Seven questions to ask your revenue cycle outsourcing partner right now
Regardless of whether you’ve worked with your revenue cycle outsourcing partner for one week, one month, one year, or longer, there are certain questions every medical practice should ask it to promote revenue integrity and maximize profit. This article addresses seven questions every medical practice needs to ask its medical billing and collections vendor immediately.
1. What new and emerging medical coding and medical billing trends do you see with other clients?
This is a great question to ask because it helps your medical practice gain a big picture perspective. For example, do your vendor’s other clients have similar medical coding denials or documentation challenges? If so, what solutions have worked best? Alternatively, do your vendor’s other clients struggle with dissimilar medical coding and medical billing challenges that might not yet be on your radar? For example, if you don’t currently offer remote patient monitoring (RPM) or care management services but hope to in the future, perhaps your revenue cycle outsourcing partner could shed some light on best practices for RPM billing or coding for care management based on its work with medical practices that already offer this service.
2. What are you doing to reduce costs?
Everyone knows that times are tough financially right now. That’s why cost-cutting measures are essential. For example, does your revenue cycle vendor leverage technology to streamline efficiency? If so, those cost savings are likely passed on to you. New research has found that administrative spending (which includes billing- and non-billing-related expenses) accounts for 15%-30% of all healthcare spending. Anything your medical practice and your medical billing outsource partner can do to reduce these costs is beneficial.
3. What goals do you have for 2023?
For example, will your revenue cycle outsourcing vendor expand its team of medical coders? Add new specialties? Leverage new technology? All of this information may be helpful as your medical practice develops a financial strategy in the year ahead.
4. What are you doing to prepare for CPT code changes coming January 1?
Presumably, your medical coding outsource partner is training its medical coders on new, revised, and deleted codes. Can it provide any educational resources to your medical practice as well? For example, can it provide or direct you to any tip sheets or documentation pointers? Does your vendor host a thought leadership blog that provides additional resources?
5. What can you advise in terms of keeping the lines of communication open with our medical practice?
This question is important because it gives your revenue cycle outsourcing partner the opportunity to provide feedback that will make your relationship stronger overall. For example, could physician education improve clinical documentation? Perhaps physicians need a primer on evaluation and management coding changes. Could a formal query workflow help clarify documentation-related questions? Perhaps you and your revenue cycle outsourcing vendor could work together to create one.
6. What are you doing to weather medical coder shortages the industry continues to face?
Let your revenue cycle outsourcing partner articulate its strategy to recruit and retain coders and void staff turnover. Also, what does it look for when hiring candidates? For example, how many years of experience must coders possess? What coding credentials are required? Are there certain requirements for coders coding for specific specialties? What is the onboarding process like for coders? Similarly, what does your medical coding outsource vendor do to keep its coders on staff? For example, how does it promote a positive work culture? How does it convey value and appreciation? Digging into your vendor’s recruiting and retention strategies can help you understand what it will be like to work with them.
7. What should be on your medical practice’s radar for 2023?
What medical billing and coding compliance challenges does your revenue cycle outsourcing partner anticipate medical practices will face in the year ahead? Can you perform audits proactively to prepare for these challenges? It’s all about staying one step ahead of payers.
Conclusion
Working with a medical billing partner has many advantages, one of which is that it gives your medical practice the opportunity to maximize revenue while simultaneously preparing for future compliance vulnerabilities. Having an open dialogue about revenue cycle challenges and opportunities is important. By asking critical questions, medical practices can promote revenue integrity and achieve financial viability. To learn more, visit https://www.edgemed.com and be sure to check the Healthy Snacks Blog for more expert insights, best practices and industry trends.
