Traditional Business Model
Every industry and every sector must evolve in the way that it allocates resources to meet the productivity challenges of a constantly changing market place. Revenue cycle management is certainly no exception.
It is the relationship of resources to outputs that separate the financial performance of one practice from another. This relationship is the key whether or not the practice does its own billing or it is outsourced.
The traditional outsource business model has been to transfer accountability and control to a third party by turn- keying all receivables management processes and resources to the billing company. While this model is still the norm for most billing companies, there is a growing resistance within practice management to giving up control of A/R performance. There is also a resistance to eliminating high performing resources, particularly well trained and highly productive employees.
Co-Sourcing Partner Program
A new outsourcing business model is necessary to address the healthcare market’s concerns. I believe the model must create a true partner relationship and replace the traditional vendor status.
This new method of outsourcing can redefine the way a practice retains control over process level performance of its A/R and continues to reap the benefits of those resources which provide above standard return.
Pollux Systems has developed an alternative business model, the CO-SOURCING PARTNER PROGRAM, which can replace the traditional OUTSOURCING concept.
It is a situation of partial outsourcing in which the billing process is performed by internal staff and external resources. There is also a leveraging of cutting edge technology and expertise.
The key to this new business model is that through Pollux System’s investments in advanced billing and software, cloud technology, compliance software and consulting analytics the practice can position itself for the future without giving up control of the revenue cycle.