Revenue cycle partnerships are usually viewed through the lens of analytics, health tech, or processes. But when you ask the retired vice president of a leading healthcare organization, the answers are completely different. In an interview with Becker’s Hospital Review, Nola Wyatt from Ascension, shared what to look for in a revenue cycle partner; communication, commitment, shared goals and adaptability
At SolvEdge, we go above and beyond to foster long-term working relationships with our clients. In a sense, these are the lessons we’ve learned from the front-lines as well.
Communication forms the cornerstone of all business relationships. It is important to become one team and work towards shared outcomes from day zero. A successful revenue cycle partnership is the result of clear and consistent communication.
To understand the unique business challenges and growth opportunities of clients requires deep understanding and empathy. A level of understanding that goes beyond business contracts.
The revenue cycle of healthcare organizations is usually hamstrung by complex and recurrent issues.
Detailed and clear communication paves the way for not just a successful client-vendor partnership but an effective revenue cycle as well.
Provider organizations take a huge leap of faith in outsourcing their revenue cycle. According to a report by consulting and technology firm, Crowe, hospitals that outsource their RCM see higher claim denial rates. From being the panacea to ease cost and resource burdens, the RCM vendor can become an additional cost for hospitals grappling with tighter margins and regulatory pressure.
To partner with the right RCM vendor it is essential that there is a sense of shared vision and purpose. Finding a partner who is a good culture fit is essential for long-term success. Shared vision, aligned values, and a revenue model that has risks and rewards for both parties helps in enabling the best outcomes for all.
One of the key benefits of working with a revenue cycle partner is that is the ability to scale quickly. As the RCM setup is decentralized and flexible there is more space to expand into different geographies without the constraints of increasing headcount and managing multiple teams. It fosters greater operational efficiency.
Aside from trust and transparency a key non-negotiable factor when partnering with a vendor is strong commitment to scale according to business needs.
A committed revenue cycle partner provides the foundation needed to explore newer practice areas and paths to revenue. Consistent bench strength provides the much needed access to scale.
Large health systems have a presence across different States. The reimbursement regulations and county programs of each State is different. A revenue cycle partner who has expertise in diverse markets has the ability to flex the standard management model to adapt to newer market rules and demands.
The capability to nuance existing operational models is critical to capture revenue opportunities.
Access to a centralized talent pool
Ability to offer advanced revenue cycle technology
Lower overall cost structure
Previous record of working with similar organizations in terms of speciality and scale.
Clear contingency plans
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