If you’re using a Revenue Cycle Management (RCM) solution, chances are you already know what it costs – but how do you measure the value of your solution? If you’ve had the pleasure of managing claims and eligibility manually, using a paper process you can appreciate the time (and aggravation) that is saved by an electronic system. If you’re responsible for the budget in your practice, it would be nice to have a more precise measurement than “less aggravation”.
Electronic scheduling, eligibility verification and claims management are time savers, to be sure. If moving from a manual process to a more automated workflow using the RAPID RCM application saves your team one hour a day – it has paid for itself, plus about $175 extra. This does not include cost savings from fewer denied claims or faster reimbursement time. This is using a formula that factors the median pay for staff involved in the revenue cycle. Imagine purchasing a system that pays for itself, and then some.
Contact us to get a custom RCM ROI calculation. We can use your staff salary data and tell you exactly how many hours you need to save to pay for an end-to-end RCM solution. Then it’s up to you to determine how to reallocate that staff time, or invest that extra savings!
For more information on ROI, be sure to check out our New Year’s resolution series: