Why is HFMA Peer Review Such a Big Deal for Healthcare Products & Services?

The hardest part of choosing a healthcare finance product or service is not knowing whether it will live up to the hype of the advertising. Companies are bound to talk a big game, but how can you be sure a solution is right for your organization and its unique challenges? That’s where HFMA Peer Review comes in.

The Healthcare Financial Management Association (HFMA) is made up of healthcare professionals and organizations from a wide range of fields. The HFMA’s objective is to provide its members with education, industry analyses, and practical solutions to improve the fiscal health of their organization.

HFMA Peer Review is a highly regarded designation granted to products and services that meet the sky-high standards of industry professionals who are on the ground and in the weeds, actively looking for real solutions to serious challenges facing the U.S. healthcare industry.

Companies with a product or service aimed at solving a healthcare finance challenge can submit a solution to the HFMA Peer Review team if it’s performing strongly and they think it will add value to HFMA members and their organizations.

The HFMA Peer Review process starts with an initial screening to determine whether the company is credible and the product fits the needs of HFMA members and aligns with HFMA’s own values.

If the solution passes the screening, the company provides HFMA with the contact information for 25 customers who have been using the solution for at least six months, plus five prospective customers who didn’t buy the product. These contacts will participate in an online survey, along with a panel of experts who make up the Peer Review team.

Guided by input from the company on the relevant expertise the reviewers should have, HFMA chooses up to six industry professionals for the Peer Review team, which participates in a thorough demonstration or presentation of the solution. Then, the Peer Review team and the company’s 30 contacts take a detailed online survey about the product or service.

HFMA compiles the results of the survey and produces a weighted score. The Peer Review team reviews the scores and all of the supporting documents to determine whether the product has earned the coveted “Peer Reviewed by HFMA” designation.

The Peer Review team, existing customers, and prospective customers who didn’t buy the solution evaluate a product or service based on four dimensions of excellence for the healthcare industry:

Does the product meet its stated objectives for effectively solving a problem? The security of patient health and financial information is critical in healthcare, and the HFMA Peer Review process emphasizes compliance with HIPAA and other regulatory standards. Companies that earn the HFMA Peer Review designation prioritize data security and strive to build accurate, reliable products that safeguard sensitive information.

Are the technical and customer support services for the product timely and effective? The HFMA Peer Review team and the existing customers who are currently using the product or service weigh in on the quality of technical support during and after implementation — and the timeliness and effectiveness of the customer support staff. Because the overall quality of any solution depends on proper implementation, training and ongoing support are high on the list of must-haves for any product or service.

Do the benefits of using the product or service meet or exceed its cost? From maintaining compliance and ensuring accuracy in medical coding to providing effective financial services and support to patients, healthcare systems need a solution they can trust from day one. The HFMA Peer Review designation shows that a product or service has been found to provide a return on investment for other, similar organizations using it.

Is the product accessible and user-friendly? From the very start of the search, decision makers want to know if a product or service is easy to work with — especially if it requires a complex integration with other solutions or it’s going to be used by a large number of staff members. The HFMA Peer Review designation indicates that the current users are satisfied with the ease of use.

By its nature, HFMA Peer Review helps healthcare organizations quickly vet a wide range of products and services. HFMA’s The Short List is a run-down of the products and services that have earned the designation, and it’s a great place to start the search for a solution.

But there’s more to it than just a stamp of approval by industry peers. The companies that offer products that earn the HFMA Peer Review designation tend to hold themselves to a high standard and value continuous improvement.

Because the HFMA Peer Review designation is typically valid for a one-year period, after which the product or service must be re-evaluated to maintain its status, companies have a strong incentive to continue seeking real-world feedback and continuously innovate to deliver the highest quality solutions.

This expectation drives companies and organizations to maintain a high quality of service, deliver effective healthcare products, and provide top-tier support for their customers. It also fuels the search for top talent and the development of sterling training programs to ensure users walk away satisfied.

When decision makers in a healthcare organization are tasked with finding a solution to improve financial management and operational efficiency, they don’t want to risk choosing one that’s ineffective or difficult to use. The HFMA Peer Review designation tells them right from the start that the company offering the product or service meets the HFMA’s high standards and that the solution has been used — and endorsed — by their own peers in healthcare.

TruBridge is an industry leader in providing data-driven insights and tailored solutions to hospitals, clinics, and providers. Applying a top-down approach to office management and RCM solutions in healthcare, TruBridge brings technological innovation to the table with our suite of products for healthcare organizations of any size. To date, we’ve earned the HFMA Peer Review for three products:

The Complete Business Office solution from TruBridge combines the expertise of highly trained RCM specialists and the TruBridge Revenue Cycle Management Product Suite with world-class billing and collection processes. Through this streamlined solutions bundle, which has earned the HFMA Peer Review designation for four consecutive years, healthcare organizations of all sizes can enjoy a healthy, reliable cash flow.

TruBridge offers the first and only HFMA peer-reviewed Medical Coding Services. Whether fully or partially outsourced, this service is ideal for organizations of any size and has a guaranteed 95% (or better) accuracy and quick turnaround times. It can be completely customized, and it’s a solid solution for both long-term partnerships and quick cleanup projects.

The TruBridge RCM Product Suite has earned the HFMA Peer Review designation for seven straight years. It offers offices a comprehensive approach to outsourcing revenue cycle management, improving claims management and revenue collection, from sending an eClaim to posting insurance remittance advice. With the power to accurately verify patient eligibility, manage denials, and correct claim rejections, the TruBridge RCM Product Suite enables organizations to receive every dollar they have coming as quickly as possible.

Due diligence takes time when you’re looking for a product or service to address specific administrative pain points in your hospital, clinic, or practice — but it’s time well spent. The last thing any busy medical facility needs is to purchase, onboard, and learn a new system only to find out it’s a dud.

HFMA Peer Review is a helpful metric for narrowing down your choices. You can rest assured knowing peer-reviewed products are tried and tested by healthcare professionals just like you, who have similar financial goals and RCM challenges — and who value usability and exceptional customer support.