Handling the Revenue Cycle Management, is a challenging process with high intricacy and nuances in every stage. It is an art by itself and like every art, it reflects the talent of the artist a.k.a. the coders and billers. When choosing an outsourcing partner, you are not just choosing a reputed company, but also choosing a team of people who will run your business for you.
When outsourcing your Revenue Cycle Management (RCM), the first step for a successful partnership is a successful transition. A smooth transition is what determines the direction in which your business will prosper and also determines the credibility of your business partner.
There are numerous criteria which a successful transition depends upon:
Communication is not just about language, it also includes building a good rapport between the team in-house and that of your partner’s. It is the ability to understand each other through creating a workflow system and establishing lines of communication. This ensures that you and your partner will be on the same page with every step taken.
The process of Revenue Cycle Management is same for the entire healthcare community but every practice is unique. From the software used to denial management and patient collection, the procedures vary within every practice. These procedures are what is usually learnt during the training period by the outsourced team. It is the responsibility of both, the in-house team to conduct proper training and the outsourced team to be tactful in understanding and adopt it.
This shows how smart and effective your outsourced business partner is. With training, your partner should come up with an analysis that can reveal the pain points in the process towards the end of the transition period. This can be reports on existing AR, errors in coding and data entry, percentage of existing quality etc., along with solutions that will address these pain points. Identification of other inefficiencies in the existing process and revenue leakages, is very crucial to the health of the account.
One of the main reasons for you to outsource your Revenue Cycle Management is to increase your revenue not just by reducing cost, but by increasing collections. During the transition period, it is simply a must for your partner to maintain existing revenue from the start and preferably show an increase by the end of it.
This is the time taken by your business partner before starting to work completely on their own, without the help and guidance of your in-house team. Every practice has a different transition period. Some require a very small duration… as less as 30 days, while some may require a transition period of 180 days. This is determined and mutually agreed upon, depending on the type and size of the practice, the volume, the scope of RCM outsourced, etc. At the end of the transition period there should be an established operating methodology that would be followed for the foreseeable future.
These are some of the important criteria to look at during the transition of your Revenue Cycle Management to your outsourced partner. It is necessary for you and your partner to draft a transition model that would clearly define the process and the outcome or the desirable results, that you would want to achieve at the end of the transition period. This not only helps you keep track of your partner’s quality of work, but also gives you the opportunity to identify lags in the process and rectify it.
At Quintessence, we believe a successful transition is what decides the long-term relationship with our client. Our smart technologies and tools are created for faster billing process, hereby allowing us to have transition periods shorter by 60-90% than that of our competitors. Our account managers are unique just for your business so that they are readily available to step up and resolve issues at the earliest. We at Quintessence won’t let your cash flow blow, because our SLAs promise a minimum of 50-60% increase in your revenue by the end of the transition period. We’ve got you covered at every step along the way.
Choosing a reliable outsourcing partner is as such a big change and rather a very anxious decision. Contact us if you are looking for a worry-free outcomeshoring partner.