Top 5 Ways to Improve Your Billing & Collec=ons Presenters: Jillian Longpre Vice President Franco Rizzolo, DC CEO Brought to you by:
Industry leading Educa1on Cer1fied Partner Program Please ask ques1ons For todays & past webinars go to: hjp://compliancy- group.com/webinar/ Get Involved. #cgwebinar 855.85HIPAA www.compliancygroup.com
Today s topics Understand the trends impac=ng your revenue today Learn how to improve billing & collec=ons Ques=ons & Answers 3
What is going on in Healthcare? $2.7 Trillion $15.5 Million 4
How does this impact me? Cash Flow Decreases Inefficiencies Get Worse Increased Costs to Collect Pa=ent Demands Bad Debt Increases 5
Poll Ques<on - 1 q What is your biggest revenue cycle concern in 2014? Increase in pa=ent responsibility for payment Contractual payer payment accuracy Changes associated with healthcare regula=ons Rise in opera=onal costs Other Watch the full recording of this presenta=on to hear the poll results: click here 6
#5 Choose the Right Technology Evalua=ng EMRs and other systems CCHIT Interface, Integra=on, Compa=bility Export Files Security and Compliance Cloud vs. Servers Workflow Changes BENEFITS Increase Opera=onal Efficiency by 20-80% ROI in 90 days 72% of physician prac1ces, whether networked, independent or part of a large group or hospital system an1cipate declining- to- nega1ve profitability in 2014 due to diminishing reimbursements and underu1lized or inefficient billing and records technology. 7
Poll Ques<on - 2 q Do you currently use an EMR? Yes and it s working great! Yes but we re not sa=sfied and thinking of switching No, but we are looking for one No, we are fine with paper Watch the full recording of this presenta=on to hear the poll results: click here 8
#4 Be Proac<ve Check Eligibility BENEFITS Reduce claim denials by 30% Decrease Days in A/R by 30% Monitor Claim Status Daily FACT: 30% of claims are denied or ignored on the first submission and 60% of those claims are never resubmijed 9
#3 Be CommiHed to Process Improvement Process Improvement Areas: Pa=ent registra=on Pa=ent flow Staff roles & =ming Document handling Data entry Call handing End- of- day repor=ng Staff Training is Key! BENEFITS Reduce Administra=ve costs by 40% Cut Staffing Costs in Half FACT: It costs twice as much to train and onboard a new employee 10
#2 Analy<cs BENEFITS Be prepared for an audit Types of Reports: 1. Payer Payment Reports (monthly) 2. Claim Ac=vity Reports (daily) 3. Pa=ent Payment Reports (monthly) 4. Cost Analysis (monthly) Visibility into areas for improvement 11
#1 Outsourcing Case Study Mul=- Specialty Clinic BENEFITS Reduce Costs Increase Revenue Leave it to the experts Leverage Experts FACT: Downcoding can be costly a single doctor can lose $40,000 per year in revenue 12
Poll Ques<on - 3 q Which administra=ve areas of your prac=ce could be improved? (check all that apply) Coding/Billing IT/Sooware Systems Compliance Creden=aling Staff Management Watch the full recording of this presenta=on to hear the poll results: click here 13
RevPro Healthcare Solu<ons Be prepared for an Audit Keep up with Mandates Increase your Collec1ons Let us evaluate your prac1ce. Free Prac1ce Management Assessment Reduce Costs 14
Ques<ons & Answers Please submit your ques=ons in the GoToWebinar Panel in the Ques=ons tab. If we do not get to your ques=on, please submit your ques=on to info@revprohealthcare.com 15
Thank you for joining! This webinar was brought to you by: www.revprohealthcare.com Jillian.longpre@revprohealthcare.com Franco.rizzolo@revprohealthcare.com (561) 578-8400 www.compliancy- group.com mhaskelson@compliancygroup.com 855.85 HIPAA (855.854.4722) A copy of today s presenta=on and a recording will be available at: hjp://compliancy- group.com/webinar/ 16
17
sources hjp://www.instamed.com/trends- in- healthcare- payments- annual- report- 2013/ hjp://obamacarefacts.com/affordablecareact- summary.php hjp://www.prweb.com/releases/2013/9/prweb10926496.htm hjp://www.medical- billing.com/blog/medicalbilling/pid- 1641/why- do- experts- recommend- outsourcing- your- medical- billing/ hjp://www.hbma.org/news/public- news/n_where- your- clients- might- be- losing- money- in- their- prac=ces hjps://www.shrm.org/pages/default.aspx 18