We’ve recently explored the transition process from internal billing and collections to outsourced revenue cycle management services. If your center is having issues impacting its financial health, you’re experiencing negative KPIs such as increased AR days and decreased revenue and you don’t have the time and resources to address these pain points, then it might be time to consider working with an external RCM provider. Understanding you most likely have concerns about this transition, it’s important to ask questions in order to get a better understanding of how the transition process works.
What are your areas of expertise?
First and foremost, seek to understand in what areas the external provider excels. Often, it’s a good idea to let an external provider handle all of the back end business office needs from managing payer care contracts to improving AR days, so you want to make sure they are an expert in all parts of billing and collections. You’ll also want to ask detailed follow up questions to ensure the organization’s knowledge and experience align with your needs to optimize the revenue cycle.
Can you describe and demonstrate the technology that you use?
These days it seems like technology advances at the speed of light, so it’s important that your external service provider have a solid understanding of the software and platforms they use. Being tech savvy is now a requirement for successful revenue cycle specialists, and it’s highly recommended that the billing and collections staff undergo regular training to ensure they are up to date on the latest technologies.
What is your hiring process?
To add to the previous question, it’s useful to learn about the outsourced RCM providers hiring process for their billing and collections staff. Regent RCM, for example, takes a well-rounded approach to hiring new employees. Candidates are required to complete a skills assessment in addition to undergoing an interview with the hiring team. Knowing that candidates are fully vetted to ensure they have the necessary experience, knowledge and personality will make any transition process significantly smoother.
Do you leverage reporting and analytics?
In order to measure progress, reporting and analytics tools are essential. Even more effective is a provider with real time management console capabilities that allows them to monitor KPIs against both industry standards and their own benchmarks. Because such a dashboard operates in real time, the revenue cycle specialist can instantly see when a problem arises and begin taking the necessary steps to find a solution.