As a Health System, your primary focus should be to ensure the best care possible for patients. Managing patient payments should not detract from that. Additionally, if your organization uses several revenue cycle vendors for patient payments, it is easy to underestimate the resources involved with maintaining those vendor contracts, mitigating outsourcing risks, due diligence requirements and more. Therefore, consolidating your Health System’s revenue cycle vendors can be worthwhile for the efficiency gains.
If this is something that could benefit your Health System, you may be wondering how to start this process. This blog will help you do just that.
Step 1: Determine what aspects of the revenue cycle your Health System should improve.
Maybe you want to empower more patients to use self-service payment tools, or perhaps you want to improve the overall patient financial experience. The possibilities are numerous, so make sure you know what is most important to your organization. To find out where your Health System should prioritize improvements, analyze existing metrics. For example, do patients often call staff looking for details about payment plans? Or, does staff spend a few hours each week reviewing statements before they are sent? Reviewing metrics like these may reveal hidden pain points in your payment processes. It could also present an opportunity to streamline workflows for your staff. Taking time to identify your Health System’s top priorities will ensure your organization’s objectives are achieved quickly. For more ideas on what to measure to find out what your Health System can improve, see our recent tips in Becker’s Hospital Review.
Step 2: Select the right revenue cycle vendor to help you achieve your Health System’s objectives.
Find a revenue cycle vendor to address your Health System’s unique challenges after you have determined what your priorities are. A good way to do this is by creating a checklist of the core functionalities you need in a vendor. In other words, do they have the right tools in their toolbox?
Do you want one vendor that combines the functionality of your six prior vendors? Maybe you want a vendor that offers traditional services like payment processing, lockbox and online bill pay, but combines them with services that are typically separate, such as patient outreach and communication or analytics. Consolidating these services is not only beneficial from a vendor management standpoint, but it also ensures patient communications and payments are integrated. This provides system-wide visibility, which means linking financial communication to outcomes, a.k.a. completed payments is possible. Check out this blog for details on why this is important.
Step 3: Time to vet them.
Once you’ve narrowed down your list of potential revenue cycle vendors, it is time to evaluate them. Start by vetting their integration capabilities. Ensure that the technology you’re investing in will integrate seamlessly with the other systems that your organization uses, including your HIS.
Step 4: Once implementation is over, review performance data with your vendor.
After going live on a new solution, it is crucial that you receive regular support to ensure your Health System makes the most of its new technology. The best software vendors, like Patientco, have dedicated professionals who can help you maximize your ROI from their solution. This is a big investment and it should provide value, both now and long-term. Meet with your new revenue cycle vendor to analyze your Health System’s payment performance data. Doing so can identify trends or new goals that your solution can help you achieve.
The healthcare IT market is complex to say the least. Consolidating your revenue cycle vendors can make your Health System’s IT environment easier to manage and ultimately, perform better. By choosing the right partner, your Health System can empower staff to deliver the modern billing and payment experience your patients expect.