Cash flow is an important part of the business that you do every day. While we understand that making a profit is never above the main mission of healthcare – to better the lives of your patients — it’s still something that is needed to do the great work that you can achieve.
To that end, finding simple yet efficient ways to help find missing or additional revenue can be a genuine transformation for your business. Finding the time to search for those funds through your own system can be time-consuming for you or your staff.
We thought we’d give you some information on the steps that it takes to do impactful revenue recovery for a practice or medical business. It’s a methodology that can result in better revenue cycle management and a greater focus on the most important work that you do: caring for patients.
The nuts and bolts of revenue recovery
The first step in the process of revenue recovery is an audit. The idea is to see what is truly going on with your revenue cycle, as we search for more efficient ways to collect and eventually maximize paid claims.
As far as a benchmark goes, consider having medical claims submitted and reimbursed within 30 days. Having a specific timeframe makes it easier to look at each claim, minimize denials or rejections, while also checking for missing information in claims to make the prevention of those rejections that much easier.
A process that delivers consistent results
To bring this kind of organization to your billing, you have to follow a strong workflow. We provide clarity by having a process where all the individual steps of billing are covered.
Here’s an example of how we commonly work in revenue recovery:
- We perform a detailed analysis of your agency’s billed claims. Typically, this covers one year’s worth of claims for Medicare and per timely filing guidelines for commercial insurance companies.
- We first identify all denied, rejected and returned potentially recoverable claims.
- We then correct and re-bill claims as needed.
- At the same time, we monitor the claim status closely and frequently for each entry.
- When the time comes for appeals filing, we work through that process and monitor it from start to finish. Part of this is follow-up with payers to ensure that you receive maximum reimbursement.
- During this time, we also provide financial reports to show that the process is working and to see if there are changes to it that need to be made.
- We also let you know if there are areas of improvement for your billing team. We also provide education and training for your staff to bring even greater efficiency to your processes.
Help every step of the way
As you can see through such a thorough process, Dominion Revenue Services has some clear goals for your business. We do this through our revenue recovery services or the other services we provide. We want to help our customers achieve increased cash flow, financial clarity, maximized revenue, and effective outsourced billing.
Other companies might solve revenue issues, but they often don’t give their customers a complete understanding of what is happening. We explain the methods behind our work and work with you – to achieve your practice’s business goals through increased revenue and stronger processes.
To find out more about what we can offer you, please visit our website.
