Amber Civitarese writes in Physicians Practice about what to look for in a revenue cycle management partner. She says, among other things:
“Thanks to healthcare reform and the resulting shift in payment models, revenue cycle management is in a state of transition. Accordingly, providers need more help than ever before when planning to outsource RCM. According to survey results published in peer60’s ‘Healthcare Revenue Cycle Management: 2015,’ providers’ concerns include adoption of alternative payment models as healthcare moves toward value-based reimbursement, lingering concerns over ICD-10 and reimbursement issues. Providers also pointed out issues they would like to see addressed, including a focus on improving the patient experience, improvements to point-of-service collections, and better coordination among finance, operations, and clinical teams to implement bundled payments. Many of these areas point to the need for proven data analytics solutions.
When looking for a potential RCM partner, evaluate the cost to collect, which determines your return on that investment. The ideal net collection rate should be as close to 100 percent as possible.