The critical role of effective revenue cycle management (RCM) is unprecedented in healthcare. As multiple regulatory initiatives converge with existing demand for faster billing cycles and cost containment, provider organizations face a perfect storm of clinical and financial challenges.
As a result, practices must embrace new RCM models and best practices to improve patient collections. Although return on investment is a critical part of the equation, the choice to outsource is not always based on finances alone. Some practices make the strategic choice to go with an RCM vendor to improve staff productivity and morale.
Here are six questions to ask a third-party vendor — and one to ask yourself — if your practice is considering outsourcing its RCM.
Each practice’s situation is unique, so it’s important your RCM vendor is aligned with your goals.