What Does it Mean to be a Healthcare RCM Partner?

The healthcare revenue cycle is a frustratingly complex process spanning from patient scheduling and registration to final balance collections, with at least a dozen different components sandwiched in between.  Every step affects the next, every piece has its own set of compliance and regulations to consider, and there is very little standardization at any level.  It’s much like one of those chain reaction machines, a game of Mouse Trap for example.  Except this particular game set is much like one from 1993 where the instruction manual is torn up, one of the metal balls is missing and the diving board is broken.  The mouse will never get trapped so there’s no payoff in the end. 

That being said, it’s no wonder why healthcare providers seek help from outside RCM service organizations.  It’s the reason why the RCM service provider space is as busy and competitive as ever before.  But given that every step involves so much nuance and a deep understanding of process and technology, can the RCM service providers really be expected to have a handle on every aspect of the RCM cycle?  

Seems like an impossible ask, especially since we strongly believe that to be considered a true ‘expert’ on something you must have a very defined focus and have put in your 10,000 hours to perfect it.  We’ve defined our focus, we’ve put in our 10,000 hours, and we are ready to help you perfect a crucial piece of the healthcare RCM puzzle. 

Our Focus

We are not a “patient portal” or just another online bill pay tool for providers to add to their website.  In fact, unlike other RCM technology vendors that are competing with your services, we don’t aim to work directly with healthcare providers at all.   

Instead, we focus on working with RCM service organizations as a partner to help them capture more patient responsibility payments for their provider clients. 

Designed For Partnership

How do you best engage with a patient to inform them of a balance?  How do you maximize your chances that a patient views a bill and makes a payment?  How do you ensure that data is accurate, payments are secure, and compliance is being met? 

Being an effective partner in this space requires a lot of nuance.  Nuance requires technology that is flexible, adaptable and built with the understanding that each partner (and each patient) is unique.  The right technology requires years of experience and industry knowledge.  

When we say we are designed for partnership, what we really mean is that we have a deep understanding of the tools and technology that an RCM service organization needs to be effective, and an appreciation of how these tools must work to make their jobs easier (more visibility, fewer phone calls, automated reconciliation).  Their clients will benefit from more patient dollars and a better patient experience, yes, but this is a result of our focus on working with the RCM organization as an extension of their services so that they can capture more patient payments, much faster while operationally becoming much more efficient.   

We have success stories, we have compelling stats, we have a lot of confidence in our solution and we love talking about it.  You’ll see plenty of that in other posts.  This is one, though, hopefully provided a little bit of clarity in a space full of haze and confusion.

See what a partnership with PatientPay could mean for you.