{"id":51,"date":"2018-03-22T15:30:07","date_gmt":"2018-03-22T15:30:07","guid":{"rendered":"https:\/\/advantagehcconsulting.com\/blog\/?p=51"},"modified":"2018-04-03T14:30:30","modified_gmt":"2018-04-03T14:30:30","slug":"maximizing-your-bottom-line-4-reasons-why-it-makes-sense-to-outsource-your-healthcare-organizations-medicare-and-medicaid-reimbursement","status":"publish","type":"post","link":"https:\/\/advantagehcconsulting.com\/blog\/2018\/03\/22\/maximizing-your-bottom-line-4-reasons-why-it-makes-sense-to-outsource-your-healthcare-organizations-medicare-and-medicaid-reimbursement\/","title":{"rendered":"Maximizing Your Bottom Line: 4 Reasons Why It Makes Sense to Outsource Your Healthcare Organization\u2019s Medicare and Medicaid Reimbursement"},"content":{"rendered":"
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Even as a healthcare consulting firm, we\u2019re not above admitting that while the cost reporting function is incredibly important in your organization, it is typically very time consuming and has the ability to get in the way of the more exciting, more valuable revenue-generating aspects of your business.<\/p>\n<\/div>\n

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If you\u2019ve found yourself as a healthcare provider toiling over internal accounting tasks when you could have spent that time on more beneficial, big-picture projects like developing marketing to increase your patient census, you\u2019re not alone. That\u2019s why recent years have seen a growing trend in Medicare providers outsourcing their reporting and reimbursement function to consulting firms.<\/p>\n<\/div>\n

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How do you know whether outsourcing the cost reporting function makes sense for your business? Let\u2019s pose some of the most common questions facing healthcare providers:<\/p>\n<\/div>\n

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  1. Do you struggle to get reliable information from your internal departments?<\/li>\n
  2. Are employee costs, such as rising salaries and rising health insurance costs, making it more difficult to hire qualified Medicare or Medicaid cost reporting and reimbursement personnel?<\/li>\n
  3. Have you spent significant money on robust billing software that isn\u2019t used to its fullest potential, or at all?<\/li>\n
  4. Are you spending too much of your time on back-office functions including Medicare cost reports, and not spending enough time growing your healthcare service?<\/li>\n<\/ol>\n
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    If the answer to any of these questions is \u201cyes,\u201d then it\u2019s time to consider outsourcing the cost report and reimbursement function.<\/p>\n<\/div>\n

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    Many businesses of all sizes are taking advantage of the growing trend of bringing in a specialized consulting firm to handle their back-office reporting and reimbursement functions.\u00a0Let\u2019s look at some of the benefits of outsourcing your Medicare and Medicaid cost reporting and reimbursement.<\/p>\n<\/div>\n

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    1. Money Saved.<\/span>\u00a0<\/span>By outsourcing your business\u2019s Medicare and Medicaid cost reporting and reimbursement operations, you can save money in not having to pay wages and benefits to existing employees.<\/p>\n

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    With the rising cost of employee benefits such as health insurance many small businesses can\u2019t afford the cost of full-time, qualified in-house specialists. Instead, they settle for part-time employees or full-time employees who cost less but aren\u2019t qualified to perform the job well.<\/p>\n<\/div>\n

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    By outsourcing your cost reporting and reimbursement function, you only pay a flat fee to complete the required tasks, without being on the hook for employee benefits.<\/p>\n<\/div>\n

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    2. Specialized consultants working for you.<\/span>\u00a0<\/span>Wouldn\u2019t it be nice to have a team of specialized consultants that keep of with all the changes in regulation working for you? When you outsource your organization\u2019s cost reporting and reimbursement function to a consulting firm, you are essentially hiring a team of professional consultants who have expertise and specialize in this area.<\/p>\n<\/div>\n

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    The bonus?<\/span> You\u2019ll get a team that specializes in cost reporting and reimbursement at a cost that is often less than one full-time, in-house employee who has little to no expertise in these areas, a definite advantage for your organization against your competitors.<\/p>\n<\/div>\n

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    3. Focus on growing your healthcare organization.<\/span>\u00a0<\/span>Too often, healthcare providers and their staff get bogged down with problems like missing the reporting deadline or incurring reporting errors which will affect your agency\u2019s reimbursement, increase the likelihood of an audit, and can cause your Medicare interim payments to be put on hold, ultimately affecting your organization\u2019s bottom line and cash flow.<\/p>\n<\/div>\n

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    Outsourcing your cost reporting and reimbursement function will free you up to focus on bigger picture items like business profitability and growth, rather than getting tangled up in what can quickly become a cost reporting and reimbursement mess.<\/p>\n<\/div>\n

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    4. Insights from the outsider.<\/span>\u00a0<\/span>When you outsource your organization\u2019s cost reporting and reimbursement function to a consulting firm, those expert consultants will be looking at your\u00a0financial information with an outsider\u2019s perspective, which often puts them in a better position than you, the healthcare provider, to spot irregularities and cost-saving opportunities.<\/p>\n<\/div>\n

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    The people from your consulting firm should be there to assist you in analyzing and interpreting your financial data and in turn, make objective suggestions for increasing your reimbursement.<\/p>\n<\/div>\n

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    Likewise, healthcare providers can freely share sensitive information with a team of outsourced consultants that they might not feel comfortable sharing with employees.<\/p>\n<\/div>\n

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    What to Do Now?<\/span><\/p>\n<\/div>\n

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    Outsourcing your organization\u2019s cost reporting and reimbursement function to a consulting firm can result in you getting outstanding expertise, efficiency and objective recommendations, all at a cost that is equal to or less than what you are paying your in-house staff.<\/p>\n<\/div>\n

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    Get in contact with\u00a0Advantage Healthcare Consulting<\/a>\u00a0or reach out directly to Sandy McCleve<\/span> at (626) 297-0094 to learn if an outsourced consultant is an option for this year\u2019s cost report and reimbursement functions.<\/p>\n<\/div>\n

    <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    Even as a healthcare consulting firm, we\u2019re not above admitting that while the cost reporting function is incredibly important in your organization, it is typically very time consuming and has … Continue Reading →<\/a><\/p>\n","protected":false},"author":1,"featured_media":52,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[9,4],"class_list":["post-51","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-reimbursement","tag-cost-report","tag-outsource"],"_links":{"self":[{"href":"https:\/\/advantagehcconsulting.com\/blog\/wp-json\/wp\/v2\/posts\/51","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/advantagehcconsulting.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/advantagehcconsulting.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/advantagehcconsulting.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/advantagehcconsulting.com\/blog\/wp-json\/wp\/v2\/comments?post=51"}],"version-history":[{"count":6,"href":"https:\/\/advantagehcconsulting.com\/blog\/wp-json\/wp\/v2\/posts\/51\/revisions"}],"predecessor-version":[{"id":133,"href":"https:\/\/advantagehcconsulting.com\/blog\/wp-json\/wp\/v2\/posts\/51\/revisions\/133"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/advantagehcconsulting.com\/blog\/wp-json\/wp\/v2\/media\/52"}],"wp:attachment":[{"href":"https:\/\/advantagehcconsulting.com\/blog\/wp-json\/wp\/v2\/media?parent=51"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/advantagehcconsulting.com\/blog\/wp-json\/wp\/v2\/categories?post=51"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/advantagehcconsulting.com\/blog\/wp-json\/wp\/v2\/tags?post=51"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}