This is our third and final blog in this series about the advantages of leveraging Black Book Research’s comprehensive assessment criteria for evaluating outsourced revenue cycle management (RCM) service providers. In this blog, we focus on the measures associated with Service.
Black Book Research evaluates outsourced diagnostic/laboratory RCM services vendors using 18 evaluation criteria based on customer feedback through an annual Black Book market research survey, “Diagnostic/Laboratory Support and Revenue Cycle Management Outsourcing” dives into all of these findings.”1
The report showcases the many advantages of RCM outsourcing while assessing the performance of leading outsourced service providers. It also reveals the variability among top vendors’ offerings and performance.
Research participants were asked to rate vendors by using a 10-point scale to answer several specific questions relevant to the Service, including Client Relationships, Cultural Fit, and Customization.
Overall, top performers scored an average 35% higher than the bottom performers.
To evaluate each vendor on Client Relationships and Cultural Fit, survey participants scored vendors on the following statements:
"Outsourcing vendor leadership honors customer relationships highly.”
“The relationship with the vendor elevates the customer reputation.”
“Improving healthcare delivery efficiency and effectiveness is a priority of the supplier.”
“Governance of engagement is neither complex for buyer nor does it require vendor management attention regularly.”
“There is no regular transparency or quality issue.”
“There are no culture clashes or misfits that threaten relationship’s success or client’s satisfaction."
On these criteria, the top three RCM vendors scored an average rating of 9.57 out of 10 overall, more than 65% higher than the mean of 5.8 that the lowest rated three vendors averaged. The highest score in this category was 9.65 with the lowest rated 5.26.
To assess Customization, survey respondents were asked to evaluate vendors on the following statements:
"Outsourced services are customized to meet the unique needs of specific practice client purpose, processes and hospital/provider/physician models.”
“Little resistance is encountered when changing performance measurements as clients’ needs vary.”
“Extraordinary efforts are made to adapt and convert client special needs into workable solutions with efficient cost and time considerations.”
On these statements, the top three outsourced RCM service providers scored an average rating of 9.18 out of 10, whereas the lowest three scored an average 6.3. The highest score was a 9.53, while the lowest score was 5.50.
The Black Book Research team makes it clear that decision makers can rely on these objective peer assessments to benchmark current vendor performance and identify best-in-class capabilities for outsourcing revenue cycle management.
How does your RCM vendor stack up? Access the full report for detailed rankings.See full report