Choosing the right RCM partner can be a tough decision. The right RCM partner is crucial for maintaining growth and for navigating through all of the changes happening in the healthcare landscape, such as the transition to alternative payment models.
Many are choosing to outsource their revenue cycle management services for improving performance. According to a report by peer60, there has been a substantial growth of healthcare organizations who want to outsource their revenue cycle management services. From a report by Black Book, the market for the outsourcing of revenue cycle management services is anticipated to increase by 42% between 2016 Q4 and 2019 Q1.
RemitDATA recommended eight items to assess when choosing an RCM partner to make sure organizations are aligned with the most suitable RCM partner for their needs.
1. Comparative Data Access
An RCM partner that can provide internal and external data helps the organization compare their performance with similar organizations, giving them a better understanding of where they stand. It helps organizations to know if a specific RCM issue they are facing is across the board with other organizations, or if the issue is specific to just themselves.
2. Real Time Data Transparency Access
It is also recommended to choose an RCM partner that can provide data in real time, making it easier to understand trends and to see if issues are relative to a certain time and if they affect just your organization or is happening across the market.
How the data is given is also important – is the data easy to read and easy to understand? Quick and simple data in real time makes it easy to analyze and also easy to share within the organization.
3. A Proactive Denials Management System
Having the ability to identify problems and resolve those problems is a good trait for an RCM partner. The right RCM partner has a good system with teams of experts to understand the root causes of issues of issues and who are able to resolve the issue quickly. Besides understanding and fixing the issue, the RCM partner should be able to prevent the issues from happening again.
4. Track and Monitor KPIs
Helping organizations to stay on track by identifying key performance indicators (KPIs) and monitoring those KPIs is essential for a good RCM partner. KPIs help organizations find their top issues by ROI, which helps organizations to zero in on those important issues to see a quicker return.
5. The Right Staff Mix
The right RCM partner has a workforce that works in tune with the organization, complementing the areas in which the organization needs the most help.
6. Cohesiveness in How Business is Done
In order to make sure the organization’s way of doing business is not negatively impacted, the right RCM partner understands how the organization operates and works together with them to do business in the right way.
7. The Integration of Technology
Part of picking the right RCM partner is making sure their technology will interface with your organization’s current system. Having technology that is integrated together will save time and work during the onboarding process.
8. Contact Term Agreement
Being on the same page in regards to performance goals and contract terms helps to make a great RCM partnership. The key part is to not only be successful in improving performance from the beginning, but to provide continuous success.
Read the original article from Becker’s Hospital Review here.