5 Factors to Consider When Choosing a RCM Vendor
Optimizing financial workflows is incredibly important in this age of value-based payment models. With common issues such as frequent staff turnover or the implementation of inefficient processes, many healthcare organizations are realizing outsourcing RCM tasks is the best move for their long-term financial success.
Not only does an outsourced RCM service take away the stress of day-to-day billing responsibilities, but outsourcing is a very cost-efficient option, making it an attractive idea to even the most budget conscious healthcare organizations.
But if your practice or organization has made the decision to outsource its RCM tasks, what's the best way to assess the multitude of RCM vendors in the industry?
Consider the following five factors to determine the best RCM solution for your organization:
1. Examine costs of an RCM vendor to ensure a positive ROI
Choosing an affordable RCM vendors is important, especially for smaller organizations that have tighter budgets. Breaking the bank on a third-party RCM service doesn’t make much sense if the organization is trying to optimize financial workflows.
However, as long as the vendor is able to enhance collections and improve revenue, the ROI should more than cover the cost of a vendor.
2. Choose an RCM vendor with plenty of experience
The healthcare industry isn’t for everyone. Experience is an even more important factor if the practice is in a rare specialties, which is why in-house billing and RCM can be attractive to ambulatory practices.
RCM vendors with a personable, knowledgeable approach to medical financial workflows as well as evolving industry and compliance issues will vastly outperform other vendors without much healthcare experience.
3. Look for an RCM vendor with a quick turnaround time
The amount of time it takes dealing with payers and stakeholders is crucial to the success of any RCM or billing department. The quicker an RCM vendors is able to work with all of the parties involved in the billing process, the faster an organization is able to be properly reimbursed for their services.
4. An RCM vendor should provide detailed reporting
Any robust RCM system should provide valuable reports to the healthcare organization on a regular basis. Not only is this valuable for the organization to see and track its financial and billing progress, but it’s also important for keeping the third-party vendor accountable in measuring up to its promises.
5. Quality customer support is crucial for outsourcing RCM
As with any vendor, quality customer support is crucial to overall satisfaction. To best assess the quality of support with a vendor, be sure to scour online review sites for industry feedback. If a decision on a vendor has already been made, analyze how personal and through the training and implementation periods are for the organization.