The recent announcement by Amazon, JP Chase and Berkshire Hathaway have the healthcare industry really talking. Talk about a market disrupter. Anyone that has really been paying attention to what is going on nationally, regionally and locally is beginning to see a few themes emerging within the healthcare space: disruption and consolidation.
Disruption and Consolidation
If you are in the healthcare revenue cycle space, you should also be paying very close attention to disruption and consolidation. If you are doing things because that is “the way it has always been done” then you are a prime target for disruption and consolidation. In order to stay ahead of the healthcare RCM curve, disrupt, consolidate and innovate your processes.
Work with Specialists
Be careful of those vendors who are selling a “one stop shop” philosophy. As my dad used to tell me, “Son, jack of all trades, master of none.” At Acadian Ambulance Service, I look for vendors who specialize in certain areas of the RCM process. I typically stay away from vendors who say they can do it all because it is very hard to “master it all”.
Start at the beginning of the process. Map out the life of a claim and begin parsing the processes to see what you can consolidate. You should do this process at least once a year. Should you outsource insurance verification or not? Have you done an ROI to confirm? If not, do it. You might be surprised at the results. Is there innovative technology that can help you manage deductibles to increase your cash from payers and avoid patient billing which drives up the cost per claim? (Solutions Group is your answer to this dilemma). How much does it cost you, per claim, for data entry and coding? Should you keep this in-house or outsource to a vendor on a per claim basis? You might be surprised at the savings and the accuracy.
In my next article I will discuss vendor management because who you partner with as a vendor should be an extension of your company culture. Not every vendor is a partner. The vetting process is critical to success.
Disrupt. Consolidate. Innovate.
So, get to work. Disrupt. Consolidate. Innovate. Your revenue cycle processes are asking for it.