RCM tip of the day: Ditch your singular revenue cycle solutions for a holistic approach

Hospitals and health systems have various options when bringing in additional guidance to improve their revenue cycle. These options include contracting with multiple partners or a single vendor.

Steve Huddleston, president and chief client officer at nThrive: Recent healthcare trends have made it imperative that healthcare organizations drive revenue and accelerate cash flow in a sustainable way. Yet, relying on a number of different partners to manage singular aspects of the revenue cycle — as is status quo for many healthcare providers — invariably results in a lack of standardization across the systems that triggers billing bottlenecks, slows cash flow, suboptimizes revenue yield, and impairs quality of care.

Consider bringing on a single vendor that takes a holistic approach to the revenue cycle — incorporating solutions that span the entire process from patient access to payment resolution. This way, you'll eliminate the administrative burden associated with dealing with multiple vendors and will be assured that every component is optimized and plays well with the next, while minimizing silos.

To learn more about financial services outsourcing, access this story from Becker's Hospital Review.

If you would like to share your RCM best practices, please email Kelly Gooch at kgooch@beckershealthcare.com to be featured in the "RCM tip of the day" series.

 

 

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