Get insight on some aspects you need to consider to find the right RCM partner to improve your medical practice, relieve your administrative burden, and ensure you get paid for your work.
Healthcare spending is increasing. Physicians are facing significant pressures due to a tighter labor market and increasing cost of care. At the same time, technology is transforming care delivery and cost of care.
Counting on a trusted RCM partner in this complex healthcare landscape can enhance your business and relieve your administrative burden. Choosing the right RCM partner is crucial for your practice to:
- increase revenue.
- improve processes.
- reduce costs.
- enhance the overall patient experience.
Having a trusted RCM partner can help you focus on your patients while leaving your RCM process in expert hands. However, finding an RCM partner who recognizes your needs and appropriately addresses your challenges can seem tedious.
Here’s a checklist of considerations to help guide your search and end up with the right RCM partner for your medical practice:
1. Expertise is Everything: Your RCM partner will be able to prove their experience and background in flawlessly managing the revenue cycle for their clients. Find a partner who is well-versed in handling issues as diverse as billing and compliance. If your practice specializes in certain medical services, make sure you find an experienced expert in RCM of that specialty or field.
2. Denial Handling & Claims Processing: Turning denials into payments is vital to RCM. Look for effective and timely denial management skills to enhance revenue and speed up payments. Your RCM partner should be able to support, recognize, and oversee trends in payments and collections, understand the root causes, compare data, and set action plans if needed to improve your process.
3. Technology & Reporting: Technology is constantly transforming the healthcare industry. Hire an RCM partner who can update you on the latest technology trends to smooth your processes and automate your workflows. Also, consider your reporting needs and how technology can match your data. A business intelligence (BI) platform can help you analyze your metrics and keep the pulse of your practice.
4. Practice Optimization: Your RCM partner should ensure your collections process is managed properly. However, it should also provide you with practice optimization practices to ensure all aspects of your practice work smoothly and efficiently. Remember that revenue optimization is different from practice optimization. Read more about this on our blog Practice Optimization: How to convert resources into revenue.
At Health Prime, we can help!
At Health Prime, we offer Prime Revenue. Our Revenue Cycle (RCM) solution takes a holistic approach to your medical practice, relieving you of administrative burdens and transforming complex revenue cycles from end to end. The results are increased revenue, reduced costs, process improvements, and enhanced patient experience.
Our unique process enables healthcare organizations to succeed financially by efficiently assessing, planning, and improving their practice operations. We manage your billing, coding, and claim submissions, so you can get back to what matters the most: your patients.
If you want to learn more about outsourcing your RCM process and how Health Prime can be your trusted RCM partner, email us at [email protected].
Subscribe to our Health Prime blog and stay tuned for all the latest updates. Learn how to improve your medical practice and ensure you are getting paid for your work.
