Ensuring the financial viability of the practice/healthcare system is often a significant distraction from a provider’s core goals of delivering effective, quality healthcare. Competing priorities, including declining reimbursements, rising consumerism, focus on patient experience, transition to value-based care, and the workforce shortage, are screaming for the healthcare CFOs’ attention. Hospital CFOs today are struggling to fund process and technical innovation programs as they endeavor to transform their revenue cycle processes.
Accelerating innovation Choices before RCM CFOs
As they strive to bring about new technical architecture, they have three choices:
Build platforms on their own, locking in large amounts of capital, workforce, and time
Buy software developed by a tech company without any guarantee of domain expertise
Partner with a reliable outsourcing company offering scalability and domain knowledge along with significant cost savings
Over the years, outsourcing engagements have evolved in terms of complexity and trust levels between the service provider and the buyer. We can depict this evolution as the following 4-phase model.
The First Phase - Prove their domain capability and deliver as per agreement to a limited scope
The Second Phase - Scale up to take on greater scope, usually a few more modules of the revenue cycle
The third Phase- Manage the whole revenue cycle for the customer, but on an FTE pricing or time and materials model
And The Current Phase - Transform the revenue cycle, manage the technology, people, and process elements, sharing responsibility for business outcomes with the customer
Importance of Revenue Cycle Partnerships
Revenue cycle outsourcing is now in its third decade, and the average service provider’s ability to serve your needs is high. The differentiation comes from technology and a shared sense of purpose and values. By choosing the right services partner, healthcare CFOs can find the money to invest in modernizing their tech ecosystem. They can also get access to new technologies from their service provider’s stack -sometimes as part of the integrated delivery model of the service provider or as part of a pay-per-use model. Irrespective of the model, healthcare CFOs can rely on their partner to shift from costly CAPEX models to variable spend models, which can effectively future-proof their IT strategy.
Access Healthcare’s Revenue Cycle Partnership Approach
Access Healthcare offers a predictable cost structure, unmatched technology stack, and shared accountability for revenue cycle outcomes. Our proprietary robotic process automation technology and workflow systems are an integral part of our delivery ecosystem and provide a range of innovative engagement and technology sharing options to Healthcare CFOs.
For more information on identifying the right outsourcing partner for revenue cycle transformation and a detailed analysis of what benefits a healthcare system may expect through a strategic partnership, download our whitepaper.