KLAS: Know your outsourcer
When healthcare organizations select an extended business office services firm, the key differentiator seems to a company's ability can keep accounts receivables low and cash collection high, according to a report from market research company KLAS.
The survey of 90 healthcare providers—75 percent of whom were either director- or executive-level respondents representing healthcare facilities of all sizes—identified a total of 21 firms they currently employed, of which 10 firms received enough evaluations to qualify for inclusion in “Extended Business Office Services: Money Talks,” according to KLAS, of Orem, Utah.
“The services typically rendered by these third-party firms, along with how well they perform and drive value, are important considerations for providers to review carefully when selecting a third-party firm for extended business office services,” the report stated.
Services discussed in the report range from temporary project-based work, such as netting down accounts receivable or handling batches of legacy receivables, to continual assistance with financial clearance or ongoing accounts receivable follow-up, especially with regard to a specific insurer, age or dollar amount.
The report categorized the companies into four groups, based on the types of services they provide to most of their customers: consulting firms, BPO firms, end-to-end outsourcers and technology vendors.
Anthelio (PHNS), Firstsource and Dell demonstrated the greatest breadth and depth of services, while the other firms offered more specialized services. Cymetrix, PricewaterhouseCoopers (PwC) and Deloitte offered mostly private insurance collection and some government follow-up, the report stated. MedAssets’ work was mainly insurance and self-pay, KLAS said.
PwC was the top-rated firm in the report, with an overall performance score of 92.7. Firstsource (MedAssist) came in next at 86.3, followed by Deloitte Consulting with 84.7, according to the report.
The survey of 90 healthcare providers—75 percent of whom were either director- or executive-level respondents representing healthcare facilities of all sizes—identified a total of 21 firms they currently employed, of which 10 firms received enough evaluations to qualify for inclusion in “Extended Business Office Services: Money Talks,” according to KLAS, of Orem, Utah.
“The services typically rendered by these third-party firms, along with how well they perform and drive value, are important considerations for providers to review carefully when selecting a third-party firm for extended business office services,” the report stated.
Services discussed in the report range from temporary project-based work, such as netting down accounts receivable or handling batches of legacy receivables, to continual assistance with financial clearance or ongoing accounts receivable follow-up, especially with regard to a specific insurer, age or dollar amount.
The report categorized the companies into four groups, based on the types of services they provide to most of their customers: consulting firms, BPO firms, end-to-end outsourcers and technology vendors.
Anthelio (PHNS), Firstsource and Dell demonstrated the greatest breadth and depth of services, while the other firms offered more specialized services. Cymetrix, PricewaterhouseCoopers (PwC) and Deloitte offered mostly private insurance collection and some government follow-up, the report stated. MedAssets’ work was mainly insurance and self-pay, KLAS said.
PwC was the top-rated firm in the report, with an overall performance score of 92.7. Firstsource (MedAssist) came in next at 86.3, followed by Deloitte Consulting with 84.7, according to the report.