Managing your company’s revenue cycle is a time-consuming task and directly contributes to the financial health of your business. Whether you are experiencing an increase in denied claims or a high rate of staff turnover, your bottom line is feeling the strain.
Before you connect with a consulting service, it is important to prepare yourself, so the process is efficient, and you find the right partner to meet your needs.
Conduct an Internal Audit
It is important to take your time and review the most critical needs in your business. Assess each function of your company and identify where workflow, revenue, or processes lag. Ideally, you will want to consider the areas of your revenue cycle impacting your bottom line. Even one area, such as billing, denied claims management, or patient collections, can decrease cash flow if not maintained properly.
Choosing the Right Revenue Cycle Management Partner
When researching firms, asking the right questions will help you determine if a future partner will meet the specific needs of your company. The faster you can make an informed decision, the sooner your processes and cash flow will improve. Consider the following topics before meeting with a consultant:
1. How Soon Will Claims Be Reprocessed?
If you struggle with unpaid or denied insurance claims, you will need a timeline for how soon your consulting firm will begin reprocessing claims. It is important to know if any factors, such as staff training, will impact the initial turnaround for reprocessing.
2. What is Their Experience?
Ideally, the consulting firm you choose will have employees with first-hand experience in revenue cycle management. In order to best fit your needs, an optimal partner will have successfully worked through similar billing problems with other clients.
3. What Services Do They Provide?
A seasoned and knowledgeable consulting team will be familiar with all aspects of RCM, even if they will not oversee all areas of your company’s revenue cycle. A firm may exclusively offer claims management or patient collections, but not coding services. Find a company that offers exactly what you need to help your business.
4. How Will the Partnership Increase Your Revenue?
Ultimately, you are considering a consulting partner because your bottom line is suffering, and you wish to spend more time focusing on patient care. A reputable and experienced third-party management team will have case studies and a proven track records of helping other providers like you prioritize their business needs and increase revenue.
5. Will They Communicate Regularly?
It is important to know all aspects of your business, even if part of your RCM is managed by a third-party. A consultant should provide regular reports and communications in order to exhibit how their work has improved the financial health of your facility.
Outsourcing your RCM is not an easy decision, but the best company will address any concerns quickly and confidently. ZMark Health is ready to answer your questions – and more – to help your business grow and give you peace of mind.