he Great Resignation has impacted the healthcare space in more ways than one. “Sorry for the delay. We are short staffed” is a board that has become a common sight across medical practices. From delayed care delivery to stagnant revenue cycles, it is an issue that requires immediate attention. Forward-thinking healthcare organizations have pivoted their working models and engaged remote workers, revenue cycle vendors, and patch on solutions to tide over the current crisis. But the question is ; is it enough?
The strange case of the missing medical claim…
To focus on human resource issues such as hiring and training as medical claims and administrative work piles up is challenging. Significant amount of unworked accounts and claim cycle delays translate to thousands of dollars left on the table.
How do medical practices reduce churn, prevent employee burnout and increase productivity? Forging strategic partnerships, automating repetitive tasks, revitalizing current processes, and encouraging internal resources to take on additional responsibilities are a few solutions that healthcare leaders are looking at.
How to choose a successful growth partner?
While choosing to work with a revenue cycle vendor it is crucial to work with a company that has the broadest experience and specialty-focused offerings.
All too often, healthcare organization hesitate to work with someone they cannot meet across the hallway! It can be about losing control over key processes or working with a vendor who doesn’t understand the unique. Here are 5 key factors to consisder while choosing revenue cycle vendor.
A revenue cycle vendor who offers a variable cost structure provides the much needed flex for healthcare organizations to scale operations or diversify services without being hamstrung by a fixed fee. A fee per claim model increases or decreases revenue cycle costs based on the number of claims filed.
Quick question: What is the difference between working with an EHR/Medical billing vendor who offers revenue cycle management services and a core RCM services company? It is the technology agnostic approach they bring to the table. A RCM vendor who is technology agnostic offers healthcare organizations to switch/upgrade their existing systems without disrupting everyday workflows.
An established revenue cycle partner offers access to scale. A trusted team that offers continual support and bench strength ensures practices can focus on patient care and day-to-day financial operations during times of huge transitions and mergers.
A company that offers AI/ML capabilities can standardize and accelerate several revenue cycle tasks. An in-house rules engine or RPA capabilities helps in identifying performance issues and strengthen internal processes. This results in
long-term strategic advantages.
A vendor who not only offers specialty-focused services but can work with complex revenue cycle issues such as persistent revenue leakage, high denial rate of workers comp claims or ineffective CDI programs, provides enhanced financial stability.
In closing…
The Great Resignation is a game-changer. It has transformed the everyday operations of healthcare organizations and re-framed the way medical practices view the revenue cycle. AS with all unprecedented changes, the key to come out at the other end stronger is to take small but firm steps in the right directions.
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