Lexology August 20, 2024
With healthcare organizations continuing to experience the pressures of rising operating costs and slower or lower rates of reimbursement, outsourcing revenue cycle management (“RCM”) functions might be an attractive, cost-effective option for labor-intensive and repetitive tasks. Considering the large human capital costs of recruiting, hiring, training, retaining, and managing, revenue cycle outsourcing can be a worthwhile alternative for healthcare providers, particularly in labor markets with skilled workforce shortages. Akasa’s research suggested that “replacing revenue cycle specialists with 0-5 years of experience takes 84 days (~3 months) and costs $2,167, while those with 10 or more years of experience take 207 days (~7 months) and costs $5,699.”1 These human capital costs increase fixed overhead expenses as healthcare providers struggle to maintain...
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