How to Assess Revenue Cycle Management Companies

Do you intend to outsource your revenue cycle management (RCM) services to a third party? Increasing financial demands on physician groups are driving them to consider outsourcing solutions. Outsourcing is nothing new, and organizations both on- and off-shore are flooding the market with thousands of possibilities, one of which may be suitable for you.

Making the appropriate pick is critical; otherwise, you may have to go through multiple medical billing company providers before finding the right one for your specific billing circumstance. Comparing suppliers on pricing is simple, but are you prepare to analyses other variables in the billing arrangement that reduce the overall cost to your group?

There are numerous options and pathways to take, but before you do, you should consider your values, practice objectives, and how involved you want your vendor to be in both. Consider the following factors when selecting which path is best for you:

Practice Consultants or Practice

The term “partner” often overused, but the underlying concept is a vested interest in what the other partner hopes to achieve. It is simple to become vest as an top revenue cycle management companies. Because most organizations charge a percentage of collections, the more money you make in your business, the better. However, what are the practice’s objectives?

Companies in the market today range from small neighborhood shops to giant publicly traded multinational corporations. In most circumstances, pricing does not vary greatly; after all, billing has long been a commodity. However, recent developments in healthcare have resulted in a more focused concept of outsourcing. While some organizations may merely provide services (doers), others will have billing professionals serve as the de-facto billing manager for your practice. Keeping costs low entails removing the fat from your organization, and office administrators and billing office managers are a luxury that is simply not affordable in today’s economy.

Consider how you will manage your RCM process and monitor the performance of your practice. You established the goals; will you keep track of your progress?

Could you please contact me?

If you have or had the privilege of having your own billing office, especially one in your physical location, you could run down the hall and discuss any concerns with the billing crew. You may arrange weekly or monthly meetings with your billing team to discuss results, trends, and indications that help you stay on track with your goals.

How crucial is it to be able to keep track of your practice’s financial performance? If you want to be in the loop and in control, you must maintain the same relationship and meetings with your service provider. Your billing business should have specific contacts who will go through performance and key indicators with you on a regular basis to ensure that your practice’s performance does not stall.

If things are going south, you should be able to make the decision that will turn things around. How will your difficulties be resolved if you don’t have clear representatives who will go over that material with you?

Even if you have a clear point of contact for regular discussions, it may not be enough. What about your everyday concerns? We never know when an issue will arise, and in emergency situations, will there be someone on the other end of the phone who can assist? When comparing billing service providers, consider what you want to do in the event of an emergency. Will you have personnel “in-house” to solve problems, or will you rely on your billing vendor?

Off-Shore vs. Domestic Operations

Off-shore firms are rapidly acquiring US billing companies, according to industry trends. This is a trend that is likely to continue. The prospect for expansion in the outsourced sector is dramatically improving, but US suppliers no longer have the human resources to cater to client needs. Because of this difficulty, offshore enterprises have become critical contributors to the revenue cycle management process. When it comes to the on-shore versus off-shore issue, the most crucial thing to consider is if travelling overseas compromises your principles.

If you don’t trust the off-shore vendor’s ethics or are doubtful, stay away. Even if the price is appropriate, the feeling of surrendering your ideals may be too much to bear. If you are comfortable working with an offshore vendor and are exploring the idea, make sure you do your homework. Who will you be speaking with on a daily basis? Who will be your point of contact in the event of an emergency? Will they be able to accurately and speedily answer your questions? There are fantastic organizations out there with wholly or largely offshore operations, and the talent they hire is remarkable. Others, on the other hand, may lower pricing solely to earn your business, and recognizing what is more important to you will help.

Billing Services, Complete or Partial

There are numerous billing service providers on the market, and many of them specialize in specific aspects of the revenue cycle management process. Some are better coders than others. Few billers are better than others. Some are technically deserving. Some of them are not. Many have a combination of both, and even fewer have all of the required components.

Make a list of everything that needs to done and which pieces are left over. Then decide who will be in charge of the remaining components. For example, who is in charge of answering your patients’ calls when they have issues regarding your bills? Can your front-desk employees handle that level of responsibility?

Patient balances are an important component of your practice’s collections. Resolving patient balance difficulties as soon as possible can determine the success of your practice. Find out what information your service provider tracks and how the information they collect can aid your business if they can provide this service. Any opportunity to connect with your patients will provide you with the feedback you require to construct a superior patient service experience. Where else in your revenue cycle management process is this critical to you?