Choosing the Right
Revenue Cycle Management Service Provider
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For success with revenue cycle management, healthcare organizations should choose a medical billing company that can understand their vision and work as their partner.
www.outsourcestrategies.com
Phone: 1-800-670-2809
Making the right decisions about revenue cycle management (RCM) is critical for any healthcare organization. Revenue cycle management solutions include everything from medical billing services, eligibility verification, patient appointment scheduling, claims management, claim denials management, and business analytics. Optimizing these business office functions is essential for financial success. According to a November 2015 Research and Markets report, the healthcare RCM software and service industry is expected to grow by 15.51 percent between 2014 and 2019. One of the main reasons why many healthcare organizations are considering outsourced RCM solutions is to ensure a smooth transition from fee-for-service models to value-based reimbursement. Medical billing outsourcing to a reliable vendor can do away with inefficient billing processes and declining claims reimbursement rates. With so many service providers the market, the big question is how to choose the right RCM vendor.
RCM Vendor Choice – Key Considerations Flexible solutions: According to a recent RevCycle Intelligence report, flexibility is a key factor to consider while choosing a RCM vendor. The company should be able to provide specialty-specific solutions. For instance, physical therapy centers have a unique payer mix and collection challenges compared to other specialties. This also applies to pediatric practices. These medical specialties need to partner with a vendor
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reimbursement. Size: Large healthcare organizations that have offices in different locations would have more operational and financial challenges. Managing these in-house can be really challenging. Medical billing outsourcing to a reputable company that can ensure the organization of a proper analytics platform is crucial to streamline operations and run the business effectively. Compliance with industry rules and regulations: Healthcare providers are also finding it difficult to navigate different payer rules, varying insurance policies, and changing ICD-10 and CPT codes while ensuring compliance with new claim submission requirements. Partnering with an outsourcing company that has expert medical coders and billing specialists onboard is the best solution in this scenario. All
www.outsourcestrategies.com
Phone: 1-800-670-2809
claims will be carefully scrutinized before submission to see that they meet payerspecific requirements. Vendor who can work as an extension of the healthcare organization: It is important that the vendor shares the same vision as the healthcare organization. The right RCM vendor would partner with the organization to understand its goals and implement customized strategies to achieve them. Provides RCM solutions at cost-effective rates: One of the main factors driving the demand for outsourced medical billing and coding services is cost. Healthcare providers choose to outsource RCM if implementing in-house solutions is costly and impractical because of space and resource constraints. A reliable RCM vendor is one that can provide services at cost-effective rates that save at least 3040 percent of their clients’ overhead costs. A reliable medical billing company would build lasting relationships with its clients by providing customized services to meet their specific requirements. They would be experts in working on any type of claims management software. By working closely with their clients, the right RCM vendor would build a strategic win-win partnership.
Outsource Strategies International 8596 E. 101st Street, Suite H Tulsa, OK 74133
www.outsourcestrategies.com
Phone: 1-800-670-2809