Many healthcare service solution based organizations are turning to revenue cycle management (RCM) vendors and their high-tech software applications to help them achieve consistent profits. The demand from home health, physician offices and hospitals has resulted in a consistent stream of new RCM companies providing these services. But how do you decide on the RCM platform that’s right for your healthcare operation? Here are the top five things to look for in a revenue cycle management provider.
1. Comprehensive and Customizable Applications Are Priority
One of the first things you should look for in a revenue cycle management provider is a full range of RCM components. Depending on your organization’s size, your current staffing and your top priorities, you may need a customized application that is just right for you. A company that offers an all-or-nothing approach won’t have the flexibility to meet your specific needs. In addition to all-payer claims and remittance processes, you may need physician scheduling Medicare eligibility verification at some point. Ideally, you want to choose an RCM vendor who can help you identify your needs and then be equally happy to partner, consult, co-manage, or fully outsource their revenue cycle management. Plus, if you start small, you want a provider who can easily add on the services you need as you grow.
2. Tech and Security Differences
Rapid technology changes are common in healthcare. You’ll want to make sure you hire a revenue cycle management provider who offers the most productive and efficient technology, including cloud-based software that’s reliable, easy to use, and connects to your existing software. You’ll also want a vendor who stays ahead of changes in technology, modifying their products to bring the best to their customers.
3. Trust and Transparency
Your revenue cycle management provider will be critical to your organization’s overall success. That’s why both trust and transparency are so important. Do your homework, read reviews, look at customer testimonials and business case studies. Investigate the company for how long they have been operating. Who are their owners? How involved are they in the industry? What is their financial health?
4. Effective software
When choosing a revenue cycle management provider, you want to make sure the automated processes implemented by the software are effective and easily customizable to your specific needs. That means your RCM platform needs to support rapid turnaround time for claims, as well as a low percentage of denied claims and a process for submitting those claims. With Credence Global Solutions and their world class software these issues are of very little concern.
5. Personalized Customer service training and Reporting
Get to know your potential providers and know the person who will be directly responsible for ensuring the success of your revenue cycle management program. Will that person run, analyze and review reports with you on a regular basis? Are they or other customer service personnel available 24/7? What is their level of expertise in working with healthcare systems like yours?
Discover the Difference at Credence Global Solutions
When searching for the best revenue cycle management provider for your physician practice, hospital or health system, consider Credence Global Solutions. We understand your goal is to maximize revenue and we have the processes and technology to help you do just that. Streamlining your workflows, avoiding coding errors, and reducing denials mean you get paid faster. Improving efficiency enables your organization to do what you do best to take care of patients.
