Top Revenue Cycle Outsourcing Myths—Exposed
In this 5-part blog series, we explore the most common myths around working with a partner for revenue cycle management—and offer practical tips for gaining the most from your investment. Start the series from the beginning by reading our first post here, addressing why seamless integration of multiple solutions isn’t impossible. Then, gain more insight from our second post, which shares strategies for bolstering communication with RCM vendors; our third post, which explores why RCM isn’t just for billing; and our fourth post, which presents key considerations around RCM reporting and dashboards.
RCM Outsourcing Myth No. 5: There Will Be a Lack of Progress from RCM Partnership
There’s so much that depends on the quality of a revenue cycle management (RCM) partnership, and this couldn’t be more accurate for physician practices. That’s why one common RCM myth—“There will be a lack of progress from RCM partnership”—strikes fear into the hearts of practice managers.A recent survey shows 82 percent of physician practices aren’t getting enough support from traditional collection practices and are looking for automated RCM solutions. For some practices, this means trusting their revenue cycle workflows and collections to an outside partner, whether in part or in whole. Regardless, the secret to a successful partnership is a shared commitment to the practice’s mission and goals, along with complete transparency into progress and performance.Finding a dedicated RCM partner is possible with careful vetting. Here are three things to look for:
Demonstrated RCM expertise in your specialty.
Selecting the right solution for your practice can be intimidating with so many options to consider. Look for a partner that specializes solely in healthcare, as this demonstrates both commitment and expertise—critical in an era of decreasing reimbursement and increased regulatory scrutiny. Make sure the partner you choose has worked with practices that are similar to yours in both size and type. Ask references what the implementation process looked like and how the vendor communicates with the practice—and how often.
Commitment to visibility and transparency.
This is key in understanding your strengths and areas of opportunity over time. Ask yourself: Will you have access to a portal that enables you to view a snapshot of performance in real time? When other team members or leaders come to you with questions around key metrics, would you be able to find the answers easily? The right partner will continually provide detailed insights into your performance and will be easily accessible when more information is needed.
Great cultural fit.
Just as you evaluate a job candidate’s cultural fit before approving a new hire, it’s also important to consider how well an RCM partner will work with your team. The better the cultural fit, the better the experience for staff as well as patients—and the stronger the results. Consider scheduling an onsite visit to the potential partner’s site where your RCM work will be performed to meet team members face to face and experience the organization’s culture and working environment first-hand. This is especially vital if these team members will be calling insurance companies and patients on your behalf. It’s also important to determine whether a dedicated team will be assigned to your account or whether your account will share resources with other practices (and how many).
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Pulse Revenue Cycle Management supports your practice’s financial functions with certified coders and collections experts. Learn more about PulseRCM.