What are the benefits and risks of bundling RCM services with EHR software?

1 Cost savings

One of the potential benefits of bundling RCM services with EHR software is that you can save money on upfront and ongoing costs. You may be able to negotiate a lower price for the combined package than if you bought them separately. You may also save on training, maintenance, and support fees, as you will be dealing with one vendor instead of multiple ones. Additionally, you may reduce the need to hire or outsource staff for billing and coding tasks, as the RCM service provider will handle them for you.

2 Data integration

Another possible advantage of bundling RCM services with EHR software is that you can improve the integration and accuracy of your data. Having a single platform for both clinical and financial data can streamline your workflows and reduce errors and duplication. You can also access real-time reports and analytics on your practice performance, cash flow, and profitability. Moreover, you can enhance your compliance and security, as the RCM service provider will follow the same standards and protocols as the EHR vendor.

3 Vendor dependency

One of the potential risks of bundling RCM services with EHR software is that you can become too dependent on one vendor. If you are unhappy with the quality, functionality, or customer service of the EHR or RCM software, you may have limited options to switch or terminate the contract. You may also face challenges in migrating or transferring your data to another system, as the vendor may charge fees or impose restrictions. Furthermore, you may lose some flexibility and control over your RCM processes, as the vendor may have different policies and procedures than you.

4 Service quality

Another possible drawback of bundling RCM services with EHR software is that you can compromise the quality and efficiency of your RCM processes. The EHR vendor may not have the same level of expertise, experience, or specialization in RCM as a dedicated RCM service provider. The EHR vendor may also have a larger and more diverse client base, which can affect their responsiveness and attention to your specific needs and goals. Additionally, the EHR vendor may not offer the same range of RCM services or features as a standalone RCM service provider, such as credentialing, denials management, or patient engagement.

5 Practice growth

A final factor to consider before bundling RCM services with EHR software is how it will affect your practice growth and scalability. Depending on your practice size, specialty, and market, you may have different RCM needs and challenges. Bundling RCM services with EHR software may work well for smaller or simpler practices, but it may not be enough for larger or more complex practices. You may need more customization, automation, or innovation in your RCM processes to optimize your revenue and profitability. You may also need more support and guidance from your RCM service provider to adapt to changing regulations, payer contracts, and patient expectations.