Healthcare providers have to understand the benefits of outsourcing RCM. This lowers spending and focusing on value based care. However, you don’t just hire any vendor. You have to explore your options and evaluate your options. It’s important to do a background check on a vendor during the vetting process. Consider these 6 features that make a great revenue cycle management vendor.
It’s important for the agency to give you access to patient accounts, claim work, reporting, and revenue cycle activities in the software. You need a transparent vendor to get an accurate picture of how the process is goes. Inability to run reports on claims status puts you at risk of losing control. It’s important to use a centralized system accessible by the RCM vendor and your organization.
Performance Based Fee Structure
This is a reflection of how the RCM vendor delivers on their promises. The performance based fee structure allows credits and penalties according to vendor performance. With repeated poor performance, you can terminate the vender contract. The right vendor should met or exceed key performance indicators to give you good ROI. Ensure to have a contract that incentivizes the vendor for higher quality services. This will serve as a deterrent to risks.
Convenient Onboarding Process
The best revenue cycle management companies usually have a seamless transition onto their services. This saves a lot of time and effort. In the onboarding process, the service provider should offer onsite training to your staff. The appropriate training might include:
- EHR optimization
- Best practices training
- Best practices training
- Patient check-in best practices
- General revenue cycle management process
Additional Services Offered
Ensure to partner with a vendor offering a comprehensive list of products and services. This will make your cycle management more manageable. Ensure to understand what the vendor can offer your practice to negotiate a favorable contract. Lack of extra services limits your organization down the road. The best solution is to partner with an RCM vendor who is at par with industry trends, technology requirements, and challenges.
Denial Management Strategy
Before signing contract with an RCM vendor, ensure to check their denial management strategy. About 65 percent of denials don’t get corrected for resubmission for reimbursement. Ensure to verify that the vendor has a system in place to fix denied claims. Denials are caused by reasons such as insufficient or missing documentation to support payment for services rendered.
Schedule And Responsibility For Performance Reports Reviews
Effective revenue cycle management is backed by a competent staff to oversee the process. Therefore, the right RCM vendor should have competent and experienced staff monitor performance of your account. Additionally, the vendor should have an appropriate performance reports review schedule. The vendor should also have a mechanism in place to let you get in touch when something comes up.
It’s very important to partner with an RCM service provider who gives you confidence. The ideas above will help you choose a vendor who meets your requirements. Ensure to choose a vendor with an experienced and professional team.