Ensure performance transparency in your medical practice to optimize your processes, implement action plans and succeed.
When you hire someone to do your RCM, it is important that it offers you performance transparency.
This means hiring a company or a person (depending on your needs) that is transparent with your data. And also ensures your data is accurate, reliable, and meaningful.
If you have performance transparency in your medical practice, it can allow you to detect areas of improvement and implement strategies in your business to optimize your practice, increase revenue and improve cash flow.
What happens if I hire a vendor that doesn´t offer me performance transparency?
Revenue cycle vendors (or even internal billing managers) that do not provide comprehensive insights into performance make it difficult for decision makers to enact performance improvement strategies and plans.
Unfortunately, all too often this is by design.
Let´s see how it goes:
Often times, vendors are more interested in protecting their own contract or service agreement than they are on delivering excellence for their clients. Not sharing bad news is a way of not being transparent with your medical practice. Clients should demand transparency from their vendor. Being able to detect if they made a mistake and how is your vendor working to fix it is essential.
Vendors do not like to share bad news. However, clients have the right to know if they made mistakes to demand actions from their end to optimize their workflows and deliver an outstanding customer experience to their clients.
The less transparent the problems are, the less likely you are to be critical of their work. By masking their own failings, billing companies are also masking problems created by practice operational failures and (even worse) masking problems created by payer errors and abuses.
How can I have performance transparency in my medical practice?
Performance transparency is the key to success.
Having a good reputable partner that provides you insights on your data and how is your medical practice trending is a good way to assure you have transparency in your business. An RCM partner will use specific and defined adjustment codes, instead of generic codes that fits into general categories.
This will help you understand what your data is showing and identify areas of improvement in your medical practice.
Another thing you need to consider is how much information your vendor is sharing with you. Some vendors just share basic information such as charges, payments, and AR. With this little information, your practice will struggle to get more and better information.
You might want to ask yourself: how much is my vendor sharing with me? Are they sharing my denials with me and the reasons behind them? are they sharing action plans to collect my older AR or to reduce my number of denials?
Health Prime´s providers that focus on these initiatives and work them with us usually see a 5-10% improvement in cash.
These are some things you might want to consider when you want to outsource or if you already did. You can also analyze this if your practice has its own internal biller. The biller should be working at that same standard and ensure you performance transparency in your data.
Health Prime Datalytics gives performance transparency on your medical practice´s data
Our business intelligence platform, Health Prime’s Datalytics, can help you monitor every metric on your medical practice and allow you to identify the reasons behind them. With the drilldown capabilities of Datalytics we can help you understand your medical practice’s story and how it is doing.
Trust and transparency are fundamental to business success. With transparency and trust, comes higher levels of performance. When medical practices partner with HP focus on transparency and frequent communications, authentic relationships develop naturally.
Know more about Datalytics: the RCM platform you need to know about and how it can help you have access to clear, precise and meaningful information about your practice that will allow you to implement effective strategies to improve cash flow.
At Health Prime, we are a partner, not a vendor. We are an extension of your medical practice´s office. We align with your efforts to convert your work into cash and optimize your processes.
If you want more information about how you can ensure performance transparency in your medical practice, feel free to email us at firstname.lastname@example.org. Set up a meeting with us to discuss how Health Prime can help you get your practice back in its prime.
Subscribe to our Datalytics blog for future articles and find out how to improve your medical practice, learn about our software updates and new features, and see how our analytics platform has had a tremendous impact on physician practice revenue cycle management.