The Additional Cost of The Wrong Revenue Cycle Solution
Running a successful independent orthopedic practice can be challenging, including juggling a myriad of responsibilities, not least of which is ensuring that the practice remains financially sound and prosperous. TRIARQ Health's Evan McDonald highlights how your billing process may be siphoning more resources than you realize.
Running a successful independent orthopedic practice can be challenging, including juggling a myriad of responsibilities, not least of which is ensuring that the practice remains financially sound and prosperous. One area that might be siphoning more resources than you realize is your billing company.
Partnering with a billing company promises convenience and efficiency (in theory). Still, savvy practice administrators know all the hidden challenges that can cost your practice more in the long run.
Hidden Costs of the Wrong RCM Solution
Here are some key areas that deserve your attention:
Contract Creep
Sometimes, billing services subtly introduce new charges under the guise of "enhancing outcomes." Over time, these small additions can lead to unexpected financial burdens for your practice.
Inaccuracy Increasing Staff Burden
It's not uncommon for practices to divert extra resources to address inaccuracies in claims submitted by their billing companies. Diverting internal resources to find and clean up vendor miscues is costly, inefficient, and undermines the purpose of utilizing the partner.
Data Blindness
A clear view of your billing and collections data is vital. Otherwise, it becomes nearly impossible to spot revenue leaks or inefficiencies. Data isn't just about understanding past performance but also about utilizing this data to shape a more prosperous future for your practice.
A Vendor-First Mentality
Your relationship with your billing company should be more than transactional. There are companies out there that might not have their interests entirely aligned with yours. For instance, a flat fee billing service may not be motivated to maximize collections. Or, if they're billing by the hour, they might not be incentivized to improve efficiency.
Status Quo
Owning an independent practice is a financial, mental, and emotional investment. A traditional revenue cycle arrangement either puts the burden of accuracy and employment on the practice's internal resources or leaves the practice beholden to a vendor that looks at its bottom line instead of the practice's.
In the ocean full of sharks competing for each extra dollar of revenue, more and more practices are maintaining their independence by leaving vendor relationships in the past and seeking true partnerships for long-term success. Billing companies willing to create a partnership will support your ability to offer the highest quality of care and expert guidance to drive the most successful future for independent orthopedic groups.
If any of this feels familiar (or frustrating) and you consider your practice "fiercely Independent," contact us today to ensure your RCM company isn't working against your success.