Strategies for Revenue Cycle Outsourcing in a Co-Shared Business Model
For many healthcare provider organizations, staffing shortages continue to create a variety of cash flow obstacles. In researching different outsourcing options, solutions will range from a specific area of need to a substantial portion of your business office.
In most cases, ReMedics provides a co-shared service model that augments existing staff with automated processing efficiencies, improved data quality, faster turnaround on posting payments and consistent cash flow. By leveraging a single cash management platform called ReSolve®, ReMedics manages our client’s remittance processing, data validation, allocations, reconciliation and funds transfer processes. We can also provide worklists and reporting tools to efficiently manage denials and A/R. For clients that need a more targeted solution, such as ERA splitting/parsing for different practice groups or business units, we do that as well.
Whatever your priorities are for making improvements, the vendor’s use of advanced technology, such as AI, Robotics Process Automation (RPA), Enterprise Content Management (ECM) and machine learning technology should be carefully examined. Another consideration may include whether the vendor will be using full-time staff — or if they are going to use contracted resources to do the majority of your work.
Systematic, Planed Migrations to New Practice Management (PM) System
Adding to the complexities of improving revenue and cash flow, many physician practice groups and MSOs are also in the process of selecting and/or migrating to a new Practice Management (PM) system. Mergers and acquisitions can also create a significant amount of work to reconcile and report on all payments, especially where multiple PM systems, Clearinghouse and Banking partners are being used. If a migration and/or M&A activity is being planned, make sure that your outsourced partner has adequate experience with being able to handle your growing revenue cycle needs, now and in the future.
360-Degree Cash Management Reporting & Analytics
By incorporating Microsoft Power BI into our reporting deliverables, ReMedics provides detailed reports and scorecards with key performance indicators (KPI) and other relevant data for monitoring all the work being performed. We also utilize SQL Server Reporting Services (SSRS) integrated with Power BI. These combined platforms provide a complete 360-degree view of the business with drill-down capabilities from all your revenue sources. When researching outsourced options, make sure that your vendor can provide reporting solutions that will help you to better manage staff resources — and to create permanent, meaningful revenue cycle improvements.
Amplifying Your Business Office with ReMedics
With the use of Robotic Process Automation (RPA) and AI technology, our services can include the automated processing of PLB adjustments, co-pays, deductibles, co-insurance, transfers, write-offs, take-backs, remark codes, denials and much more. We can also assist with the splitting of ERAs to help with payment posting to legacy systems while going through a systems migration.
Contact ReMedics today with a few details about your business office and outsourcing needs. We can help to create a project plan to achieve your short and long-term goals.