Overcoming Medicare Reductions
A newly independent cardiologist in Michigan was starting his own practice after a long-term partnership. 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.
Here’s the story
Lead by the VP of Client Services for ebix, 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. The ebix coding professionals 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:
- Improve coding accuracy
- Capture more revenue upfront
- Decrease denials and the number of days outstanding for reimbursement.
Data Analytic 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. 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 practice realized a 5% increase in charges AND receipts compared to the months prior to 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 too. Outsourcing the coding has had a very positive impact not only on their business but also on that of the people they serve.