The clock is ticking, and with each passing minute is a lost opportunity to capture revenue. Challenges are increasing for medical practices to capture reimbursement from their healthcare revenue cycle management. But do they fully realize just how much better the reimbursement opportunities can be? At a time when more doctors are feeling more financial pressures and trying to optimize their medical coding, billing and collections, knowing what their opportunities are to build revenue is more critical than ever. According to a June 2012 online article from CNN Money, “Doctors, especially those operating private practices, said their financial hardship is increasing, making it ‘harder for them to earn a decent living,’ according to a new survey of 673 physicians across 29 specialties by MDLinx, a medical reference website for physicians.”

“Among the reasons doctors cited: significant school debt, rising business expenses and administrative hassles, shrinking insurance reimbursements and costly malpractice insurance. The survey revealed that doctors operating private practices — both small and large — are feeling more financial pain than those employed by hospitals, said Stephen Smith, chief marketing officer for MDLinx. In fact, 17% of all doctors with a private practice said they could foresee closing it within a year if their financial situation doesn’t improve, the survey said.” What doctors believe to be revenue generating opportunities may just be scratching the surface.

It takes the MedRev Index, designed exclusively by revMD, to fully comprehend each practice’s unique revenue potential and optimize their medical coding, billing and collections process.

MedRev Index uses a formula based on a set of key indicating revenue management standards that, when input is provided, produces an index actionable number. This represents the delta between a practice’s revenue cycle management proficiency and the average for its industry group with similar practice size and patient payer makeup. The number is derived from the tabulation of a practice’s key performance indicators. By answering less than 10 quick questions from the privacy of an internal connection, doctors can see the potential improvements to their practices’ bottom line (which optimizes their revenue cycle management) in a matter of seconds.

Uncovering that number is the first step. 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

revMD.com is the results-proven alternative for healthcare revenue cycle management, with a niche specialization in medical coding and billing 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.

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