Brace for impact. Your medical practice is at risk for hitting turbulent waters if you’re not adequately prepared for the ICD-10 transition on Oct. 1, 2014. Preparations not only need to include all the steps leading up to the “go live” but also those associated with continued flow of your healthcare revenue cycle management in the months that follow. Did you know you’re at risk for insufficient documentation, coding errors, and increased payer scrutiny of claims? Denial rates also may take a turn for the worse, with a correlating increase in accounts receivable days.
Without the right medical coding, billing and collections team in place, there’s the chance for declining revenues a very real possibility your healthcare revenue cycle management will take a hit. Denial rates potentially could increase between 100 and 200 percent, AR days increase by 20 to 40 percent, prolonged declining payments and a near doubling of claim error rates.
Your risk is virtually eliminated when you build a bridge to dry land with solid revenue footing – a Revenue Bridge securely transitioning you to a third party, independent medical coding and billing firm with special expertise in ICD-10 implementation and compliance. Truth be told, you’re at heightened risk for losing revenue if you don’t make the transition. They have heightened awareness of ICD-10 guidelines and GEMs, are trainers who lead the multi-level training process, and understand why knowledge of anatomy is so important.
Many often fear such a transition because of the increased chance for lost revenue that can fall through the cracks in the process. Revenue Bridge offers a no-risk way to bridge the gap between a medical practice’s old and new services by guaranteeing immediate payment on your existing accounts receivable, keeping cash flow at optimum levels during the transition to better medical practice billing, coding and collections.
Just how does Revenue Bridge work? Strategic partnerships are created with third party financers for claim payment guarantee during this critical on-boarding time. When a practice makes the transfer, revMD.com pays the former company to transfer/walk away from the remaining contract.
There’s still time to make the switch, but it’s important to act now. Because the clock is ticking.
revMD.com is the results-proven alternative for physician revenue cycle management, with a niche specialization in medical practice coding and billing that generates unprecedented results and builds profitable medical practices. Not only is revMD.com the industry expert in physician coding, billing and collections, they are the professionals for seamless ICD-10 implementation. Leveraging a history of industry wide success spanning 26 years, revMD.com partners with medical practices throughout the U.S. to optimize revenue for hospital based and community based physicians. For more information, visit www.revmd.com.