A survey report called “Top of Mind for Top Health Systems 2021” conducted by the Center for Connected Medicine and KLAS revealed some crucial facts about the upcoming revolution of technology in healthcare management. The survey pointed out that among all the areas of healthcare administration, health leaders are looking forward to significant innovative changes in revenue cycle management.
But on the other hand, most healthcare organizations back out when it comes to investing in advanced technology because of the huge cost and need for maintenance it brings.If this reason is holding you behind, you can resolve it without investing too much of your resources by outsourcing your work to competent revenue cycle management vendors.
Outsourcing medical billing has been there in the scenario for a long time. But with changing times, the role of revenue cycle management vendors is also evolving. What came across as simply handing out some part of work to other companies has now evolved into a solid strategic partnership.Working with the new-age revenue cycle management vendor means having a reliable extension of your own team with access to top-notch technology without investing on your available resources.Learn how the outsourcing market is evolving for the better.
How can Revenue Cycle Management Vendors help in innovation?
It is no surprise that revenue cycle management vendors have a set of traditional duties like taking care of medical billing and posting payments. But with time, they have stepped up their contribution to the medical industry. However, a healthcare organization should have the will to accommodate them in their regular workflow to reap the benefits. Here are some ways that the vendors can help in innovation:
- Investment:Top-notch technology comes at a significantly high cost. Incorporating the latest tools and innovations can be difficult when one organization is the single bearer of the costs. Sharing the resources with a partner can give you the same results at a much lower rate.
- Maintenance: You need expert specialists who are proficient in handling and maintaining the technology in place. This is a completely different domain from your regular in-house revenue specialists’ team. Vendors provide you with dedicated professionals with excellent analytical skills and technical knowledge to improve your returns on investment.
- Risk Sharing: When you have a partner to share the risk of the new technology with, you can be better focused on the latest modifications and take some bold steps to move forward. The vendor contract only gets renewed when you are satisfied with their job. So it is needless to say that trusted partners make every effort count of making your revenue cycle management a success.
Outsourcing v/s Partnership
When it comes to revenue cycle management vendors, the lines between traditional models of outsourcing and a partnership can get a little blurry. Here is how you can differentiate them.
In traditional outsourcing, the contract is more straightforward and based on particular tasks that the vendor needs to complete.
In the case of a strategic partnership, there should be a customized goal-centered approach to the work.
Usually, there are no hard and fast terms pertaining to technology and innovation in the case of traditional outsourcing. The terms mainly focus on getting the work done.
Strategic partnerships move beyond getting the work done and look at more innovation-driven ideas to evolve the process for the better.
While both kinds of models have professional revenue cycle experts to complete the work, there lies a difference when it comes to handling the latest technologies.
General outsourcing partners are proficient in handling regular RCM tasks like medical coding, appeals processing, and payment posting. Innovative partners get a step ahead and apply superior technology like a customized AI-backed software tool to make sure your errors are minimized.
Strategic Partnership Model: How is it better?
- When you partner with an innovative revenue cycle management vendor, you benefit from a single source. This means that you need not manage several vendors at once, making the process straightforward and hassle-free.
- The vendors have the experience of handling different types of clients. Whether a large hospital chain or a small-scale clinic, you will get the benefit of the best practices of the industry.
- You need not invest in different AI technologies as an organization to manage your revenue cycle. Instead, you get a ready-made product with a professional team to handle it.
- Many healthcare organizations often step back from outsourcing their revenue cycle management,fearing loss of control over regular work.
- However, in the case of strategic partnerships, you get the finished work along with shared control of regular activities.
- You will call the cards when setting the objective and operational approaches.
- The vendor takes a step forward by offering you their customized product and shares the effect of its performance with you.
- While there are several AI tools that help you navigate through the revenue cycle management process, there are few which come with credibility.
- The vendor will display a proven record of their tool’s performance. In case any issue comes up in the workflow, they will share the risk of making it right so that you face minimum disruption.
How to choose the right revenue cycle management vendors for a partnership?
It can be daunting to choose the right partner among a huge list of vendors.Always keep in mind that you must choose one who will be the right fit for your organization. Do not follow a one size fits all concept. Here are a few tips:
- Discuss the issues that your current revenue cycle management is facing. Ask them how they can resolve them. You should keep in mind that you are looking for an innovative long-term solution, not a short-term one.
- Enquire about the customization options available in their plans or tools. This will make way for a good partnership.
- When it comes to technology, see if they have a proven track record of positive outcomes. Also,ask them about the kind of support they will provide for its long-term use. This might include staff training as well.
- Make sure that they are transparent about their ideas and how they are going to approach the specific needs of your organization. Every organization might have some particular issues that need delicate handling. So ensure that your prospective new strategic partner has the right team and tools to assist you.
Partners in Digital Transformation Journey
- A fruitful digital transformation journey is what every healthcare organization needs at the moment to deal with the regular manual errors.
- However, organizations need a considerable financial investment when taking the first steps towards advanced technology deployment in the system.
- Revenue cycle management vendors could be the most reliable partners when going for this step. RCM leaders invest in advanced technology or develop home-grown solutions to cater to the unique needs in medical billing.
- These new tools are competent enough to deal with the massive volume of claims and provider networks that the RCM companies deal with everyday.
- With a suitable technologically sound RCM company by your side, a healthcare system can make huge strides in their digital transformation journey without having to invest a significant amount into the system.
- Expert IT professionals with domain knowledge in healthcare digital tools will assist and support you to make your journey easier.
- This makes another good reason why you should opt for revenue cycle management vendors.
We hope this blog helped you to understand the changing landscape of revenue cycle management vendors and their roles in bringing innovation to the forefront. For more such interesting articles, please subscribe to our blog. Make sure you follow us on LinkedIn, Twitter, Instagram, Facebook, and YouTube to get regular updates on medical management and technology.