The ongoing effects of the pandemic have spurred dramatic operational changes for healthcare providers, swiftly transforming the patient experience. From our growing reliance on telemedicine and contactless care, to the absence of elective surgeries throughout much of 2020, hospitals of late have justifiably pivoted from the norm while navigating unprecedented times.
Amid the changing landscape, financial vitality is of greater concern than ever before. Health systems are struggling to keep up with staffing needs, shrinking budgets, high demand for employee training, and a revolving door of new compliance regulations. In pursuit of healthcare revenue cycle expertise and accelerated cash flow, today's hospitals and medical organizations are securing external support as a saving grace. Revenue cycle outsourcing is now widely considered a core staple in today's healthcare industry.
A strong external business partner can offer objective operational assessments across departments. These evaluations can identify opportunities to improve workflows, strengthen employee performance and morale, boost revenue, deflate costs, and build patient satisfaction. Furthermore, outsourcing across the healthcare revenue cycle can eliminate time-consuming and laborious administrative tasks such as hiring, training, and retaining talent - allowing you to focus on delivering exceptional patient care and address strategic organizational goals. In this light, outsourcing augments performance by expanding your capabilities on the road to robust financial health - a boon for the community at large.
Choosing the right revenue cycle outsourcing partner demands careful consideration. While both parties will make significant strides from a successful union, an ill-fated partnership can become a costly disappointment if specific needs and expectations are not met. The most effective business relationships are founded upon flexibility, innovation, and customization, meaning that the approach should pinpoint and target the client's unique identified needs. Using data and metrics to discern opportunities for improvement, you'll want to secure a revenue cycle management partner that will align performance and expectations with your overarching goals and drive your priorities forward.
In researching potential services vendors, consider whether they possess proven experience working with a diverse portfolio of healthcare clients. Such history demonstrates a deep breadth of industry knowledge, and highlights creativity and flexibility in supporting hospitals and health care organizations with a host of different revenue cycle concerns. No two health systems are exactly alike, and a universal process improvement plan is not realistic. You'll want to settle on a strategy that caters to your organization, as opposed to a one-size-fits-all approach.
A brilliant partnership stems from clear communication with your vendor. Through frequent and transparent dialogue, you can ensure that your partner remains familiar and in tune with your needs, goals, and organizational culture. On a related note, open discussion regarding progress is vital as you analyze metrics and measurements targeting your primary concerns. Observations made in real time and continuous process improvements that stem directly from concrete data findings will offer critical insight into the effectiveness of your operation. If you're not achieving optimum results, a strong outsourcing partner will work to brainstorm and develop new strategies to inspire success.
It's up to you to hold your revenue cycle outsourcing partners accountable when it comes to meeting or exceeding key metrics. Are you still falling below target or missing the mark? It may be time to reevaluate. External parties have the capacity to break down barriers from established patterns and toxic work environments. When management is stretched thin and unable to provide adequate employee training, a true partner will step in to help you shift course, impede repetition of poor practices, and aptly provide for your patients.
Keep in mind, your ultimate mission is to provide superior care for your patients. Together with a proven revenue cycle outsourcing vendor like Savista, you can confidently deliver high quality service, encourage loyalty from patients and staff alike, and lay the groundwork for sustained financial growth.
Contact our team today to explore how business partnerships can revolutionize your operations.
Click here to review our recent conversation with Modern Healthcare, where we examine the merits of collaborating with trusted revenue cycle management partners.
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We understand the need to minimize critical mistakes, reduce operating costs and maximize productivity. Savista leverages decades of expertise to drive efficiency and standardization across your HIM functions. We start by identifying financial opportunity and aligning the organization on performance benchmarks. After collaborating with you on final scope and goals, Savista assumes full responsibility for the targeted or departmental HIM function, deploying HIM leadership to expertly manage operations on an interim or full-time basis.