Choose the Right RCM Partner to Optimize Your Financial Performance
Your practice has finally made the decision to join forces with an RCM partner. Too much of your time and resources were being devoted to billing. Now you can focus on providing care for your patients. Well, almost. You have already figured out that outsourcing your RCM is the best business decision. There is still the question, though; who should I partner with for my billing?
Many companies of all sizes provide some form of RCM service. But here’s the thing – there is no one-size-fits-all solution. Selecting an RCM partner will depend on several considerations.
- Are you outsourcing all of your RCM or just a portion?
- How much revenue are you willing to share?
- What are your patient demographics?
- How important is personalized attention to you?
- How comfortable are you changing or adapting your technology?
Select a Vendor That Provides End to End RCM
It’s important to partner with someone who provides end-to-end RCM. You should do this even if your organization isn’t ready to commit to full-scale outsourcing.
Healthcare is the fastest growing industry in the country. Millions of people are seeking new providers because the old model of care is being replaced. On top of that, more than 75 million Americans are reaching retirement age, so the demand for specialized care will increase for the foreseeable future. You may not be ready to outsource all of your RCM yet, but chances are you will in the future.
Your practice is almost certain to grow. The in-house resources needed to stay on top of billing will grow too. When the time comes to migrate your RCM, you want to be certain your current partner can provide the service you need. Otherwise, you will have to find a different RCM partner. Working with an end-to-end RCM partner is the surest way to go.
Choose a Partner That Knows Their Technology
This is a really important consideration. Most RCM companies rely on third-party platforms for the successful delivery of their services. You want to ensure that your RCM partner understands what technology they are utilizing. One clear sign of this expertise is when your partner builds out a technology stack, where different applications interact seamlessly. This shows that they have mastery over managing different technologies, which is useful for training and education purposes.
One other sign to look for is the quality of support. When selecting a vendor, be sure to fully understand what kind of support and troubleshooting they provide. Technology causes problems sometimes, from down-time to disruptive updates. Your RCM partner should demonstrate they have the ability to respond to these events and support your organization without disrupting operations.
Work with Someone Who Has Experience with Your Specialty
Successful RCM is dependent on comprehensive knowledge of specialty billing. When considering an RCM partner, make sure they have experience working with your specialty. Your partner should demonstrate their knowledge of both ICD-10 diagnostic and CPT billing codes. They should also have a full-time team devoted to coding and credentialing. Look for organizations that have an emphasis on provider education and compliance.
Even if a company doesn’t have direct experience with your specialty, evaluate the experience they do have. RCM companies who have experience in multiple specialties, as well as ambulatory care, will likely be better equipped to learn the necessary codes to bill for your specialty.
Most Important: Partner with Someone You Can Trust
Choose an RCM partner, not a vendor. You want to work with an organization that shares similar values to your practice. During initial conversations, make some observations. Are they friendly and personable? Do they demonstrate knowledge and expertise? How committed are they to providing support and organization? Finally, do they seem like a company that you can trust with a significant amount of your revenue? An RCM partner should have all of these qualities. They should care about your patients as much as you do.
One other thing to keep in mind; how committed are they to customer service and patient experience? You want to look for a company that blends technology with people. If an RCM company doesn’t seem to focus that much on customer service, you may want to look elsewhere. After all, your patients will be interacting with this partner for their billing concerns. If they are not treated with empathy, respect, and understanding, it could sour their perception of your practice.
Choosing the right RCM partner can take some time and that’s okay. You want to make the best choice for your practice and your patients. have knowledge and expertise, and focuses on patient experience and service. Then you can have peace of mind and continue to serve your patients.