Medical practices are still recovering from the economic fallout of the COVID-19 pandemic, with revenues struggling to hit pre-pandemic levels. Many patients are still keeping their distance and not all practices have access to the resources necessary for offering telehealth services. As providers look to rebuild their financial security, it might be wise to look for a new RCM partner.

Having a dedicated RCM partner is the best solution for many practices that are simply too busy to manage these tasks on their own. However, it is important that your RCM partner be able to provide what you need. Here are 6 things to look for in an RCM provider.

1. Transparency
   Entrusting the flow of revenue through your practice to a third party comes with a great deal of risk. Providers that don’t keep a close eye on how their RCM partner is handling their income may find themselves losing out on a great deal of revenue. To avoid such situations, it is important that your RCM provider be transparent, giving you the ability to check the state of all outstanding bills in order to get a better idea of your cash flow. 24/7 access to the data is crucial, as is the partner’s ability to explain any aspect of the revenue cycle that you need an explanation for.

2. Eligibility Checks
   RCM demands quick access to eligibility checks for patients. Your RCM provider should have access to all major health insurance providers so that they can provide this. Eligibility checks should be performed instantly so that you can focus on providing the best care to your patients, instead of being stuck in long calls with insurance executives.

3. Notifications Of Claim Denials
   If any number of claims are being denied, no matter how many, your RCM partner needs to inform you. There might be some easily identifiable error in the way you are handling your billing and coding that could save you a lot of revenue if you are notified quickly. The longer you take to fix these issues, the longer you have to wait to get paid.

4. Customer Service
   As with any partnership, a successful relationship with your RCM partner will hinge entirely on the quality of your communication. This includes their customer service. You must be satisfied with the responses you receive when you have any queries or concerns and you must get these responses at the proper time. If these requirements aren’t met it can indicate that they are neglecting your account.

5. Cloud Option
   Modern healthcare is increasingly reliant on cloud-based computer systems. Providers have to ensure that any RCM provider they partner with offers their services over the cloud. Having this option gives you the ability to access your information at any time, from anywhere in a completely secure fashion from your desktop computer, laptop, tablet, or smartphone.