This blog is the second in a two-part series on the value of strategic partnerships in both revenue cycle management and practice management for physician practices. Check out our first blog in the series, “How are Quality Reporting Workflows Impacting Your Revenue?”
Drive RCM Efficiency With a Value Analysis
Challenges related to charge capture and claim denial management are among the top risks today’s healthcare organizations face, according to a new report from Crowe Horwath. Although physician practices recognize the importance of a revenue cycle management (RCM) partner in remedying revenue cycle inefficiencies,they often overlook the potential for such a partnership to drive value in other areas.
The following are three ways the right RCM partner can help practices enhance operational efficiency and improve revenue cycle management practices.
1) Assess productivity
Comparing productivity levels with those of practices of similar size and type can help uncover ways to enhance the management of operations. It can also spark discussions around workflow changes that could strengthen revenue integrity as well as the practice’s financial standing.
A strategic revenue cycle analysis not only helps tighten processes related to billing and collection, but also uncovers opportunities to use some staff members in new ways as efficiencies are realized. For example, when patient access activities are automated for improved accuracy and throughput, staff who formerly were dedicated to this task can be leveraged in new areas and apply their customer service experience toward other activities, such as educating patients on new services, counseling those who need expanded financial services options, and more.
2) Point to the need for additional bench strength
A strategic value analysis provided by a partner can help practice leaders determine the types of services that are most in demand or will be in greater demand in the future. With this insight, leaders can determine:
· Whether additional specialty physicians are needed
· Howto better support physicians during a period of growth (for example, by adding new coders or documentation specialists)
· Which new services the practice should consider based on market activity
3) Shore up regulatory compliance
By offering strategic value analysis, a partner works together with the practice to empower its leaders to examine where they stand when it comes to compliance with the federal Quality Payment Program (QPP), HIPAA, and more. They also provide a platform for discussion around ways to meet electronic health record requirements and strengthen regulatory compliance for success—now and in the future, and offer solutions personalized for that practice.
Talk to Us
Pulse Systems, Inc., was named a “Top-Performing Vendor” for RCM services for small physician practices by KLAS in 2016. Find out how Pulse could make a difference for your physician practice. Learn more about Pulse Revenue Cycle Management software and solutions.