The opportunity to develop and grow an independent practice was appealing, yet daunting.
After several months of struggle, the cardiologist realized that he needed to have a stronger team of financial advisers to guide his practice and position it for growth.
The ebix’s Consultative Approach –
Provided a Dedicated Team which specialized in Cardiology
Lead by ebix’s VP of Client Services, a team of experienced cardiology billing and coding professionals were assembled. Members from each of ebix’s five departments met with the physician and his staff to analyze operations and make recommendations for a more efficient billing department. ebix’s team also identified areas that the practice would need additional and ongoing support, preventing any potential hazards or roadblocks to the practice’s success.
The defined practice goals were:
1. Improve coding accuracy
2. Capture more revenue upfront
3. Decrease denials and the number of days outstanding for reimbursement.
Using a Powerful Tool — Data Analytics
By monitoring the practice’s medical billing data in real time, ebix’s team was able to identify practice patterns and provide more accurate trend analysis. This information allowed ebix to adjust the billing processes, maximizing the practice’s overall operations and net revenue.
Conquering Market Conditions
Despite Medicare reimbursement reductions in cardiology, the practice increased its annual revenue.
Additionally, the practice realized a 5% increase in charges AND receipts compared to the months prior to working with ebix.
Today, the practice continues to expand its service line, attract top clinical and administrative talent and position itself for financial success.