Orthopedic and aligned musculoskeletal practices and ASCs face unique revenue cycle challenges that can have a significant impact on their financial health. These challenges include non-clinical staffing shortages, prior authorization issues, complex coding requirements, increasing denials, and changing payer mixes with rising patient financial responsibility.
With financial pressures mounting, practices look for ways to help optimize revenue cycle processes, increase efficiencies, reduce costs, and improve overall revenue cycle performance.
Traditionally, outsourcing revenue cycle management (RCM) has been an attractive option for independent practices. At Koha, we believe a better approach is co-sourcing. Although similar sounding words, the difference involves much more than semantics. They represent very different approaches to revenue cycle partnerships.
Outsourcing involves a client/vendor relationship, where a third-party provider offers point solutions or full end-to-end RCM services to the practice. Outsourcing is typically used to reduce costs, improve efficiency, and gain access to resources not available internally. It’s often a “set it and forget it” approach.
On the other hand, co-sourcing involves a partnership based on continuous collaboration and mutual responsibility. This approach aims to innovate, develop processes, and define long-term solutions as a team, in addition to implementing services and solutions. Co-sourcing is an excellent option for practices that have strong internal skillsets but need help with day-to-day staff management, developing innovative processes, evaluating and adopting next-generation technology, and integrating automation to lower costs.
At Koha Health, we believe that co-sourcing is a more effective approach, rooted in partnership and working together to achieve better outcomes.
Hear from Brian Hall, President & CEO of Koha Health: