It may be time to consider outsourcing your billing. By working with a reputable revenue cycle management provider, your practice can significantly improve operational and financial performance. But first, you have to choose the right provider! When exploring your billing partner options, here are the top 10 attributes to look for:
1. Reasonable Costs
Does the provider offer flexible value-based purchasing options that align with practice revenue cycle results? Watch out for ACO payment options that include recurring standard fees, and be sure to ask about start-up fees, termination fees, and data conversion fees.
Can the provider's services be tailored to your practice's requirements? A flexible service model means you can add resources when necessary and focus on enhancing-not disrupting- your current workflow.
3. Integrated Services
Does the provider offer integrated solutions that cover the full revenue cycle - both administrative and clinical functions related to patient services? After all, performance is based on more than just the ability to manage A/R.
4. Proven Results
Can the provider present actual numbers to support its success claims? Ask for case studies, testimonials, and metrics from real practices that demonstrate efficiency and financial gains.
Has the provider's service level been validated by an objective third party? Recognition from an outside organization, such as KLAS, is a good indicator of a provider's performance and reliability.
Does the provider have a team of both RCM and tech experts in place? A lack of true expertise can cost you patient care time. Make sure your provider takes a consultative approach to billing, with certified financial, technical, and practice management pros at the ready.
Is the provider HIPAA Compliant and does its solution support MIPS and ICD-10? You want a partner that is prepared to help your practice manage change and stay ahead of regulatory demands.
Does the provider give you complete access to your billing data-along with comprehensive reporting, and advanced analytics? Your practice should be able to maintain ownership of all billing data, with full visibility into A/R and other performance metrics.
Will the provider handle most or all processes electronically? To accelerate workflows and cut down on manual errors, it should be equipped to manage everything from electronic claims submissions and remittances to credit card payment processing.
Will the provider quickly resolve issues to reduce administrative strains on your practice? "Managing" denials and resolving them are two very different things. You want a partner who will take on challenging tasks for you - so you can focus on practicing medicine!
When you choose to outsource your billing, you get a team of certified industry experts, who are assigned to your practice and dedicated to helping you get the maximum reimbursement in the shortest amount of time. A reputable RCM Service takes all of the worries of owning and maintaining your billing off of your shoulders.
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