Revenue Cycle Management solutions are impacting healthcare practices and trusted vendors are starting to emerge.
- KLAS is a global research firm that specialized in improving healthcare delivery. This month, it released a study of healthcare IT vendors providing outsourced billing and revenue cycle management (RCM) solutions and why providers should consider adopting the technology. The report examined overall performance in areas like effectiveness of claims processing, transparency into billing/financial operations, denials and rejections management, sustainability of pricing, trust as a business partner, and efficiencies gained through the partnership.
Titled “2014 Ambulatory RCM Services: Uncovering Truths When Services Are Outsourced,” the report focused on several industry leaders including athenahealth, Kareo, NextGen, Cerner and eClinicalWorks. It was discovered that what sets quality vendors apart is the ability to create a consistent experience.
“The ambulatory EMR/PM vendors that can effectively attain the status of ‘trusted business partner’ in the RCM services space are the ones creating transparency, enabling operational consistency and relieving the greatest stresses on providers,” said report author Erik Bermudez.
The study found that all of the solution providers were considered “trusted business partners” by a majority of their clients. For NextGen and eClinicalWorks received this vote from 100 percent of the clients interviewed. Just behind that was athenahealth (90 percent), Cerner (78 percent) and Kareo (67 percent).
Despite the positive feelings, Bermudez did mention that there is a challenge for some providers when it comes to outsourcing billing and the revenue cycle.
“For some providers, letting go of their billing and some of their administrative tasks can be a challenge, and these providers expressed some level of frustration with the process,” Bermudez wrote. “But for the majority, letting go and letting a vendor take care of these tasks is a great thing.”
According to the numbers, 75 percent of organizations interviewed say RCM services make them more efficient and the pricing models are sustainable for the long term. On top of that, 87 percent view their RCM services vendor as a trusted business partner, something Bermudez does not consider easy to achieve because this deals directly with a critical part of operations – a practice’s revenue. By trusting in a vendor and passing off responsibilities, practices are able to reallocate resources and focus on things that are more important.
The vendors cited in the report were happy to receive the honor and noted that it would take a group effort to continue to change the healthcare industry.
“The ever-increasing complexities of healthcare reimbursement have placed an emphasis on revenue cycle effectiveness,” Monte Sandler, executive vice president for NextGen RCM Services, said in a press release. “We congratulate the other vendors recognized and together, as leaders in this industry, we will work to help providers prepare for the many changes happening in healthcare today.”