5 Questions To Ask Your Revenue Cycle Management Consulting Partners

5 Questions To Ask Your Revenue Cycle Management Consulting Partners

Revenue cycle management (RCM) can be complicated as reimbursement frameworks and medical billing requirements shift. Making the correct queries can help you find a partner to help navigate complexities in revenue cycle management consulting.

Consider asking for timelines of key aspects like claim processing and available software capabilities before choosing a partner. Here are some of the questions you can ask your revenue cycle management partners:

1. What Strategy Do You Use To Manage Denials?

You can ask how the revenue cycle management consulting teams handle denials. This enables you to measure a potential future partner’s time to complete the billing process.

What Strategy Do You Use To Manage Denials
source: practolytics

Ask the RCM partner how they track denied claims and the minimum amount necessary to trigger claim follow-up processes. Soliciting for the rate of denied claims can help you determine the potential partner’s efficiency level.

You are better positioned to handle the complexities of denied claims, such as appeals, when you prioritize experienced RCM partners. These organizations often have a dedicated team focusing on denial management.

For accessibility purposes, you can ask the future RCM partner if their online platform has denial management services. Requesting a demo can help you test the usability of this platform.  

2. Do You Have Training Programs for Onboarding?

Prioritizing medical billing services that offer onsite training can aid a successful transition to using a third-party RCM system. You can ask if the training program covers licensing, payer mix identification, and the implementation of coding and billing frameworks.

Training opportunities can enhance the user-friendliness of the RCM system. You can experience the optimum benefits of the RCM partnership when your employees know how to properly use the platform. Your staff can benefit from adequate training on optimizing the RCM system.

This enables them to automate tasks and save time for key processes.

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3. Can You Address Revenue Stream Issues?

You can ask the RCM partner if they can address revenue problems like lengthy claim processing, coding errors, and redundant documentation. Selecting a provider with a strategy for addressing obstacles like lengthy claim checks can help streamline revenue management.

Can You Address Revenue Stream Issues
source: medium

Experienced RCM partners may offer timely claim processing and accurate coding to bolster your revenue streams without needing additional staff.  

4. What Is Your Pricing Model?

Consider asking about the applicable pricing models to weigh the costs compared to your budget and service needs. You may need more services if your organization has many interconnected departments that can make your systems more complicated to streamline.

Comprehensive solutions covering a range of services may have higher costs. Pricing models you can choose from include the subscription models, the pay-per-use model, and the percentage of collections model.

Reputable RCM partners can advise you on the best model depending on your needs and budget.

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5. What KPIs Determine Organizational Performance?

When assessing performance, ask for the key performance indicators (KPIs) that the potential RCM partner tracks. This can help determine whether the RCM partner’s goals match your organization’s.

What KPIs Determine Organizational Performance
source: salesbook

Reputable RCM partners will likely have a picture of the KPIs they track. Some KPIs you can consider include the clean claim rate, cash collection percentage, and the claim resolution rate.

6. Seek a Revenue Cycle Management Consulting Team Today

Optimize the performance of your medical practice by working with an RCM partner. The RCM partner can help you lower denied claims and resolve administrative and documentation redundancies that impede the organization’s efficiency.

You can check for a potential partner’s clean claim rate, claim resolution rate, and the time taken to reimburse services. Choosing the right vendor can help enhance your organization’s profitability and lower the administrative workload.

Seek RCM consulting services today to set up your practice for success.

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