Are You Using Multiple RCM Vendors to Satisfy Your Revenue Cycle Management Needs?

Revenue Cycle Management (RCM) solutions are beneficial to healthcare providers looking to maximize reimbursements, boost staff productivity and improve the overall patient experience. However, if you’re using multiple RCM vendors and still not getting the most dollars out of your claim reimbursements, there are supplemental solutions available to reclaim lost revenue and enhance the overall performance of staff and patient experience.

Is Your Current RCM Vendor Reliable?

It may be difficult to pinpoint exactly what’s causing setbacks in your revenue cycle management process. Multiple factors can affect the overall workflow and cash flow of the organization. Red flags to look for in RCM vendors today include the accuracy of data provided, ease-of-use for office staff and turnaround time for filing deadlines. Also many offices and their staff will get stuck in their day-to-day routines with inefficient processes, leading to a negative financial impact on the organization from claim rejections, denials, and write-offs.

If an RCM vendor is providing stale data to the healthcare provider for patient identification, a domino effect of subsequent obstacles will occur in the downstream revenue cycle management process. Stale data may include name misspelling, outdated mailing address, incorrect date of birth (DOB), expired insurance and many more. These issues interrupt the staff’s workflow, by creating necessary manual rework and lost time to focus on other priorities. For example, an outdated mailing address leads to returned mail. Thus, medical office staff must track down the most updated information and resubmit. This may lead to delays in payment or even write-offs from missed filing deadlines.

How To Find the Right RCM Vendor?

A common fear when searching for a new solution or RCM vendor is an interruption in the day-to-day operation. Many times, it is a difficult decision for organizations to completely change their processes to implement a new solution. However, enhancement solutions such as intelligent verification can work in tandem on both the front-end and/or back end of the revenue cycle to improve the overall performance. Intelligent Verification automates patient data by matching the patient’s identity to their insurance information. This solution uses smart technology to take the guesswork and hassle out of healthcare providers’ daily operations of chasing down patients for missing information or calling payers to verify insurance status. An RCM vendor should make the provider’s daily work easier, not more difficult. By taking the workload of medical staff and automating patient data, it will boost productivity for the organization and drive cash flow.

In today’s economy, it is crucial to have a reliable RCM vendor with the appropriate systems in place to automate patient data and insurance information. Healthcare organizations are operating with less people and cannot afford to hire staff to solely rework claims. Fortunately, there are solutions available to fix these inefficiencies in the RCM process without affecting the entire workflow.

For more information regarding how to choose an RCM vendor that works for you, request a discussion with one of our experts today.