The healthcare industry is a dynamic field that poses increasing challenges for healthcare providers in effectively managing their revenue cycle. One viable solution is to collaborate with a competent Revenue Cycle Management (RCM) company to streamline and optimize the revenue cycle process. However, it is crucial to note that not all RCM partners are equal in terms of their capabilities and quality of services.
Traditionally, healthcare systems managed their revenue cycle through a combination of four channels, which included an external partner, people processes, internally built technology, or via their electronic health record or RCM system. Although this combination approach is still relevant today, 93% of healthcare systems rely on at least one strategic partner who supports the integration of people, processes, and technology to streamline RCM. Of these, 83% outsource some components of the revenue cycle, while 10% of health systems use an end-to-end solution.
This article aims to discuss the steps involved in vetting and selecting the appropriate RCM partner for your healthcare organization.
- Determine your needs and goals
Prior to commencing your quest for an RCM partner, it is imperative to discern your explicit requirements and objectives. This will enable you to ascertain the services you need from an RCM partner, as well as the performance indicators you will employ to evaluate their efficacy. For instance, you may require assistance with coding, billing, or collections, or you may strive to ameliorate your revenue cycle performance metrics, including days in accounts receivable, denial rates, or net collection rates. Once you have pinpointed your needs and objectives, you can leverage them to steer your search for a suitable RCM partner.
- Research potential RCM partners
It is crucial to conduct a thorough investigation of potential RCM partners since there are numerous RCM companies to select from. One approach is to request recommendations from associates in the healthcare sector. Additionally, online research can provide useful insights. Reviews from other healthcare providers can be helpful. Once you have a list of potential partners, it is advisable to review their websites and marketing materials to gain a better understanding of their services and expertise.
- Evaluate their experience and expertise
When appraising prospective RCM partners, it is important to take into account their experience and proficiency in the healthcare industry. Seek out firms that specialize in your particular healthcare area, such as hospitals, physician practices, or ambulatory surgery centers. Additionally, take into account their familiarity with your specific EHR or practice management system. Request references from other healthcare providers they have collaborated with and communicate with them to gain insights into their experience.
- Consider their technology and processes
Recognizing the significance of utilizing appropriate technology and processes is crucial to enhancing the efficiency and effectiveness of the revenue cycle. When evaluating potential partners for revenue cycle management (RCM), it is vital to consider their employed technology and processes. Certain vendors may specialize in offering electronic health record or practice management systems, in addition to providing RCM services. It is important to determine whether their claims processing system is comprehensive, if they offer a variety of patient payment options, and if they can provide real-time reporting and analytics. A proficient RCM partner should be capable of providing a transparent overview of their technology and processes, customizable reports, and demonstrating how they can facilitate revenue cycle optimization.
- Look for transparency and accountability
In the healthcare sector, transparency and accountability play a pivotal role in forging partnerships with RCM companies. In order to facilitate a successful collaboration, it is necessary to carefully choose an RCM partner who is transparent about their billing procedures and fees, while also being proficient in delivering regular progress reports and updates concerning revenue cycle performance. Furthermore, it is recommended to select an RCM collaborator who is willing to assume accountability for their outcomes and who possesses a well-defined Service-Level Agreement (SLA) and Turnaround Time (TAT).
In conclusion, selecting the right RCM partner is a critical decision that can significantly impact the financial performance of your healthcare organization. By following these guidelines, you can evaluate potential partners thoroughly and choose the ideal partner to help streamline and optimize your revenue cycle. When considering potential RCM partners, iTech Workshop can be the right choice. With our experienced RCM team, we can provide you with the expertise and technology needed to improve your revenue cycle performance. Visit https://expediumrcm.com/ to learn more about our services and how we can help your healthcare organization.
