Revenue Cycle Tools

“There is roughly $129 billion in bad health care debt in United States today” – American Medical News

Collecting the money that is due to your practice, whether it be from insurance carriers or from patients, is a labor intensive process that can quickly get out of control.

Calculating the Days in AR can clearly indicate the productivity of a practice. While many claims can be paid in 14 days or less, the claim must be clean to get paid on the first pass.

Financial Policy: Do you have a policy that outlines the patient’s responsibility toward payment of your services and is it signed?

Eligibility: Is your staff going to multiple websites or sitting on the phone to verify a patient’s insurance eligibility?

Co-Pay: Is your staff collecting the co-payment for every visit every time?

Credit Card: Have you looked at your rates lately? Do you know what your effective rate is?

Check Services: Can you process checks electronically? Can you take a payment by check over the phone from a patient?

Co-Insurance: Are your fee schedules updated so your staff can collect co-insurance at check out?

Claim Scrubbing: Does your software help you submit claims with a less than 2% denial rate on the first pass? The industry standard is greater than a 10% denial rate even in practices with good billing staff.

Electronic Remittance: Is your insurance money being deposited directly in your bank account to improve cash flow and reduce the chance of embezzlement?

Patient Payment Plans: Technology can allow you to automate patient payments. Are you still sending out statements?

Ancillary Services: Are there ancillary services that could be added to your treatment plan that could generate additional revenue?

CJ Consulting can assist you in redesigning your processes and/or add technology to improve cash flow in your business.

“Medicine is a business and as with any business, money matters.” – Journal of Physiatry