How to Select the Best RCM Partner for your FQHC
Brian Flynn, VP, Business Development, Nobility RCM
Federally Qualified Health Centers (FQHCs) have financial management needs and reporting requirements that are distinctly different from standard, for-profit medical organizations and even nonprofit health systems. FQHCs are federally regulated and specifically dedicated to treating the healthcare needs of underserved communities. The goal is to provide as many resources as possible to disadvantaged populations, and fulfilling that mission requires giving in-depth attention to the costs of healthcare delivery.
One proven way for an FQHC to manage costs is to engage with a performance-driven revenue cycle management (RCM) partner. However, identifying the right RCM partner requires thorough investigation into the prospective partner’s understanding of the FQHC structure and regulatory requirements.
Questions that the FQHC should ask of any potential RCM partner include:
• Is the RCM partner experienced in NextGen or Epic, the two most-widely used practice management softwares in the FQHC space?
• Does the RCM partner appreciate the importance of UDS reporting and have in-depth knowledge on creating and analyzing these reports?
• Can the RCM partner prove its performance through key performance indicators (KPIs) designed for FQHCs?
• Because patient self-pay comprises a substantial amount of total FQHC revenue, can the RCM partner present tools and solutions to handle patient collections?
Every FQHC is unique, and fulfilling the organization’s mission requires engaging the right partners with the right expertise. Taking the time to fully investigate a prospective RCM partner will help to identify the partner best suited to support the complex billing processes of an FQHC and ultimately improve access to care for the underserved.