As hospital leaders strive to build and sustain positive brand awareness, high-quality clinical care is a necessity. But what happens before and after the clinical experience as patients interact with billing and administrative staff? Every touch point with patients is an opportunity to reinforce consistent messaging and leave a favorable impression.
That’s why it’s so important to think carefully when selecting an extended business office (EBO) vendor for revenue cycle management. The right hospital EBO vendor is one that not only provides unparalleled business services but also drives operational success and patient engagement. These revenue cycle vendors go beyond service delivery to ensure cultural and community alignment that ultimately elevates the hospital brand.
Selecting an EBO vendor that checks all the boxes—and we mean all—is not only possible; it’s also an important part of ensuring a positive patient experience.
What is the Role of an EBO Vendor for Hospitals?
A hospital EBO vendor plays an important role in performing core functions of the healthcare revenue cycle such as self-pay billing, early out collections, patient access scheduling support, and patient engagement. Many hospitals rely on an extended business office to fill short- and long-term staffing gaps and help meet strategic goals such as improving financial outcomes, streamlining operations, reducing costs, and improving patient access and satisfaction. Selecting an EBO vendor to augment or replace internal teams helps organizations focus on providing high-quality care.
The Importance of Cultural and Community Alignment in Vendor Selection
While many hospital EBO vendors are well-versed in the nuances of hospital revenue cycle management, not all may align with an organization’s mission, communication style, and values.
Why is this an important distinction when thinking about the extended business office?
When selecting an EBO vendor, cultural alignment helps hospitals ensure a consistent and high-quality patient experience. Misalignment between the hospital and extended business office can lead to operational inefficiencies, patient dissatisfaction, and reputational damage, all of which can undermine a superior clinical experience. Therefore, selecting an EBO vendor must go beyond simply examining that vendor’s ability to meet key financial performance metrics to include its understanding and respect for the community it serves.
What are the questions every hospital leader should ask of potential revenue cycle vendors? What can this hospital EBO vendor do not only to improve the revenue cycle but also to enhance patient engagement? How will the extended business office foster trust and help raise positive brand awareness?
Other Key Considerations When Selecting an EBO Vendor
When selecting an EBO vendor, hospital leaders must also consider the following:
- Compliance. Does the hospital EBO vendor have robust compliance measures in place to stay ahead of regulatory changes, adapt to new medical debt trends, and protect patient data?
- Expertise and experience. Does the hospital EBO vendor have a proven track record in healthcare revenue cycle management and patient engagement? A vendor with extensive experience in the healthcare industry can navigate complex billing, insurance claims, and patient collections efficiently while maintaining empathy and professionalism. Look for vendors who provide references, case studies, and testimonials that demonstrate their ability to handle high volumes and adapt to regulatory changes.
- EHR-specific expertise. Does the hospital EBO vendor have experience with your hospital’s EHR? The vendor you choose must be proficient in navigating and integrating with your hospital’s EHR software to ensure seamless data exchange and efficient management of patient accounts.
- Patient-focused approach. Does the hospital EBO vendor prioritize compassionate communication and transparent billing practices that align with the hospital’s values and patient care ethos? How does the hospital EBO vendor train its employees to communicate with empathy and respect? How does it hold employees accountable to demonstrate integrity and patient centricity?
- Technology and flexibility. Does the hospital EBO vendor provide modern, tech-enabled solutions such as payment portals and automated collection tools to increase efficiency and give patients what they want and need thereby giving the hospital a competitive advantage?
Building a Collaborative, Successful EBO Partnership
Hospital leaders can foster a strong, collaborative relationship with their extended business office by taking these steps:
- Align on patient care principles, patient outcomes, and community impact. Ensure the hospital EBO vendor understands expectations and the role it plays in elevating the hospital’s brand.
- Open the lines of communication. Conduct weekly or monthly meetings with the hospital EBO vendor to review performance and identify strategies for improvement. Also consider inviting members of the extended business office to internal team meetings to strengthen teamwork and alliance.
- Share goals. Discuss specific key performance indicators to which the organization will hold the hospital EBO vendor accountable as well as strategic goals with which the hospital EBO vendor can help and how. Focus on creating a consultative relationship in which the hospital EBO vendor serves as a partner rather than service provider.
Selecting an EBO vendor is an important step in driving better financial outcomes, reducing delinquencies, and improving the overall patient experience. While it’s tempting to focus solely on financial key performance indicators, overlooking the hospital EBO vendor’s cultural fit and community alignment can be devastating in the long run. The goal is to partner with a revenue cycle vendor that truly serves as an extension of your clinical and financial teams to reap maximum rewards and return on investment.
Connect with us to learn how Revenue Enterprises enhances patient experience by aligning with your core values through comprehensive and compassionate financial engagement.