Make your checkup appointment.
Even the most well-managed and well-staffed organizations have the opportunity to improve their overall health, productivity, and profitability in a constantly evolving healthcare landscape. A periodic assessment of the practice is an excellent way to expose and eliminate inefficiencies and take advantage of missed opportunities.
Physician practices and hospital-owned physician groups face a common set of challenges in the ever-changing healthcare industry. Some of the most commonly reported challenges include:
- Managing finances with unpredictable, frequently changing reimbursement rates
- Coping with steadily increasing operating costs
- Limited staff to focus on accounts receivable
- Low recovery rates from aged receivables
- Collecting from patients who have high-deductible health plans
- Electronic Medical Record functionality challenges
- Tracking quality measures
- Coordination of patient care
- Incorporating new technologies
- Physician recruitment and assimilation
- Data security and HIPAA requirements
Revenue Cycle Solutions will complete a comprehensive operational assessment of your practice. Once completed, and our observations and recommendations are provided to you in written form, our experienced team will follow through with an action plan. This work plan offers the guidance and support you need to ensure best practices are achieved within a reasonable timeframe and with minimal interruption to your daily operations.
RCS conducts Operational Assessments in four stages:
- Practice Questionnaire – RCS provides you with an online questionnaire to be completed by your practice management team. This questionnaire gives us a basic idea of your current organizational workflow and revenue cycle status.
- On-Site Visit –RCS consultants will visit your practice to conduct interviews with staff and management, observe and document your processes, and collect copies of any pertinent data we need to take the next step.
- Assessment – A comprehensive assessment is written, and then we meet with you to discuss the document and answer any questions you may have.
- Work Plan – Once the assessment is reviewed and all details are addressed, we develop a detailed work plan that will be your guide to implementing the recommendations. You determine the priority of each recommendation, and we lead your practice to achieving the desired results
After following the recommendations of a comprehensive organizational assessment, our clients typically experience dramatic improvement in the areas of payer reimbursement, compliance, accounts receivable, staff productivity, systems utilization, organization, and vendor relations. Other benefits include:
- Timely verification and processing of pertinent account information
- Increased accuracy of account information
- Improved timeliness and accuracy of charge postings
- Reduced volume of claim denials
- Increased accuracy of coding
- Reduced accounts receivable days outstanding
- Increased cash flow
- Increased monthly collections
- Improvement in billing processes
- Credentialing workflow improvements
- Development and monitoring of practice measurements (KPI scorecard)
- Staff accountability