With numerous competing priorities in today’s evolving healthcare landscape, many organizations are turning to outside support for revenue cycle management (RCM). Demand for RCM outsourcing is especially increasing among physician practices as they seek to meet the requirements of MACRA and other value-based payment programs.
Often times, however, organizations end up feeling as though they’ve lost critical insight into one of their most important assets—their finances. When practice leaders and RCM vendors don’t communicate effectively, both sides miss key opportunities to become true partners in boosting revenue cycle performance.
Establishing a collaborative partnership requires both parties to truly work hand-in-hand from the start of the relationship. Here are three keys to success:
Following unsuccessful partnerships with previous RCM vendors, Reclaim Physicians Medical Group, a multidisciplinary, regional physician group based in Dallas-Fort Worth, turned to Pulse for revenue cycle outsourcing services. While the practice was in need of a financial jumpstart, the level of expertise and collaboration Pulse brought to Reclaim quickly became apparent to staff and leaders. Pulse introduced staff to best-practices that helped to optimize workflows and provided real-time access to RCM data, generating excitement around the progress Reclaim made while also empowering staff to pinpoint opportunities for improvement and act upon them quickly.
The next post in this series will debunk the next biggest myth in RCM outsourcing: RCM support is only for billing functions.
Finding the right partner for RCM outsourcing is critical to optimizing revenue cycle performance. To learn more about how Pulse can support revenue cycle services for your practice, visit here.