Hospitals and large practice groups have embraced the management consultant’s mantra of “focus on your core competencies.” As a result, we’ve seen a massive shift of the billing function to outsourced services firms known as revenue cycle management (RCM) companies.
RCMs have a laser-like focus on billing, collecting and reconciling payments for insurance payments, but have not really had to deal with patient payments because of historically small volumes. Because of the rise in high-deductible health plans, hospitals and their providers are going to be responsible for collecting as much as 30 percent of their revenue from their patients.
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