Great partnerships are built on trust, transparency, and shared goals. These three attributes are essential for hospitals and health systems to achieve a positive return from their outsourcing partnerships. In times of sluggish margins, higher operating costs, skyrocketing denials, and rising self-pay collections, providers must prioritize relationships with proactive and reliable partners who serve as an extension of their team.
A recent survey of revenue cycle leaders revealed that 61% are planning to outsource certain revenue cycle processes within the next 24 months1. Accelerated cash flow and excellent customer service are their top two priorities. In light of this escalating trend, it is crucial that organizations develop transparent and collaborative relationships with partners they trust.
What to look for in a partner
Choosing a revenue cycle partner is a strategic decision that will pay off. The following are five qualities to look for.
- Complementary skill sets. When choosing a revenue cycle partner, it’s crucial to consider their unique skill sets. Vendors should be able to demonstrate that they have the experience and resources needed to complement your existing teams, improve productivity, and drive optimal revenue cycle outcomes.
- Longstanding client relationships. Ask potential partners about the average length of their revenue cycle relationships. The longevity of their client relationships is a key indicator of their reliability and trustworthiness. Relationships greater than ten years represent a best-in-class organization. In a performance based business, unproductive partnerships rarely last.
- Advanced technology. AI and its umbrella technologies, like robotic process automation (RPA), hold great promise in significantly improving revenue cycle processes. One of the greatest attributes of these technologies is their ability to automate and streamline manual, error-prone revenue cycle workflows. By doing so, they can reduce delays in care, denied claims, inaccurate reimbursement, and write-offs while simultaneously improving staff productivity and revenue.
Choosing a partner that utilizes the latest automation technology offers hospitals and health systems all the benefits without the need for large IT investments.
- Customer service excellence. Now that patients owe a greater portion of their healthcare costs, they’re demanding better service in both their clinical and financial encounters. It is vital to choose a partner that understands that each patient touchpoint is a reflection of your organization’s reputation and brand. Look for a vendor that embraces your culture and acts as an extension of your team, demonstrating value at every encounter.
- Flexibility. An organization’s needs change over time, even overnight. Therefore, it is important to choose a partner with the resources and capabilities to scale as needed while providing consistent service.
Optimizing the value of your relationships
Once a mission-aligned vendor partner has been chosen, hospitals and health systems must ensure they receive optimal value from those partnerships. The following are four ways to do just that.
- Transparency. Requiring transparency is critical to holding partners accountable for their performance. There should be agreement up front on which key performance indicators (KPIs) will be used and how they will be tracked and measured.
- Data analytics. Comprehensive data analytics are essential for continuous improvements, actionable insights, and efficient, timely decision making. Data should be in-depth and accessible to all revenue cycle stakeholders in real time.
- Open communication. While regularly scheduled meetings are important, there must be established communication channels that enable and encourage each party to reach out quickly when an issue is identified.
- Feedback. Regularly scheduled performance reviews are vital to driving optimal performance and holding vendors accountable. The partner you choose should embrace honest feedback performance reviews. Regular performance reviews help identify patterns so they can be proactively addressed.
Creating value for long-term success
Outsourcing partners can deliver significant value to hospitals and health systems. Fostering great relationships is critical to ensuring optimal revenue and return on investment. HBCS is an excellent choice.
Our team has been selectively recruited and continually developed to deliver superior results while enhancing the patient journey. Our tenured team members have a proven track record of successfully managing patient registration, insurance reimbursement, and patient account resolution.
Confidence is born of demonstrated ability. With an average client tenure of twelve years, HBCS has a rich history of leveraging technology and experience while investing in client relationships. For nearly 40 years, hospitals and health systems have placed their trust and patient relationships in the hands of HBCS.