What do successful relationships have in common? A shared vision and a solid foundation based on commitment and transparency. A successful revenue cycle partnership is no different. At today’s strenuous financial period outsourcing the revenue cycle is a viable solution for healthcare organizations who are struggling to stay afloat.
It is a tough decision to outsource a key function of a hospital. Most financial leaders are wary of relinquishing control over their revenue cycle.
To achieve a successful revenue cycle partnership it is essential to collaborate on standard operating procedures and performance goals. Detailed and extensive reports on the revenue cycle are crucial to build trust and transparency. A workflow management software or productivity tracking tool can be utilized to set benchmarks and drive up financial performance.
Outsourcing to the right partner can in fact offer more granular reports that offer enhanced visibility into the revenue cycle and lead to greater control.
Process-specific reports of all major processes such as denial management and AR pave the path for tighter processes and better performance across-the-board.
Healthcare organizations can benefit from working with a revenue cycle company that offers flexible business engagement models. Fixed costs such as employee salaries and benefits place a financial strain on healthcare organizations operating amid tightening margins.
Partnering with a RCM vendor eliminates fixed costs from the revenue cycle. A variable cost structure offers greater flexibility and performance based business models such as paying a fixed percentage for each patient claim not only reduces operational expenses but also protects bottomline performance.
By managing the revenue cycle in-house healthcare organizations will have to shoulder the constantly high costs of maintaining a process that is cost and labor intensive.
A mutually healthy and long-term revenue growth partnership centers on shared and agreed upon financial goals. The goals must center around the future financial objectives and expected growth projections of the healthcare organization.
Focusing on pre-determined goals is the magic key that can unlock growth and a strong RCM partnership. When everyone is aligned around common goals, consistent financial progress is easier to achieve.
Ready to grow with a trusted partner?
Achieve your financial goals this quarter.