Three Questions You Aren't Asking RCM Vendors
(That Could Be Costing You Millions)Exhausted by the revolving door of lofty promises and underdelivering RCM vendors?
You’re not alone.
Internal resources stretch thin, past partners fall short, and the sea of smiling salespeople leaves you drowning in a miasma of “guaranteed solutions” and hollow claims. How do you break free from this cycle of frustration and find a vendor who truly boosts your revenue cycle, not burdens it? The answer lies beneath the surface, in questions you may never have considered. Forget the standard RFP fare; discard the marketing brochures.
This article equips you with three laser-focused inquiries designed to pierce through the hype and illuminate the true health of your potential partners. Just as you wouldn’t trust a mechanic whose own car doesn’t run, these questions empower you to identify vendors who are thriving, stable, and poised to propel your success, not mirror your struggles.
1. What is your five-year growth rate?
In today’s RCM landscape, you’re constantly squeezed by rising costs, shrinking resources, and payer power plays. Choosing a vendor facing the same fiscal pressures? Recipe for disaster.
A vendor with consistent, organic growth (over five years, not some overnight blip) shows they’re financially nimble and resourceful – precisely what you need to navigate those headwinds. They will have the bandwidth to tackle your bottlenecks, invest in the latest tech, and deliver the ROI you deserve. Settling for stagnant, similarly constricted vendors is the root cause of most issues that concern and frustrate revenue cycle leaders.
2. How do you benefit from your investments in technology?
Remember, you’re questioning how the vendor benefits, not you. It’s easy to get dazzled by shiny AI and flashy algorithms, but remember, every vendor’s tech bonanza starts with filling their pockets first. This question cracks open the black box and reveals their true priorities.
A healthy, growth-focused vendor invests in tech because they can, not because they have to. They will prioritize the unglamorous essentials first – rock-solid data security, unwavering stability, and ironclad compliance. These are the invisible muscles that power peak performance, not the flashy features on the brochure.
So, dodge the marketing blitz and dig deeper. If their tech talk is all sizzle and no steak, if their bottom line hasn’t budged in years, chances are your ROI will be equally anemic. Choose a partner who invests in your success, not just their own survival.
3. Can you provide references that utilize your company for multiple service lines?
Think of your favorite restaurant: the one you trust for that special occasion. Why do you keep going back? Sure, the food is amazing, but it’s more than that, right? It’s the consistent quality, the familiar faces, the feeling of knowing they can handle whatever you throw at them – appetizers, drinks, dessert, the whole shebang.
This is exactly what you need from your RCM provider. You reap the maximum ROI of your vendor relationships when you employ dynamic, scalable organizations that can provide both depth and breadth of assistance with your revenue cycle.
The holy grail is a vendor who can provide references from organizations like yours that utilize their company in multiple areas. Why? Because just like that trusted restaurant, it shows depth, trust, and a proven track record of exceeding expectations. It reveals a vendor invested in building long-term partnerships, not just scoring quick wins. They understand the value of economies of scale and can tailor their services to your specific needs, no matter how complex.
Beyond Lip Service
It’s time to move beyond lip service, you deserve more. Asking these three-pointed questions is like cracking open a coconut – you expose the truth about a vendor’s health, and immediately get beyond the hype. Hiring a thriving business with skin in the game is your key to a soaring revenue cycle, not a stumbling one.
We hope you pick up this “interrogation toolkit.” It’s time to uncover the hidden champions who invest in both tech and that secret sauce that unearths the nuance of human interaction, understands a organization’s unique culture, and can make the critical decisions that require a mix of intuition, experience, and success – human expertise with personalized care.
