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 make sure 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.
In this complex healthcare landscape, counting on a trusted RCM partner 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 addresses your challenges appropriately can seem like a tedious task.
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 managing the revenue cycle flawlessly 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 RCMof that specialty or field.
2. Denial Handling & Claims Processing: Turning denials into payments is a vital part of 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 keep you updated 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. Having 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 make sure your collections process is being managed properly. However, it should also provide you with practice optimization practices to ensure all aspects of your practice are working 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 – Health Prime (hpiinc.com)
Let us know how 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 financially succeed by efficiently assessing, planning, and improving your practice´s 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 know more about outsourcing your RCM process and how Health Prime can be your trusted RCM partner, feel free to reach out to [email protected] to set up a meeting with us.
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