There are various revenue cycle management tasks that must be done, and each is critical to a center’s financial health. Even minor errors with one or more of an ASC’s revenue cycle processes can have serious short- and long-term consequences. Such consequences can range from payment delays and denials to lost payments and compliance challenges. Discover how 24/7 medical billing services improved financial performance by revolutionizing ASC billing.
The story of the Ohio-based ASC was on a similar track with the suffering of thousands of dollars while operating an ambulatory surgical center (ASC) and billing. Keeping in mind the urge to deal with the consequences, the client approached and outsourced ASC billing services of 24/7 Medical Billing Services.
Financial ASC Roadblocks Transformed by 24/7 Medical Billing Services:
Higher Accounts Receivable (AR) days
The average number of days this Ohio-based ASC took to collect payments for services delivered was 40 – 45 days. In fact, days in A/R are one of the primary performance indicators ASCs use. According to the research, the average days in A/R for ASCs should be around 32; otherwise, appropriate actions must be taken.
After analyzing the issues faced by the client, the 24/7 Medical Billing Services team recommended setting up a patient finance option that pays within a few days of a procedure. As a result, the client got protection from the failed payments of patients.
“Our team also conducted patient pre-registration, procedure scheduling, patient financial counseling, insurance verification, patient payment arrangements, and patient collections to reduce the AR days,” stated by the revenue management specialist.
One of the most common challenges faced by ASCs is surprise billing, and so is the story of this Ohio-based client. The patients were confused about receiving additional bills from the client, even after paying their copays and deductibles. All this leads to the risk of losing patients due to unexpected billing.
But the team of 24/7 Medical Billing Services helped the client prevent their patients from surprise billing by doing the following:
- Check if anesthesiologists, pathologists, and lab experts are in their network.
- Inform the patient if these specialists cannot be brought in-network, in which case these additional expenses will be added to the patient’s account.
Secret Process Followed by 24/7 Medical Billing Services:
With tightening reimbursement and increasing expenses, this Ohio-based ASC cannot afford to let its revenue cycle health deteriorate further due to avoidable or fixable issues. That is why 24/7 Medical Billing Services evaluated their revenue cycle on an ongoing basis for early detection of problems and the implementation of long-term solutions.
Perform ongoing monitoring:
Continuous monitoring and benchmarking of essential revenue cycle KPIs such as days to bill, accounts receivable days, days to dictate, and denial rate provides the ASC client with greater control over their revenue cycle performance.
Such efforts are bolstered by 24/7 Medical Billing Services when their billing is backed up by next-generation analytics. This technology enables the client to delve even deeper into its revenue cycle data, discovering previously difficult or impossible insights using traditional platforms.
Conduct revenue cycle assessments:
24/7 Medical Billing Services supplements the monitoring and benchmarking of their clients’ KPIs with revenue cycle assessments. These evaluations include a comparison of the KPIs to industry norms while considering this center’s unique characteristics (e.g., specialties, payor mix) to identify issues influencing cash flow.
24/7 Medical Billing Services conducted a revenue cycle assessment by evaluating a random sample of cases. Using a randomized technique ensured that a wide range of accounts were scrutinized with the detection of minor and major problems affecting performance financial health of ASC Billing.
Undergo coding audits:
24/7 Medical Billing Services also boosted the value of revenue cycle evaluation by scheduling it alongside a coding audit. While an evaluation indicated coding difficulties, a coding audit pinpointed such concerns with greater precision and accuracy.
Not only this, but 24/7 Medical Billing Services opts for a proactive approach to maximize the benefits of a revenue cycle assessment. In fact, they made their client evaluation a recurring task on their calendar, whereby this Ohio-based ASC benefitted from at least an annual assessment of their revenue cycle health.
About 24/7 Medical Billing Services:
24/7 Medical Billing Services provides access to a comprehensive team of reimbursement experts, including certified coders, managed care and Medicare reimbursement experts, and experienced insurance and patient collectors. It can be challenging for centers to find competent staff to deliver the services required to maintain their coding optimal and collections updated while remaining compliant with state and federal laws.
Thanks to the team of 24/7 Medical Billing Services, who have the expertise to reduce the number of days the money goes uncollected by recognizing inaccurate or denied payments and unveiling appropriate appeals immediately. In addition to code optimization, timely and effective collection follow-up can turn the revenue cycle department into a profit center rather than a cost center.
There are various revenue cycle management tasks that must be done, and each is critical to a center’s financial performance of ASC Billing. Even minor errors with one or more of an ASC’s revenue cycle processes can have serious short- and long-term consequences. Such consequences can range from payment delays and denials to lost payments and compliance challenges.