good to have a plan for dealing with a labor shortage in the revenue cycle via technology and outsourcing. A lack of timely filing and follow-ups can lead to increased denials and delayed cash flows in the revenue cycle. When your revenue cycle is understaffed, you overlook optimization functions like quality assurance and underpayment reviews, leading to additional revenue.

With the help of an extended business office, you can address the problem of revenue cycle workforce shortages, but how? Continue reading to learn more about the subject we will be covering in-depth.

How Does an Extended Business Office (EBO) Help Fix Cycle Labor Shortages?

EBOs allow service providers to work more efficiently, allowing them to devote more time and attention to the people they serve. Using less labor and reducing bad-debt expenses, EBO aids in improving cash flow and lowering overhead costs. EBO’s inbound phone calls can also help patients understand their bills. It aids in increasing the success rate of insurance claim appeals, which helps to increase revenue recovery.

Additionally, the precise reporting provided by EBO can help improve downstream effects, customer relations, and the resolution of refused claims, ensuring that all government requirements are followed.

An EBO can also be a consultant that works as an extension of your business office to help you enhance your revenue cycle and help your patients pay off their accounts and maximize their insurance claims. For this reason, your patients can associate with an EBO’s early-out programme and expert medical billing with utmost professionalism and trust in your medical office. While working with an EBO, doctors get to spend more time with the patients and provide them with the best medical care possible. Furthermore, with the help of an EBO, Before Medical Payments can be done, and Early-Out Billing is made possible.

What Role Does Early Out Billing Play in Addressing a Revenue Cycle Shortfall?

Paying medical bills over a short period without straining monthly budgets helps tremendously improve the billing cycle of revenue. Self-pay patient debts less than 30 days old and ineligible for collections can be reclaimed through an early-out billing program. Communication, education, and the implementation of payment arrangements convenient for your patients are ways an early-out program can encourage patients to pay their outstanding debt.

More drastic debt recovery measures, such as transferring patient accounts to a collections agency, can be avoided with the best early-out product available on the market today. Your patients may wonder why they’ve been billed for additional after charges, even when their medical insurance has covered most of the costs. Five-thirds of patients are eager to pay their medical bill accounts if they know what they owe.

In an extended business office, highly-trained customer service representatives are at hand to assist patients to understand their insurance coverage and debt balances and take patient payments online, by phone, or via mail. Due to a dramatic increase in accurate re-fills by our team, your practice will be able to collect more money from your patient accounts and recoup more money from insurance companies.

Some extended business offices have better success rates than others when sending the debt to medical bill collectors. Instead of relying on debt collection, you can choose assistance, which consistently outperforms the competition in terms of recovery rates.

Medical collections can be avoided entirely with the help of an experienced EBO, who can devise a personalized strategy for settling self-pay accounts. In addition, by using early-out billing, we can keep patient tabs out of collections.

Your Cash Flow Is Improved When You Bill Customers Early 

Patients with high-deductible health insurance may cause your revenue cycle to experience a cash flow shortage. In addition, patients are left with sometimes overwhelming costs to pay because of high deductibles and copays. We can help you recoup a significant amount of your revenue cycle by focusing all of our efforts on these accounts. 

EBOs may improve your revenue cycle by allocating more funds to activities that benefit your patients and the communities you serve by lowering the amount of money you need to set aside to pay early-out medical bills and boosting your income from active patient accounts.