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Revenue Management

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Increase revenue while decreasing costs.

Increase revenue while decreasing costs.

Published in: Business, Economy & Finance

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  • Los invito a visitar mi blog www.therevenuemanagementalist.com para que conozcan más acerca de esta disciplina tan interesante
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  • Collection Agency Up to 50% of whatever they collect May damage patient/doctor rapport In-house Financing You become a banker Payments trickle in over 90-120 days Write it off How much are you losing each year?
  • Transcript

    • 1. MCIT Revenue Cycle Specialists, LLC. “ Strategies for revenue growth. ”
    • 2. Based on…
    • 3. Doctors Are Experiencing Cash Crunch
      • Insurance claims
        • High rejection rate
        • Lower reimbursements
        • Lengthy turn-around
      • Patient Payments
        • 50% collection rate
        • High delinquency
        • Large write-offs
    • 4. We Have the Cure for Cash Crunch
    • 5. Doctors Make Money Seeing Patients
      • “Some doctors spend more time filling out forms than taking care of patients.”
            • Dr. C. Everett Koop Former Surgeon General
    • 6. Insurance Claim Challenges
      • SLOW
        • Turn-around up to 58 days
      • High Rejection Rate
        • National Rejection Rate is 34%
      • High Cost
        • National Average of $22 per claim
    • 7. Only Two Options
        • In-House
          • Investing thousands of dollars in hardware, software, training and support
      • 2. OUTSOURCE IT!
    • 8. In-House Filing Challenges
      • Initial Costs are expensive
      • Computer Setup is Complex
      • Staff Learning-curve is high
      • On-going Costs
          • New Staff Training
          • Constant Updates to Software
          • Technical Support
    • 9. Reduced Rejection Rate As low as 2% Lower Billing Costs Save up to 50% of in-house costs
        • Faster Payment of Claims
        • Average of 14 days
    • 10. The Outsourced Billing Solution
      • Step One
        • Patient and Claims data is scanned from the physician’s office directly into our HIPAA-Compliant web-based system
    • 11. The Outsourced Billing Solution
      • Step Two
        • Trained medical billers enter the data and submit to clearinghouse within 24 hours
    • 12. The Outsourced Billing Solution
      • Step Three
        • Payments from insurance companies are sent directly to the doctor
    • 13. The Outsourced Billing Solution
      • Step Four
        • Doctor logs in and verifies / authorizes invoice amount
    • 14.
      • Comprehensive Web-based Electronic Medical Records System
      • Totally integrated with our medical billing system
      • Will qualify for “meaningful use” reimbursement
        • Up to $44,000
        • Starts in 2011
    • 15. Increase Reimbursements 30%
      • Most doctors under-code
      • Some over-code
      • Both can be solved with certified medical coders
    • 16.
      • Superbills are scanned or faxed into our web-based system
      • Each code is reviewed and adjusted as needed in the system
    • 17. Patient Receivables Challenge
      • The average healthcare provider only collects 50% of what patients owe
      • Even the patients that do pay are usually slow in paying
    • 18. What Are the Options?
      • Collection Agency
      • In-house Financing
      • Write it off
    • 19. What If…
      • All the money
      • that is owed by patients are
      • deposited into a bank account
      • automatically
      • on the same day every month
      • without having to send a single invoice?
    • 20.
        • Extend credit to patients with assurance of payment
        • Filters out bad credit risks
        • Staff can concentrate on patient care
        • Increases cash-flow by up to 50%
    • 21. We Have the Cure
    • 22. Who Do You Know… That could use one or more of these services?