In the ever-evolving healthcare landscape, medical practices increasingly turn to outsourcing as a strategic approach to manage their revenue cycle more efficiently. Outsourcing revenue cycle management (RCM) allows healthcare providers to streamline financial processes, reduce operational costs, and focus on delivering quality patient care. In this blog post, we’ll explore seven reputable companies that medical practices can consider for outsourcing their RCM needs, with a special spotlight on our solution: Benchmark RCM.
Top Companies Specializing in Healthcare Revenue Cycle Management
Benefits of Outsourcing RCM
Though keeping billing in-house may be tempting, outsourcing RCM can hugely benefit medical practices. Below, we’ll explore why you should consider using an external vendor to manage your billing processes.
- Providers and staff save time. Physicians and their supporting medical team are always looking for ways to become more efficient — and unfortunately, days can quickly become filled with paperwork on top of patient encounters. Outsourcing RCM can free healthcare providers to focus on their primary responsibility – patient care, instead of managing medical billing.
- Specialists have expert knowledge and processes. Third-party companies concentrate solely on RCM best practices and use optimized workflows that minimize rejections and denials in the billing process. They also emphasize continuous learning so they stay abreast of industry trends, code changes, and compliance requirements.
- And, of course, practices become more profitable. Medical billing is incredibly intricate, with each mistake and delay directly impacting practices’ bottom lines. By leveraging the expertise and manpower external billing services offer, practices can significantly boost their revenue.
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Choosing the Right Billing Partner
When evaluating revenue cycle management (RCM) vendors, medical providers should consider several key factors to ensure a seamless partnership that optimizes financial processes.
1. Expertise and accuracy
First and foremost, outsourced RCM is only beneficial if the partner you choose is highly knowledgeable with a proven track record. Medical billing experts should be able to quickly and correctly file claims with insurance providers, send patients invoices, configure financial reports, and more.
2. Technology capabilities.
Most vendors have preferred software they use to make their processes more efficient. Assessing the vendor’s tech stack can help determine if their automations, reports, and workflows are compatible or similar to what you already have.
3. Reviews and reputation.
Implementations, client testimonials, and case studies can provide valuable insights into their reliability and performance. Don’t be shy about asking vendors to share success stories so you can get a better sense of what it would be like to work with them.
4. Services offered.
How you’ll be expected to interact with your billing vendor can influence how successful the relationship is. You may want to completely hand off all billing operations or outsource one process within your revenue cycle. Your vendor should be able to support your unique needs.
5. Customer support.
The availability of dedicated account management and responsive customer support ensures a proactive and supportive relationship throughout the partnership.
Top Companies for Outsourcing Medical Billing
By carefully considering these factors, medical providers can make informed decisions and choose an RCM vendor that aligns with their needs and goals. We’ve compiled a list of some of the top companies for you to consider for outsourcing your RCM.
Benchmark RCM is a leading provider of revenue cycle management solutions, offering a comprehensive suite of services tailored to the healthcare industry. With a commitment to maximizing revenue and improving operational efficiency, Benchmark RCM employs cutting-edge technology and industry expertise.
- Customized RCM solutions
- Advanced analytics for performance tracking
- Access to a highly-rated billing platform
- Average clean claims rate of 98%
- 1:1 time with a billing specialist
MedRev Solutions specializes in RCM outsourcing for healthcare providers, offering various services to improve financial performance. Focusing on transparency and compliance, they aim to empower medical practices to navigate the complexities of revenue cycle management.
- Proactive denial management
- Credentialing services
- Dedicated account managers
- Continuous process improvement
- Access to automated collection solution
RevPro Solutions is a comprehensive RCM outsourcing provider offering services to enhance revenue and operational efficiency. Their client-focused approach and innovative solutions make them a preferred choice for medical practices seeking reliable RCM support.
- Claims processing and management
- Patient eligibility verification
- Real-time analytics and reporting
- Compliance with industry standards
- Data management
Greenway Health offers RCM outsourcing services that combine technology and industry expertise to optimize revenue streams for medical practices. Their solutions are tailored to address the unique challenges healthcare providers face in today’s dynamic environment.
- Intelligent billing automation
- Patient engagement tools
- Patient call center
- Revenue cycle analytics
- Compliance management
Pulse Revenue Cycle Management specializes in providing RCM solutions that enhance medical practices’ financial performance and operational efficiency. Focusing on innovation and customer satisfaction, they aim to simplify the complexities of revenue cycle management.
- End-to-end revenue cycle solutions
- Revenue optimization strategies
- Patient billing and collections
- Compliance and regulatory support
- Specially designed software
Benchmark Solutions offers PM, EHR, and RCM solutions designed to help busy providers save time. With Benchmark RCM, clients experience:
5-star customer service with dedicated account management
Average increased collections of 10-15% within year 1
Significantly reduced AR
If you’d like to learn more about how we can help your practice become more profitable, set up a free consultation today.