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The Checklist Before You Invest In A Revenue Cycle Management Tech

RCM tech started with the need to have an all-in-one Practice Management System and billing software. This has slowly expanded, and now, RCM tech covers everything from seamless communication, Automation, and technology-assisted audits to Machine Learning and Artificial intelligence too. Revenue Cycle Management companies don’t have a choice but to invest in RCM tech if they want to sustain and remain in business.

Did you know that automation in RCM operations has increased by 12% between 2020 and 2021? It is only predicted to increase further in the coming years.

Practices with in-house billing and coding teams need to up their games and ensure they either invest in RCM tech or join hands with third-party service providers with strong and upgraded tools and software that you can use.

If you are a healthcare provider who wants to either have a partnership with a tech-backed RCM company or get your own technological setup done, here is a checklist you should look at first.

1.Opt for scalable platforms
Let’s say you invest considerable money in adapting to a specific RCM tech that helps in automated coding. Right now, your team processes 1000 codes daily, and this tool is designed to handle this load. What happens when your workload increases or you expand the business, and suddenly your team is required to handle hundreds of thousands of codes a day? The tool needs to be scalable without complex changes required or delays needed.

Make sure to pick Revenue Cycle Management companies that understand the importance of scalability and ensure their products are flexible and moldable based on client demand.

2.Choose Innovators and not followers
Some companies recreate the latest and popular RCM tech products available and offer them to healthcare providers. Others like Quintessence always think ahead and act as innovators in the market. It is always a strength to work with Revenue Cycle Management companies that are innovators and not mere followers.

This way, you are always one of the first people in the healthcare industry to get access to the latest and not-used-before tools and techniques, and this may prove to become your most significant strategic advantage to grow as a brand.

The best way to do this is to do your research before you decide to make such an investment. Talk to the tech provider to understand their current and future projects in the pipeline and find out how much of their budget is spent on R&D every year. This would give you a clear idea of how important innovation is for the service provider.

3.Look for accurate and deep automation
This is very important when you buy RCM tech or work with Revenue Cycle Management companies backed by technology.
Automation is great, but the essence of the same is accuracy. What happens when codes are built automatically at insane speeds, but you end up knowing there was a problem with the basic algorithm that the automation was based on? Most of your claim codes would be sent in with errors leading to a drastic increase in the denials rate.

Automation is important, but it has to be accurate, deep, and well-thought-out. Talk to your service provider to find out how extensively the automation software is built. Know how the provider has arrangements to spot automation errors quickly and how instantly the errors are fixed. This is very vital to ensure automation is actually beneficial.

4.The ability to allow customizations
It may take millions of dollars to think, build, test, and maintain RCM tech. That’s why it may be easier for healthcare companies to partner with Revenue Cycle Management companies like Quintessence instead of trying to build their own tech solutions.

However, just because a service provider has invested extensively in a tech solution, you are not expected to use it as such. In many cases, the client’s requirements may be slightly different, and the tech needs to be tweaked to fit the needs.

Always work with providers who promise you such customizations. At the end of the day, RCM tech shouldn’t add more work to your team. A lack of customizations may require you to make multiple internal process changes to match the tech, and that is not a sustainable solution in the long run.

5.Ease of implementation
Let’s say you decide to buy or use of specific RCM technology solution from a third-party provider. This tech will be integrated into your existing RCM operations to make billing and coding efficient.

Now, what would you do if these Revenue Cycle Management companies told you that it would take a week for the whole setup to be complete, and you may not be able to use your existing platform for that period fully? Disrupting existing processes or causing delays in the operations may lead to huge revenue losses and stagnation, which could backfire.

RCM tech needs to be built in a way that implementation is instantaneous, seamless, and can be done without disrupting existing workflow.
Also, the third-party service provider cannot expect your team to go through months of intensive training just so they understand and use the product. You should expect a new product to provide the tech in a straightforward manner and ensure usage and implementation are fuss-free and simple.

As an RCM tech provider, Quintessence offers healthcare providers everything they need, technology-wise, to strategize their RCM operations, tighten and streamline the processes, and grow holistically as a brand and a practice. Revenue Cycle Management companies need to be ready to become tech partners for healthcare practices if they want to sustain themselves in the market in the future.

Apart from handling RCM services, such service providers need to invest in tech R&D and provide upgraded solutions that make a quick and dramatic difference in operations for medical practices.

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