Globally, the population is aging, mainly because the demographics of baby boomers are getting older. With this, they are developing age-specific illnesses. As this large chunk of the population is increasing in age, healthcare costs are rising, and quality management in healthcare is becoming increasingly important to the overall functioning system. The healthcare system as a whole needs to adapt and this includes building out dynamic resource management solutions. Credence Global Solutions and their resource management division is here to update, innovate, and adapt to the needs of the industry.
Importance of Revenue Cycle in Healthcare
One out of every five dollars of revenue cycle management expenses is attributed to denials-related issues. While 67% of denials are recoverable, 90% of denials are absolutely preventable. Additionally, data shows that effectively preventing denials can yield an upward of $5 million in additional revenue for a typical hospital.
Unexpected changes in policies or regulations can complicate an already complex process of revenue cycle management for a practice. When successful RCM tools are already in place, an organization is in a much more secure position to navigate unanticipated events. Credence Global Solutions is prepared to shore up any holes in a practice’s or provider’s current revenue cycle, while simultaneously increasing the efficiency and updating current systems.
Laboratory Bandwidth Adaptations
With the influx in patients of older ages, there may be too many priority items for an in-house lab to adequately manage. Similarly, dedicated in-house labs provide essential services, but they may not be able to provide certain test capabilities. On a system-strategic level, in-house laboratories may be expensive to operate and under-utilized. Outsourcing the lab function reduces overhead and operating costs while the company continues to benefit from the vital laboratory services.
Laboratory Outsourcing Benefits
Lab outsourcing allows a company and other institutions to trade higher fixed-costs for lower variable-costs, which reduces the need for capital investment and allows instant access to world-class analytical expertise and capabilities on a short notice. Statistics show that outsourcing lab services can help reduce lab costs by 20%. In turn, these third-party vendors can provide higher levels of capability and higher laboratory productivity.
Credence Global Solutions brings extensive expertise supporting diagnostic laboratory teams across the nation. We help to determine where to focus revenue efforts and what steps yield the largest benefits. Our services and technology-driven performance bring results across all segments of the laboratory RCM process, including out-of-network reimbursements, pay-to-patient, and patient responsibility. In addition to our extensive portfolio for diagnostic labs, we have created transformative technology solutions based on the high demand to resolve issues specific to diagnostic labs.
RCM Business Solutions with Credence Global Solutions
Clearly, there will be a higher demand for healthcare services due to the aging global population. With the influx of patients with age-specific treatment needs, there may be a lack of technological infrastructure when dealing with revenue cycle management systems. With such a large group needing more advanced care, there may also be a lack in the capabilities of in-house labs. Credence Global Solutions can easily provide RCM business solutions and aid with outsource laboratories management as well. Credence Global Solutions empowers much needed transformations.