If you’re still doing most of your coding, billing and collections in-house and rely on traditional spreadsheets to track metrics that assess your facility’s performance, I feel your pain. That was the situation when I became director of our surgery center in 2014 and, not surprisingly, our accounts receivable was large and getting bigger by the month.
To help turn things around, we hired an outside revenue cycle management (RCM) company, which provides access to teams that assist with billing, coding and collections. Additionally, they help reduce the number of rejected claims and shorten how long it takes to get reimbursed after submitting a claim. We also began working with an analytics software platform, which converts information from business management systems into usable grids and graphs, allowing us to drill down into our data in order to make more informed decisions.
The results have been impressive. We cut the time it takes to send bills to insurers from 10 days to five days. That, in turn, helps us reduce how long it takes to get paid from 52 days to 28 days. In each of the first six months with the new firm, we brought in an average of more than $800,000 on accounts that were more than 90 days old and had been left uncollected by our previous RCM company.
If your revenue cycle management needs to be revamped, working with a team of experts can help you achieve similar improvements.