Overwhelmed? It’s important to get back to the basics and we are here to help! RT Welter is producing a series of articles with tips to help your business thrive. We will be sharing pointers that you should consider to ensure you are running a profitable business. Over the next few weeks, new information will be released that will allow you to take an “outside” look at your business systems and encourage you to make changes if needed.
It is all about the money! After all, without it, you cannot provide the patient care services you currently do! While today’s healthcare landscape definitely presents obstacles it also presents a lot of opportunities. Internal business systems and patient care systems must work like a well-oiled machine for any practice to maximize profitability. The implementation of new patient care reporting requirements (i.e. MACRA, MIPS, APMs), new payment models, and other operational issues tend to demand everyone’s attention on a day to day basis. Unfortunately, too many practices are losing sight of maintaining sound business systems (the “foundation”) which can interfere with their ability to take advantage of the many opportunities out there. While providing top notch patient care and maintaining reporting requirements is at the top of everyone’s priority list, practices must regain focus on their internal business systems in order to maximize revenue and profitability, but more importantly avoid lost revenue.
Independent physician practices should not only survive, but thrive! It’s time to get back to basics! It’s time to work smarter, not harder!
Show Me the Money!
Revenue Cycle Management is the lifeline to any and all practices. Practices are hemorrhaging money due to the inability to properly manage the revenue cycle. Dirty claims, increased claims denials, delays in payments, subtle but increasingly important credentialing issues and other increased insurance “games” are wreaking havoc on the ability of practices to maintain consistent revenue and cash flow. Insurance companies are banking on the fact that with increased games (i.e. “lost” claims, records requests, inappropriate denials, etc.) and time, practices and providers will lose sight of unpaid claims (i.e. over 90 days) and therefore they don’t have to pay a penny. Failure to keep claims timely due to lack of resources and proper RCM processes and protocols results in tens of thousands of dollars in lost revenue per provider. How much money are you losing?
Are you ready to learn more now? You can get started TODAY with RT Welter’s FREE revenue assessment. Offered with no obligation, you will receive a free revenue assessment and free follow up consultation to see where and how much you might be losing. CLICK HERE to learn more about the assessment and contact us to schedule your review!