Revenue Cycle Management (RCM)

aka Outside Billing

In the ever-changing landscape of billing regulations you may find yourself in the position of needing billing help.  You do not have to tie yourself to a Revenue Cycle Management company that will force you into their home grown software.  You have choices.

There are several types of RCM companies available today.  The Original RCM, the RCM with a Home Grown System and the True RCM.   We have seen the latter two emerge over the past 10 years or so to fill in the holes with the Original RCM model.

Original RCM

The original RCM, also known as an Outside Biller, operates by maintaining an in house, independent, billing system that they used for billing.  Sometimes this is a system they wrote themselves or one they purchased.  With this approach you never have real access to what is going on except for the reports that they send to you.  When you want to change from this model they usually have no way to go about getting data to you since it is in their internal system and as such it is left up to them to collect any remaining accounts receivable that may be due.

RCM Home Grown System

Some of the Original RCMs realized that their customers needed more, they need scheduling and an EMR platform.  This lead the RCM to extend their home grown system to include these missing parts and provide access to this system to their clients.  While this does provide a level of awareness for the client you are forced to use their home grown system that may never have been intended to operate the way you need.  Additionally, the problem still remains that if you want to leave the RCM your data still resides in their proprietary system which is further complicated by the fact that you have to have access to your medical records for at least 7 years.

True RCM

The True RCM focuses on what is important, which is the Revenue Cycle, making sure that you are getting paid what you have earned.  In this model the RCM has adapted to utilize whichever system you choose to do your billing and collections (as well as any other services they may provide).  The advantage to this type of solution is that you have full visibility of everything that is going on in the system since it is your system.  If you are not happy with the RCM you can change and all of your data stays with you.  It also means that if you choose to change software you can do that as well.  The True RCM provides a service and decouples itself from the Practice Management Software giving you the best flexibility to do what is best for your company.

We strongly suggest, regardless of whether you use our software or not, that you find an RCM that will utilize whichever Practice Management System best suits your needs.

References

Below you will find several True RCM companies that currently bill for a range of our clients.  We currently do not explicitly endorse one of them over the other and as such are presenting them in alphabetical order.  We suggest vetting the RCM as thoroughly as you are vetting your Practice Management System.

 

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