With operating costs on the rise, finding the right partner to manage your facility’s revenue cycle is essential. However, it’s hard to find a partner who knows what they’re doing and can be entrusted with the financial security of your business.
In addition to it being difficult to find people with the right expertise, turnover is often really high in revenue cycle management (RCM) roles due to the niche subject matter, required qualifications, and the nature of the industry. Plus, recruiting experts for your healthcare revenue cycle management will only add to the fixed cost of a surgery center, which can impede cash flow and hinder profitability.
What 4 things should you look for in a healthcare revenue cycle partner?
Here’s what you need to look for to find the right partner for your healthcare organization’s revenue cycle management:
1. ASC Industry Expertise
You need a partner with the right expertise in healthcare revenue cycle management—not just someone who knows how to work a health information system. In other words, you need to partner with someone who has real insight into the nuances of both healthcare revenue cycle management and the ASC industry as a whole.
When you’re searching for a revenue cycle partner, you should evaluate each candidate’s related experience and career path to determine whether they have the industry know-how to confidently put your ASC’s revenue cycle in their hands. That means choosing an RCM partner with certified billing experts who keep up with the latest coding changes, which can ultimately make the difference between a successful claim and a rejected one.
2. Strategic Approach to RCM
Each healthcare organization has unique needs and goals when it comes to the direction they want their business to go as well as their revenue cycle management specifically. As such, your revenue cycle partner should develop a customized, strategic solution to meet your specific needs as opposed to taking a one-size-fits-all approach.
It’s also important that your RCM partner views the ASC revenue cycle as a strategic function as a whole rather than just a commodity, necessary evil, or unavoidable expense of the business. Optimizing your healthcare revenue cycle management should ultimately be viewed as an investment in your business and future success.
3. Strong Leader and Trainer
Since turnover is relatively high in the ASC industry, it’s important to look for a healthcare revenue cycle management partner that’s a strong leader and trainer who can anticipate and prepare for process gaps as they come up. This way, you’ll always be ready for whatever is to come, regardless of whether you lose or retain key staff.
Additionally, your revenue cycle partner should also be dedicated to engaging in ongoing training and education to ensure you’re always abreast of the latest trends and best practices in the ASC industry. This is especially important in healthcare because the industry is so dynamic and ever-evolving in nature.
4. Collaborative and Transparent
Collaboration and transparency are other key considerations to keep in mind while searching for an expert in healthcare revenue cycle management. Your RCM partner should be as collaborative and transparent as possible, with a clear commitment to keeping you up-to-date on a regular basis via routine meetings and progress reports.
From day one, your revenue cycle partner should walk you through the steps in their process and the timeline for when they expect to have things done. Don’t be afraid to ask questions. For example, what are the estimated turnaround times for each step in the revenue cycle process, from the initial insurance eligibility verification to claims submission and payment posting? And what does that mean for your average AR days?
What makes Amblitel the best revenue cycle management partner?
Amblitel offers everything you need in a revenue cycle management partner and more, with the right people, systems, and processes in place to ensure your ASC thrives. When you partner with Amblitel for your healthcare RCM needs, you benefit from:
- Industry expertise
- Strategic approach
- Customized strategy
- Complete transparency
- Collaborative process
- Cost-effective function
Our revenue cycle management services help ASCs to maximize revenues, increase profitability, decrease expenses, reduce complexities, and speed up the time frame of the entire revenue cycle process. Get in touch to learn more about Amblitel’s healthcare revenue cycle management services.