How To Choose the Right RCM Company
Revenue cycle management (RCM) is the backbone of a healthcare organization’s financial health. From capturing charges for services rendered to ensuring proper coding and collecting reimbursements, a well-managed revenue cycle is crucial. Often, the best way to reap the benefits that come with it is to partner with the right RCM company.
Why revenue cycle management is important
Efficient RCM translates directly to an organization’s bottom line, leading to a higher clean claim rate and collection rate. Through accurate and timely claim submissions, healthcare providers experience faster reimbursements and improved cash flow. Beyond the bottom line, a strong RCM assessment and implementation reduces administrative burden and allows for more time spent focused on patient care activities.
Revenue cycle management challenges
Navigating the complexities of medical coding and billing regulations is a significant challenge. Adding to this complexity are the nuances of dealing with different health insurance companies and plans, verifying patient eligibility, obtaining prior authorizations, and handling denials and appeals. Managing the revenue cycle requires full-time diligence. Instead of hiring in-house staff, many organizations are choosing to delegate to an RCM company capable of overseeing every critical variable.
How to evaluate an RCM partner
Finding the right partner to manage your revenue cycle is imperative. Here are some key factors to evaluate:
Choosing the best RCM company
When selecting an RCM company, don’t neglect the intangibles. Consider the cultural fit, current/past customer references, and core values. By carefully evaluating potential partners based on the criteria outlined above, you can ensure a successful partnership that delivers improved financial performance, streamlined workflows, and better patient experiences.