Health systems are increasing merging in today's ecosphere with an increased push to improve bottom lines. Modern Healthcare recently interviewed CFOs from different sized health systems on a range of topics, including revenue cycle outsourcing.
The article highlights that more providers are outsourcing their revenue-cycle functions as patients are being made to shoulder a higher portion of their medical costs, while bad debts are increasing.
Michele Cusack, CFO of Northwell Health talked about their needs and experience in outsourced coding in certain specialties. "There are certain coding functions that we’ve outsourced as well," said Cusack. "Just simply a lack of resources within the local area with some of the specialties. Given our size, we’re unable to find them within the marketplace. It’s a hybrid, but all of it is managed by Northwell, because we want to ensure it’s in accordance with how we want to interact with the patient."
Lisa Medovich, chief financial and compliance officer of Peterson Health echoed the sentiments. "It’s really just supplementing our current workforce, not to fully outsource, because we truly believe in looking at and focusing on the blocking and tackling strategies," said Medovich. "It’s holding everyone accountable, and more importantly, holding your vendors accountable to make sure they’re doing their job."
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