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