RCM tip of the day: Single revenue cycle partner can boost efficiency after merger

Large healthcare organizations that are merging should consider partnering with one revenue cycle management service provider to reap benefits of the transaction, according to Allen Latham, vice president of revenue cycle management at TriZetto Provider Solutions.

Mr. Latham shared the following tip with Becker's Hospital Review:

"While it may seem counterintuitive to discontinue use of RCM solutions or processes that 'worked' as separate systems, this is an example of a time when less is definitely more," Mr. Latham said.  "A strategic partnership with a single RCM service provider can improve efficiencies, staff experience and financial outcomes.

"No doubt there will be startup and training costs when committing to a single RCM partner, but it's apparent there will be financial gains, as well. There will be a time and monetary commitment, as well as the need for a well-thought-out strategic implementation plan," he said.

But "The ability of all internal stakeholders to use a single RCM solution or process will increase efficiency, decrease the amount of time needed to submit claims, decrease errors, and, ultimately, save money in the long run," Mr. Latham said.

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. 

 

More articles on healthcare finance:

Houston surgical hospital abruptly closes after discovering accounting errors
California hospital avoids closure, enters 5-year management contract
Vanderbilt University Medical Center points to Epic rollout for 60% drop in operating income

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