According to the most recent data released from PricewaterhouseCooper's Health Research Institute, approximately one half of the $2.2 trillion dollars spent annually on healthcare, roughly $1.2 trillion dollars, is wasted. The participants in the study were doctors, nurses, hospital groups, and patient advocacy groups; with 16 areas in the industry analyzed for waste.
The healthcare revenue cycle management process figured prominently as a metric where waste is a common occurrence: inefficiencies cost physician's practices "billions of dollars annually", according to Susan Pisano, spokeswoman for America's Heath Insurance Plans. Lack of standardization of forms, inefficiencies in claims processing, lengthy 'pre-certification" protocols for higher-priced processes such as MRI's, and general lack of understanding of medical technology are the driving factors behind slow payment/reimbursement and/or denied claims. Problems in any one of these areas slows your revenue cycle; requiring your busy practice to reallocate resources to solve the issue. If your practice struggles with a combination of issues the cost to your practice is potentially debilitating.
The solution is to enter into a joint partnership with an organization that specializes in understanding, managing and improving busy physician practices' healthcare revenue cycle management. As a doctor, you are dedicated to treating your patients and do not have the training or time to manage the billing, workflow, and monthly cycle of your business.
Healthcare Information Services, LLC. (HIS) is a leader in healthcare informatics and has an staff of experts that specialize in streamlining your workflow, tightening your billing and claims, and identifying areas of your practice where money can be saved and/or income can be generated. HIS certified medical coders have a 98 percent clean claims rate as opposed to in-house billing teams that are typically between 70-80 percent; high clean claims rates translate into quick payment for services. HIS' Auditing and Compliance programs are designed to identify and correct errors in billing along with capturing all billable hours timely. The result is that you save money for your practice by eliminating waste, reducing errors, and speeding up your revenue cycle.
It is all about accuracy and efficiency. HIS will work with your practice to achieve an optimal level of both in your healthcare revenue cycle management, providing you with confidence that your have the tools you need to ensure the long term viability of your practice.
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Photo courtesy of Stuart Miles