Medical Practice Overcomes Medicare Reductions
A newly independent medical practice cardiologist in Michigan was starting his practice after a long-term partnership. The opportunity to develop and grow an independent approach was appealing yet daunting. After several months of struggle, the cardiologist realized he needed a stronger team of financial advisers to guide his practice and position it for growth.
Here’s the medical practice story
Led by the VP of Client Services for ebix, a team of experienced cardiology billing and coding professionals was assembled. Therefore, 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. The ebix coding professionals also identified areas where the practice would need additional and ongoing support, preventing potential hazards or roadblocks to the practice’s success.
The defined practice goals were:
- Improve coding accuracy
- Capture more revenue upfront
- Decrease denials and the number of days outstanding for reimbursement.
Data analytics is a powerful tool. 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. Consequently, this information allowed ebix to adjust the billing processes, maximizing the practice’s overall operations and net revenue.
Impact – Marketing conditions conquered
Despite Medicare reimbursement reductions in cardiology, the practice increased its annual revenue. Additionally, the method realized a 5% increase in charges AND receipts compared to the months before working with the ebix coding professionals.
Today, the practice continues to expand its service line, attract top clinical and administrative talent, and position itself for financial success.
The client is extremely pleased with the ebix team’s medical coding services and competitive prices. Outsourcing coding has had a very positive impact on their business and the people they serve.
Extended Reading List:
Real Story Overcoming Medicare Reductions PDF
Revenue Cycle Management
Benefits of Choosing a Medical Coding Service
Minimize Medical Claim Denials