How ebix, Inc. Addresses Friction in Revenue Cycle
- Rapid growth in patient liability at a rate of up to five times that of overall reimbursement.
- Payors challenge and deny a significant number of claims (with 20 – 25% of rejected, up from 10 – 15% just three years ago).
- The increasingly complex environment of regulatory reform and new payment models will exacerbate these challenges for health systems.
Addressing these frictions in the revenue cycle must be a top priority for the independent health care provider.
Experienced Billing Services gets you more
It is essential to realize that the key to successful Revenue Cycle Management is understanding all your practice’s revenue sources. Hence, our team will help improve profitability by monitoring, measuring, and managing all aspects of your revenue cycle.
Indeed, the ebix team has excellent tools and experience. Hence, our Revenue Cycle Management solutions are in place to capture revenue from claims remittances, patients, and evidence-based data. Collecting from all these sources will help secure your practice’s health care payments and enable it to become more profitable.
Revenue Cycle Management Service for Your Practice
- Initial Credentialing is Free. Our expert staff reaches out to the carriers of your choice to obtain network status. Namely, free at a startup and a very reasonable fee per provider afterward.
- Fee Schedule Analysis. We will help research appropriate change levels. We enter the allowed amounts from the network contracts obtained to track and uncover any improper reimbursements.
- Workflow Consulting. Our management staff has over 100 years of combined experience. Therefore, we can advise you on the best practices to build a team and processes that ensure results.
- Carrier Contract Advice. Consequently, there are pitfalls to avoid in contracts and situations that may cause you to choose non-network status with challenging carriers. We have additional expert resources to bring help when necessary.
- Coding Expertise. The ebix team offers certified coding staff to “abstract” codes from provider documentation, or review what you’ve coded for accuracy and completeness. Additional revenue opportunities plus compliance and audit survival are the results of our efforts. We offer Chart auditing services and provider/staff education.
- Fees based on Results. We don’t get paid until we’ve obtained reimbursement for you.
- No Surprises. No additional charges for postage, claims, statements, or custom report/data analytics needs.
- Fast Claim Submission. Don’t suffer from delays or write-offs from inappropriate submissions. Your billing will be submitted promptly after receipt.
- Up to 10% Better Reimbursements.
Revenue Cycle Management Service is Medical Coding Compliance
The ebix Billing Services team has a strong reputation as an expert in medical coding service. By and large, medical billing begins with accurate and complete documentation in the medical record. Hence, coding is the way your intellectual services and labor translate into a code used to bill insurance and document the value of your service.
Perhaps most noteworthy are the ICD-10 codes. The ICD-10 Code currently the cornerstone of classifying diseases, injuries, health encounters, and inpatient procedures in morbidity settings. Because of this, the ebix, Inc. team has honed medical coding skills and business processes to meet the needs of independent physicians.
Therefore, the transforming of a provider’s narrative or description of the disease, injury, and procedures into universal medical code numbers for the insurance claim is the fundamental purpose of medical coding. For this reason, our team of professional certified medical coders ensures higher reimbursement by properly aligning services with a medical diagnosis. Consequently, this doesn’t just assure proper payment. It will also minimize denials resulting from the incorrect association of diagnosis and procedure codes.
Revenue Cycle Management Service Delivers Data Analytics
Our financial reporting gives you the insight you need to address the root causes of charge issues, resolve process inefficiencies, improve coding compliance, and ensure the integrity of all claims. Office Managers and Administrators can quickly review performance and trends, drill down into the data to analyze root cause by reason, evaluate payer performance, and the financial impact of claim denials.
Examples of some of the financial reports we provide (above and beyond the regular month-end reporting that give details around charges, collections, and your AR) include:
- Charge & Revenue Analysis – evaluate financial ratios versus MGMA benchmarks
- Coding analysis – identify potential under, over and incorrect coding scenarios
- Procedure Analysis – analyze top CPT codes for cost-benefit analysis
- Payer Reimbursement Analysis – assess which payers consistently slow up payments through unnecessary denials and “lost” claims
- Provider & Staff Productivity Analysis – evaluate provider and staff productivity based on the specific place of service, revenue and RVU’s
- AR Aging Analysis – velocity of payments per payor and CPT respectively
Revenue Cycle Management Service Will Minimize Medical Claim Denials
Based on our experience working with physicians and healthcare organizations, we understand that the revenue cycle success starts at the patient registration and continues throughout the claims cycle. Accuracy of patient demographics and financial information upfront results in reduced denials, fewer rejected claims, and fewer returned statements. Claim cleanliness is the critical component that stops the denial from origination, and the following parameters impact it:
- Patient registration data quality
- Non-covered services and medical necessity management
- Eligibility and benefits coverage
- Clinical documentation quality
- Claim editing
- Payor rules & mandates