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Health care revenue cycle outsourcing pitfalls and success tips

The good, bad and ugly of health care revenue cycle outsourcing

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Transferring day-to-day administrative tasks involving technology, financial services and facilities management to an outside vendor has been a long-established strategy for hospitals looking to improve and streamline operations. Amid growing financial pressures, more and more hospitals are fully outsourcing revenue cycle management functions to improve key performance indicators.

Financial leaders of today’s hospitals and health systems are tasked with addressing cost and capacity issues unique to current health care trends. High-deductible health plans, greater patient out-of-pocket responsibility, tightening regulatory compliance and value-based agreements have made outsourcing the revenue cycle a critical decision for hospital leaders.

This white paper will consider the pressures pushing chief financial officers and revenue cycle management executives to outsource part or all of their revenue cycles. It will also address some predictable pitfalls financial executives should avoid when outsourcing their revenue cycle management functions, and best practices to achieve a symbiotic relationship with a vendor.

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