Healthcare providers across the country continue to face obstacles in establishing and maintaining acceptable operating margins. Critical operational tasks can become increasingly difficult in the absence of a facility's patient account director.
What are you going to do?
Whether you expect to fill this critical position within weeks or months, Revenue Cycle Solutions, LLC is the answer. Our many years of business office experience means we can efficiently maintain and improve the performance of your patient accounts department while you search for a permanent manager.
Our experienced management professionals are on-site within two weeks of notification to manage department personnel in any or all of the following areas:
- Admissions / Registration
- Insurance Verification
- Charge Processing
- Follow up / Collections
- Payment Posting
- Bad Debt / Agency Management
RCS establishes baseline measurements of a provider's financial and revenue cycle performance through the creation of applicable benchmarks. Our on-site management team moves quickly to evaluate and assign staff to ensure optimal results during our interim management period.
Recommendations for improving operational efficiencies are provided to assist management in the proper identification, implementation and tracking of improvement efforts.
- In-depth discussion with senior management to ascertain concerns and discuss program objectives
- Interim management plan developed and implemented
- Essential report information identified and validated with appropriate hospital personnel
- Pertinent information extracted and used to create indices and benchmarks including:
- Aging Analysis by Payer
- Unbilled Accounts Receivable
- Late Charge Postings by Service Area
- Service to Billing Timeframes
- Billing to Follow-Up Timeframes
- Service to Collection Timeframes
- Claim Denial Volumes/ Amounts /Types
- Bad Debt / Bad Debt Recovery Levels
- Cash Collection to Net Revenue Ratio
- Cost to Collect
- Key financial indicators validated and measured for optimal performance
- Customized plan drafted to address adequacy of existing staff, prioritization of daily tasks, and implementation and monitoring of department goals
- Our experienced management professionals positively impact cash flow and staff performance. RCS takes the time to thoroughly understand all areas of concern and address any related questions before work is initiated.
- Results include:
- Increased accuracy with all account information
- Timely verification and processing of pertinent account information
- Improved efficiency with charge postings and coding
- Shortened time frame from discharge to final bill
- Reduced volume of claim denials
- Increased cash flow
- Reduced AR days outstanding
- Lower bad debt and charity write-offs