PE-backed medical groups look to drive rapid growth while improving RCM performance. Without the right technology in place, it can be difficult to establish processes that drive financial and operational success.
RCxRules has worked with portfolio companies from top private equity firms like Audax, TA Associates, and others to increase efficiency without increasing staff expenses. In the three-part series outlined below, we’ll share best practices we’ve learned from working with industry leaders.
Standardization: The Cornerstone of Success
Successful onboarding of newly acquired groups hinges on balancing physician satisfaction with EMR preferences and improving data continuity. Leading groups often standardize on a single, best-in-class EMR or offer a limited choice of systems, ensuring that patient data can be seamlessly integrated to create comprehensive records. Implementing technology that aggregates and standardizes data across multiple systems is essential for maintaining accurate patient records and streamlining operations.
Leveraging Expertise for Performance
Top-performing medical groups harness their team’s billing and coding expertise to drive RCM performance. Identifying top-performing staff, turning their knowledge into customized rules, and creating a centralized knowledge repository are key strategies. Implementing technology that supports these practices ensures consistent performance and improves overall revenue cycle efficiency.
Automating for Growth
Leading organizations employ automation to enhance RCM operations. By automating manual processes, these groups reduce workloads, increase accuracy, and improve revenue. Identifying and automating routine tasks helps minimize errors, simplify workflows, and accelerate payments without additional staffing costs.
“I checked with ADP and RCxRules has never taken a vacation day, a sick day, or been late to work. It does what we want it to do every single time, that consistency is a game changer.”
RCxRules – Enabling Excellence for PE-Backed Medical Groups
We have extensive experience in helping PE-backed medical groups streamline their RCM through standardization and automation. Interested in transforming your RCM operations? Explore how we can support your journey toward optimized and scalable revenue cycle management.