Managing RCM can be one of the most tedious and complicated aspects of running a healthcare business. If it’s taking focus off providing your patient’s needs, it would be smart to outsource some parts of the process to a revenue cycle assistance provider. These companies can help hasten reimbursement and substantially reduce revenue loss for your facility. Consider these tips for finding the right RCM partner for your needs.
- Determine what you need. Create a map of your billing tasks and identify areas your practice finds most challenging to perform. Is it in the account coding? Eligibility confirmation? Payer collection? Appeals? You’ll want an RCM partner that performs most of the functions you need so your revenue cycle can proceed on more smoothly.
- Evaluate your options. There’s quite a number of RCM companies out there owing to the current healthcare trends. Find out whether they conduct quality assurance audits, as this will give you the confidence that they strive for maximum compliance. Additionally, you should look at their level of experience. Ask your prospect RCM partner about how equipped they are for accurate eligibility verification.
- Interview references. As soon as you’ve narrowed down your options, conduct a reference check. Talk to as many references as possible to balance out opinions of past and present clients. You’ll see the company’s performance pattern during the course of the interviews, which is a good indicator of its reliability as a potential partner.