Once you’ve concluded that outsourcing billing is right for your medical practice, you have another important decision to make: Who to hire as your revenue cycle management (RCM) partner.
Choosing the right partner is one of the most critical decisions you will make for your practice. The RCM partner you choose will be responsible for timely reimbursements, minimizing claim denials, and streamlining your billing processes, so you want to make sure you pick a reputable, trustworthy partner.
Keep reading for tips on how to evaluate key factors when choosing the best medical billing partner for your healthcare practice.
Understanding your revenue cycle management needs.
If you’ve come to the conclusion that it’s time to outsource the billing tasks for your practice, it’s likely because there are certain efficiencies you want to achieve.
As you begin to evaluate RCM partners, have the challenges you’re trying to address, gaps in your current billing and collections process top-of-mind and budget. This will help you identify if you need specific services or a full-service medical billing partner.
When searching for the right RCM partner, evaluate their offerings and experience specific to the challenges and process gaps you’ve faced.
Evaluating industry experience and expertise of a potential billing partner.
Because billing is such a pivotal aspect to your practice’s success, you need to ensure the RCM agency you choose to work with has the experience and expertise necessary to successfully manage your billing tasks.
Each specialty within the medical field requires specific knowledge from a billing and compliance perspective. Seek out partners who have experience working with medical practices in your specialty area.
As you’re evaluating potential billing partners, see what others are saying. You can do this by looking at the testimonials on their website, their Google Reviews, and their Better Business Bureau score. As you go through the evaluation process, you may also ask if they have any client contacts that’d be willing to speak with you.
Identify trusted partners who have experience partnering with practices in your specific specialty area.
Considering your potential RCM partners’ technology and integration capabilities.
Technology plays a crucial role in revenue cycle management. A good medical billing partner should offer advanced, secure and scalable technology that enhances efficiency, reduces errors, and seamlessly integrates with your existing electronic health records (EHR) and electronic medical records (EMR) systems.
A reliable RCM partner should also be able to provide access to analytics and reporting so you can make informed decisions. This includes KPIs and detailed reporting to help identify inefficiencies, and predictive analytics to optimize financial strategies.
Seek a technology-driven RCM partner that maintains the highest security and compliance standards.
Evaluating RCM agencies’ pricing models.
A great billing partner can propel your medical practice forward, but of course, it’s something you have to invest in. As you’re evaluating partners, consider what their cost structures are – percentage-based vs. flat fee – and how that aligns with your financial goals.
Also consider how these RCM partners justify their cost in terms of reduced outstanding AR, revenue improvement, and operational efficiency. After signing on with the partner you selected, you should be able to confirm the partner’s worth with analytics and reporting.
Make sure the pricing model of the RCM partner you’re considering aligns with what they can deliver and your financial goals.
Acknowledging if the vibe is right.
While you want an experienced billing partner who has been trusted by others, you also need a partner that you can work with.
As you are communicating with prospective RCM agencies, take note if their communication styles align with yours, if you naturally have good rapport and if they’re proactive in reaching out to you. Also consider their team structure and the level of personalized support you’ll receive.
Make sure the partner you select passes your vibe check – meaning their communication style matches your preferences.
Selecting the right RCM partner can have a lasting impact on the financial health and operational efficiency of your medical practice. Fill out the form below to get access to a worksheet to help you evaluate potential billing partners.
RCM Partner Evaluation Worksheet
Are you ready to see if Tyrus Health is the right RCM partner for you? Contact us today!
