Revenue Cycle Management
Revenue cycle issues are problems for most medical practices at one time or another. Changing contracts and reimbursement rules, or new providers, services, staff, and management – all impact a practice’s revenue cycle.
Everyone has heard the horror stories – the front desk staff employee who uses the same insurance to register every patient, the billing staff member who is stealing co-payments, the insurance contract that was negotiated incorrectly and now the reimbursement for one of the practice’s most utilized service has been significantly reduced, the billing person who writes off money that can still be collected, and the clearing house that never gets the claims to the insurance carrier for processing.
The revenue cycle starts when a patient is scheduled for an appointment and ends when the service(s) rendered at that appointment is (are) fully paid. Problems occur at almost any point; including, but not limited to – patient registration and insurance verification, billing and coding, payer mix, accounts receivable follow-up, account write-offs and credit balances created from possible payment posting errors. Each phase of the revenue cycle that is left unmonitored is a possible revenue drain for the medical practice.
Our experienced practice management consultants can perform a focused or comprehensive practice assessment to identify opportunities to increase income and physician productivity by focusing on critical elements that impact reimbursement, overhead and billing/collections.
Our practice management tools allow us to establish an expected payment for each and every CPT code so that we can measure the effectiveness of our management strategy and collections efforts.
Our technology and information management tools are cutting edge. Our history has helped us identify what processes and controls need to be implemented to stay productive and efficient. Our large and diverse client base also challenges us to anticipate each new practice management development with appropriate resources and solutions. Our current technology was specifically designed to anticipate the unexpected with no constraints to the type of data we capture for our clients.
For all the discipline of our approach and the power of our technology, however, nothing can match the value of our experience. Years of creative problem-solving has made us even better problem-solvers.
Each member of the Revenue Cycle team brings experience and a fresh perspective that challenges the organization to stay relevant and focused. This ability to sound out issues, explore creative solutions and offer innovative alternatives to clients has proven itself as a significant asset in a wide variety of client management situations.