Do You Want Fries with That?
I love combos. Burger and fries; dinner and a movie; one-two shots in pool…you name it, combos are the ticket. Combos or combination of revenue building strategies are also what can make or break medical practices. Yet, many times the combinations needed for a thriving medical practice can be hidden among lagging daily operations, faulty staffing roles and inaccurate billing procedures. But in reality often the combinations for medical practice success are as easy as 1, 2, 3.
The Classic Revenue Combination
1. Revenue Cycle Management
By the time a patient is sent a statement the practice is already losing money. Most practices have found that they must send out an average of three billing statements before receiving payment. If your medical billing staff is struggling to collect revenue from 100 patients at a cost of $9 to $10 per patient, then you have just spent close to $1000 trying to resolve patient accounts.
The key to managing the revenue cycle is payment completion before the patient exits the office. This can be accomplished through secure storage of patient payment information, strategic cash management software and efficient, patient accounts receivables. With these streamlined processes in place the Revenue Cycle Management is covered and allows for smooth payments.
2. Optimized Billing
With the adoption of the ICD-10 Compliance Protocol many practices are finding themselves caught in an endless loop of insurance claims’ kickbacks due to treatment coding errors. Not only is this a headache for staff, costing hours of research time, but it also greatly affects patient satisfaction.
Optimized Billing assures that codes are legitimate, patient billing is optimized and the lowest possible insurance rejection rate is attained. Claims are turned around promptly and payments are received timely. Many times practices can recover 90 percent of outstanding insurance accounts receivable within 60 days.
3. Chart Auditing
Chart Auditing is the best and most effective way of assessing medical practice financial health, untamed expenses and potential revenue streams. A Charts Audit is a simple survey of current patient charts providing a snapshot of your practice’s billing codes momentum and current revenue practices. With a chart audit we can alert a practice to frequent diagnosis scenarios and procedure modifiers that are often a missed sign of revenue loss.
With the 1, 2, 3 Combination of Revenue Cycle Management, Optimized Billing and Chart Auditing medical practices can experience positive financial growth. But it does not stop there; financial growth in itself offers a combination. Increased Revenues, Accurate Processing, Heightened Staff Morale and Great Patient Satisfaction making your medical practice’s 1, 2, 3 Combo into the Ultimate Combo including dessert!
If you are interested in a FREE chart analysis (and billing audit) or finding out more on how your medical practice can become fully optimized, contact Medical Consultants Group call our office directly at (404) 272-4883.