Benefits of Strategic Partnerships
over Traditional Outsourcing
The Center for Connected Medicine and KLAS recently reported that revenue cycle management was the area most frequently cited by respondents as needing significant innovation and disruption.
How would they be best served...by entering into a Strategic Partnership or Traditional Outsourcing?
In a Strategic Partnership, the partner manages a sizable portion of the revenue cycle, reducing costs, sharing risk, and actively promoting beneficial
change through root cause analysis.
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Of particular concern...it doesn’t need to be expensive or imperil jobs.
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Being proactive with strategy and solidifying key alliances will be essential for revenue growth.
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The need to think strategically has perhaps never been greater, and the breadth of knowledge required to succeed can be intimidating.
Comparing Models
Traditional Outsourcing
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Commodity oriented-simply paying for a service
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Project or Service oriented
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Support for limited revenue cycle functions
Strategic Partnership
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Co-created vision
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Formal pathway to collaboration and improvement
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Expertise across revenue cycle
Unlike traditional outsourcing models, a revenue cycle strategic partnership offers an enterprise-wide strategy designed to meet today’s health system challenges.
RCM Strategic Partnerships
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Identify opportunities to accelerate improvement
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Reduce risk
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Decrease cost and inefficient redundancies
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Provide transformative improvements in Process Management
Strategic Partnership Advantages
1. Economies of Scale
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A single investment from a strategic partnership positively impacts all the organizations and facilities it serves.
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This is more cost-effective than developing in-house innovations.
2. Specialized Expertise
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Changing healthcare regulations requires constant attention.
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An outside firm will commit resources and specialized expertise to remain current with these latest updates.
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Experience across multiple markets and facilities is a major advantage when deciding on the best processes, policies, procedures, and technologies.
3. Speed of Transformation
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Immediately benefit from your strategic service partner’s knowledge, resource base, and best practices.
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Allows you to prepare for changing market conditions.
4. Shared Risk
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A strategic partner shares the performance risk with you and is motivated to deliver only technologies and processes that add value to your organization
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A vendor that sells services or technology has no “skin in the game”. They get paid no matter what the outcome.
Strategic Partnerships provide a much broader value profile
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More efficient processes
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Workforce management
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Cost-saving
Results
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Increased efficiency
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Positive financial results
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Improved organizational and
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patient satisfaction
Expect More
Healthcare providers should have partners with diverse areas of expertise and flexibility who provide high-value strategies and solutions to a broad range of challenges and goals.
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Increased cash flow
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Cash-based reduction in outstanding Accounts Receivable
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Operational cost savings
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Insights provided by detailed advanced analytics
Guidelines for preserving PPEs can be found at:
https://www.cdc.gov/coronavirus/2019-ncov/hcp/ppe-strategy/index.html
CDC Guidelines for Opening Up America Again are found at:
https://www.whitehouse.gov/openingamerica/#criteria
We welcome your comments and questions
contact Donald Tapella at Medical Recovery Services
Email: dtapella@mrsa1.net
Phone: (816) 229-4887, ext.112
Fax: (816) 229-4787
