A steady stream of revenue is critical for home health agencies. Otherwise, their operations will not be able to function optimally. If revenue is reduced significantly for any period of time, it puts significant stress on the agency’s bottom line.
Best Practices for Optimal Cash Flow
Here are just a few of the best practices and smart strategies for keeping your cash flowing in light of the changes from CMS covered in our COVID-19 Cash Flow Guide for Home Health Care Providers.
- Keep in mind you will need to continue to file final claims in a timely fashion to maintain a decent cashflow in this trying time. Also advanced payments received will need to be paid back in 120days, you need to keep the cash flowing.
- Remember that you need to complete and lock an assessment in order to get a HIPPS code which you will need to bill your RAP claim.
- Completing the assessments in a timely manner is necessary for cashflow.
- Comprehensive assessments remain an IN-PERSON visit in order to be billed
- There are no billing codes for telehealth service as this is not a billable service.
- Patients contra-indicated to leave home is qualified for homebound status. This is your basis for home-bound documentation.
For additional resources to help you manage the financial health of your agency during the coronavirus crisis, download the guide here.
Dominion Revenue Solutions is here to support your organization with strategies to improve your cash flow. We do it by accurately billing and expediting payments while simultaneously driving a more efficient revenue cycle. Please reach out to us if you have questions or need assistance.
