In a profession where the devil is in the details, it’s surprising how many opportunities there are to miss them. Those details, or lack thereof, can impact compliance and… the financial health of your practice’s medical practice billing and coding.
Your compliance risk in medical coding and billing is increasing, especially as medical practices prepare for the transition to ICD-10 in October 2014.
More detailed documentation a must.
If you’ve ever bemoaned the weight on your shoulders to provide more detailed documentation to ensure compliance in your medical practice billing, now is a good time to be reminded of the increased risks to you and your practice if you don’t.
Take the case of the surgeon whose medical coding and documentation resulted in him being charged with two counts of Medicare fraud and two counts of making false statements. In the end, the surgeon was acquitted of fraud but convicted of making false statements in his documentation. He’s currently serving a 10-month prison sentence.
Then there’s the University of Illinois Hospital and Health Sciences System and Mount Sinai Hospital in Chicago. They’ve been ordered to return $145 million in Medicaid overpayments – for services rendered 13 years ago.
Incomplete documentation significantly raises the risk for medical practice compliance audits. It’s time for some assurances not only to reduce the risks for your practice but also stimulate its growth.
First, you need to take a long, hard look at your medical practice’s billing and internal protections because nowadays, it’s not safe for anyone to do occasional manual audits on Excel sheets anymore. A special tool is needed from an independent, third party medical coding and billing firm that specializes in medical coding and billing for physician practices.
Missed details can reveal full revenue potential?
Having incomplete information about your revenue potential can deprive your practice from uncovering a very important number, the MedRev Index.
The MedRev Index is a new dashboard tool that serves as a critical benchmark for medical practices today. This unique metric benchmarks individual medical practice revenue performance against industry averages, revealing key optimization metrics. Designed especially to meet the revenue growth goals of today’s physician practices, the MedRev Index is a meta average for your specific practice and discipline that uses a formula and produces an index actionable number. Customized according to your specialty and practice size, this algorithm-driven index serves as a benchmark, driving revenue optimization beginning with a revenue performance comparison with others in your specialty.
Doctors are then connected to an entire cadre of support to increase their bottom line on average 19 percent in most cases and:
- Further demonstrates full revenue cycle practice potential
- Develops a revenue cycle management plan for success
- Empowers practices to ensure they achieve it
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Once your MedRev Index is determined, there are other key metrics that help to ensure peak performance.
Serving medical practices throughout the U.S., Scottsdale based revMD.com is experiencing record growth in the delivery of healthcare revenue cycle management services nationwide. revMD.com optimizes practice revenues and assures compliance for hospital and community based physicians. The firm is garnering attention industry wide with its continued acquisitions, setting new industry standards with services such as the MedRev Index.
Now is no time to wonder if your medical practice billing and coding team has everything it takes to withstand the weight of this transition. Outsourcing your physician revenue cycle management with experts in this field is an important next step, along with discovering your MedRev Index.
revMD.com is the results-proven alternative for physician revenue cycle management, with a niche specialization in medical practice billing and coding that generates unprecedented results and builds profitable medical practices. Leveraging a history of industry wide success spanning 25 years, revMD.com partners with medical practices throughout the U.S. to optimize revenue for hospital based and practice based physicians. For more information, visit www.revmd.com.