The new year might not be here yet, but it’s quickly approaching, which makes these last few months of 2017 an excellent time to start strategizing for the year to come. It’s never too early to think about improving your revenue management. We often find that when it comes to managing a practice’s cash flow, practices are more focused on the cash itself than the contracts and processes that make the cash happen. Don’t be one of those practices! As you close out the year, we recommend answering the following questions:
Am I getting reimbursed when I should be?
Are reimbursements being submitted in a timely manner? Are the insurance companies reimbursing me correctly? Incorrect reimbursements equal lost cash flow. Take some time to make sure you’re being reimbursed properly for your work. If you need help with this, we can assist you with this analysis.
Am I getting paid for everything I can be?
Forgetting to code for small services offered can add up to huge losses over time. For example, did you talk to your patient about quitting smoking? If so, you should be coding the visit for smoking cessation. Assess your coding practices to ensure that you are accurately and fully coding each visit to your office.
What do my insurance contracts actually say?
Often when we ask practices about their contracts with insurance companies, practice managers and medical directors say they have no idea because they haven’t really looked at them in years. Even if insurers are reimbursing you correctly as per your contract, you might still be leaving a lot of money on the table. Insurance companies are famous for convincing practices that they aren’t large enough to have any leverage in negotiations, which simply isn’t true. We recommend dusting off your contracts, reading them over, and renegotiating them when appropriate to ensure that you’re receiving a competitive reimbursement. We have partner firms that do excellent work in this regard, if you need a referral.
Evaluating your medical billing processes is about more than “Is our medical biller doing a good job?” It’s about assessing all of the factors that influence your cash flow and determining how you can move the levers in your favor.
Want to start 2018 with a jump start on your revenue management? We are always ready to jump in and help.