With so much variation and so many people with the opportunity to touch each charge, it’s easy to see how some are missed. Making matters worse, many organizations lack the process to track missing bills altogether, which ensures they’re leaving money on the table and making themselves vulnerable to a CMS audit. Here are three ways to ensure you’re capturing as many charges as possible — and able to correct those charges that are missed.
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According to the 2016 Revenue Cycle Management Report, a survey of 2,000 independent physician practices and 200 hospital-based physician practices by Black Book Market Research, the profit margins of healthcare provider organizations continues to be negatively affected by traditional patient billing solutions.
To begin, many organizations are unprepared for value-driven care. The survey found that 9 in 10 practices are financially and technologically unprepared to provide value-based healthcare to their patients — which is a significant and increasing payment trend, especially among hospitals. What’s more, despite the added emphasis on compliance and risk management, many physicians characterized themselves as “not tech savvy,” adding that the investment in hardware, applications, and training is too expensive for many small practices.
Now more than ever, data counts. “The revenue of many healthcare provider organizations is inexorably tied to charge capture. The stability of that revenue is key to providing services and quality,” said Dr. Liu. “The status quo is no longer an option.”
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The amount of data in any given hospital or physician practice is staggering. Patient records, billing information, compliance files to name a few. And when this is aggregated into a larger group or system, the shear quantity of this data makes for a pretty difficult task of accessing specific elements of information.