A Framework for Outsourcing – Revenue Cycle Management
Resourcing your Business’ Revenue Cycle Management for Efficiency and Growth
Revenue cycle management (RCM) is not just a capability, it is a necessity.
Nearly every organization knows they must optimize their revenue cycle process. In fact, most rank it as a top priority. Despite their best intentions, many organizations have not met the challenge. We are M3, and we can help.
Our Outsourcing services can help you streamline operations, maximize financial performance, and positively contribute to your organization’s long-term success. We do this by addressing the severe margin pressure from shrinking reimbursements, health reform, and delivery system re-design, as merging systems become strategic challenges.
Evaluating the Outsourcing Solution
Although healthcare organizations commonly outsource services, many organizations build and maintain their own revenue cycle management (RCM) shops. However, market forces now challenge the practicality and cost of maintaining complex RCM shops along with ancillary IT services that support them.
A recent industry report noted, “RCM outsourcing will take off over the next several years— potentially, up to 40 percent of providers may consider end-to-end outsourcing in the near future.” 1 Over the past five years, the efficiencies of cost-effective revenue cycle management companies have improved compared to the cost of in-house billing. Practices can no longer afford to neglect a growing revenue cycle cost structure.
A Partner, Not a Vendor
Organizations that successfully outsource choose partners not vendors. The transition process we use reduces a significant amount of risk by streamlining your system operations and eliminating the need to change billing or EMR technologies. We establish service level agreements designed to meet or beat your revenue and cost reduction goals, and help you establish targets that not only exceed internal objectives, but also keep you ahead of your competitors.
Outsourced Revenue Cycle Management Services from M3
Our partnerships move far beyond a transaction mindset. At Meridian Medical Management, we understand the competitive landscape and various organizational strategies. We work to deliver improvement not only to isolated hot spots, but across the entire revenue cycle.
Transparency and Reporting
Transparency builds trust. Transparency means a full and accurate view of the data and the ability to use the data to make intelligent decisions leading to actionable strategies. We examine your organization as you would—with an analytical view—presenting meaningful reports that decision makers can use to drive institutional effectiveness and change. We dive deeply into the data to make recommendations on and monitor changes to all parts of the billing process to sustain and advance improvement.
A New Financial Horizon
Outsourcing has always promised to alter the balance sheet and operating expenses; however, not all outsourcing organizations can claim that ground equally. While low CapX and OpX are key, how your outsourced partners get there matters.
At M3, that is our forte. We understand how to effectively implement and on-board, how to contract (e.g., risk-based, service-level agreements), and how to position IT capabilities to repurpose internal talent for the betterment of the organization.
At M3, we have a demonstrated record of accomplishment, proven experience and team dedicated to fostering growth, efficiency, financial prosperity and long-term success.
Outsourcing companies are known by their results. With the increasingly complex nature of achieving consistent collections performance, the value to a solid outsourcing partner is the ability to provide execution that drives a successful core process.
Through our commitment to execution, collaboration, transparency, accountability, and actionable insights, we are able to establish productive billing operations utilizing technology to its greatest functionality.
M3’s Outsourcing services have helped hospitals and large physicians groups streamline operations and optimize financial performance contributing to their growth.