Embrace the Power of Outsourcing to Optimize Operations and Reduce Costs

Blog
TruBridge
Feb 07, 2024
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Operational efficiency facilitates a well-run, profitable healthcare practice. The correlation between streamlined operations and a better bottom line is undeniable. Each process optimization or reduction in administrative overhead can lead to significant cost savings and enhanced service delivery.

Yet amid the relentless pace and complexity of healthcare demands, many facilities find themselves strapped for time and understaffed, unable to focus on operational efficiency. Here, the strategic decision to outsource becomes the best option. By entrusting critical aspects of operations to expert partners, healthcare providers can unlock the potential for refined performance and financial health. This is what TruBridge’s Complete Business Office (CBO) strives to achieve.

Enhancing Efficiency Through Skilled Staff

In healthcare, the challenges of recruiting, training, and retaining skilled staff are more pronounced than ever. Yet where healthcare organizations (HCOs) struggle with high costs and time commitments associated with building a competent workforce, outsourcing emerges as a strategic solution — particularly in revenue cycle management (RCM).

With TruBridge’s CBO, healthcare facilities gain access to a pool of experienced professionals adept at handling sensitive RCM workflows. Putting skilled RCM experts in a position to do what they do best allows HCOs to spend more time managing patient-focused operations. As a result, they’ll spend less time dealing with the issues that come from inefficient hospital operations.

Financial Stability and Cash Flow Improvement

Financial pressures are a constant challenge for HCOs. Alleviating these pressures starts with a proactive approach to RCM. This is where TruBridge’s CBO solution has proven to be a game-changer.

By implementing CBO, healthcare facilities have witnessed a remarkable increase in cash collections, exceeding 13%. This boost in revenue is a direct result of more efficient billing and collections processes, which are expertly managed by TruBridge’s specialized team.

The impact of TruBridge’s intervention on accounts receivable (A/R) days is equally impressive. HCOs have seen reductions in A/R days of up to 24%, an indicator of enhanced financial health. This reduction means cash is flowing more quickly into the organization, improving liquidity and providing much-needed financial stability. With better financial health, providers can invest more in patient care and their clinicians to elevate the standard of care.

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Leveraging Technology for Operational Excellence

How does the CBO solution garner such effective results? It comes down to harnessing technology to improve RCM operations. TruBridge’s proprietary technology helps to revolutionize the billing process, reducing errors, ensuring compliance, and enhancing efficiency.

The technology is designed to minimize errors and decrease the incidence of denials so claims are processed accurately and reimbursements are received promptly. Outsourcing to TruBridge allows HCOs to tap into technological advancements without the need for a large investment in their IT infrastructure. This approach saves costs while bringing in a level of expertise and technological sophistication that might be challenging to develop in-house.

With CBO, healthcare providers can also enjoy the benefits of streamlined RCM operations, from faster billing cycles to improved accuracy in claims processing. This technological edge is increasingly crucial for success — especially among rural providers and other HCOs struggling to manage funding and finances.

Make an Investment That Pays for Itself

Investing in efficiency is paramount for healthcare facilities aiming to thrive in a competitive landscape. It’s an investment that often requires looking beyond the confines of your organization to forge outsourced partnerships offering expertise, advanced technology, and refined processes. This collaboration shouldn’t be viewed as an expenditure but rather as a strategic investment that can yield substantial returns in the form of streamlined operations, financial savings, and improved patient services.

By embracing the power of outsourcing, healthcare providers can transform the fabric of their operations to ensure they’re not only surviving but also delivering quality care while maintaining a robust bottom line.

Learn how TruBridge’s CBO can help you prioritize cost-effective optimizations.