While physician practices commonly struggle to collect revenue for all the services they provide, one multi-hospital, multi-specialty group achieved the previously unthinkable: it eliminated 100% of missed charges.
This real world case study showcases how the 450-physician practice is leveraging the high-reliability strategy of identify-and-mitigate through Ingenious Med’s Charge-Note Reconciliation (CNR) capability.
The new enabling technology creates provider and enterprise-level visibility into every missed charge so practices can maximize revenue collection. In fact, implementing Ingenious Med’s CNR feature enabled the practice to:
- Identify an average of 5 missed charges per physician per month
- Discover 2,255 missed charges per month across the 450 physicians
- Learn that physicians self-resolved just 40% of their own missed charges even when prompted through a direct message
- Learn that site-specific administrative staff could easily use the CNR feature to directly resolve the remaining 60%
By identifying and mitigating all missed charges, the practice collected:
- $4,800 additional revenue per physician per year
- For a total $2.16 million increase per year across the practice