• Mary Washington Healthcare Joins Trend to Outsource Revenue Cycle Operations

    Mary Washington Healthcare Joins Trend to Outsource Revenue Cycle Operations

    Mary Washington Healthcare in Virginia is shaking things up by outsourcing its revenue cycle management (RCM). They’ve teamed up with Ensemble Health Partners, joining a growing list of hospitals making similar moves. With over 60 facilities under its belt, this nonprofit health system is looking to boost efficiency and cut costs.

    Why Outsourcing RCM Is Gaining Momentum

    Ever wonder why so many hospitals are outsourcing their revenue cycles?

    Here’s what’s driving the trend:

    • Increasing Yield: Outsourcing helps hospitals collect more of what’s owed to them.
    • Reducing Costs: It lowers the expenses associated with billing and collections.
    • Expertise Access: Hospitals gain access to specialized knowledge and technology.

    Grant Veazy, CTO of Ensemble Health Partners, mentioned that improving yield and cutting collection costs are key reasons behind this shift.

    Ensemble Health Partners Expands Its Footprint

    Ensemble isn’t new to this game.

    They’ve partnered with:

    1. Carilion Clinic
    2. Tower Health
    3. Beebe Healthcare
    4. Tallahassee Memorial Healthcare

    Their collaboration with Mary Washington Healthcare adds another feather to their cap. In January, they also teamed up with Epic through the Epic Rev Cycle Partners program, aiming to optimize revenue cycle outcomes for healthcare organizations.

    The Bigger Picture: A Growing Industry Trend

    Here’s what’s happening across the industry.

    According to Kaufman Hall’s 2022 State of Healthcare Performance Improvement report:

    • 63% of hospital leaders have pursued outsourcing solutions.
    • Revenue cycle functions are the top choice for outsourcing.

    Other big players like Conifer Health and Optum are also in the mix, handling RCM for systems like Adventist Health, Dartmouth Health, and Allina Health. It’s clear that outsourcing RCM is becoming the new norm.

    Mary Washington Healthcare’s Commitment to Excellence

    So, what does this mean for patients?

    Mary Washington Healthcare operates:

    • Mary Washington Hospital: A 471-bed tertiary hospital.
    • Stafford Hospital: A 100-bed community hospital.
    • Four emergency departments.

    By partnering with Ensemble, they’re aiming to focus more on patient care and less on administrative hassles. Sean Barden, CFO at Mary Washington Healthcare, said this partnership supports their mission to provide the best medical care to the community.