Physician Revenue Cycle – Surprising Advice to Improve Your Bottomline

Physician Revenue Cycle exceeded the expectations of Dr. Scott Schlais, President of Fort Atkinson Emergency Physicians (FAEP), who needed to act fast.

The six-doctor emergency medicine practice had begun a drastic reorganization process due to severe deficiencies caused by a previous billing company.

1. Failure to deliver their full income potential due to insufficient coding knowledge.
2. Lack of understanding of their practice specialty, goals, and objectives.
3. No training or support to educate their staff when changes were required.

Dr. Schlais and his associates decided to change to a full-service revenue cycle management firm with a consultative approach and the coding knowledge required to maximize their revenue.

HERE’S THE STORY

Physician Receives Full-service Revenue Cycle Assessment

1. Provider Contract Review. The ebix team began by reviewing their provider contracts to investigate if maximum revenue was being received from insurance payers. This led ebix also to renegotiate insurance contracts to ensure better payment terms.
2. Dedicated Team Assigned. Concurrently, ebix assigned a member from each department to form a dedicated team to audit and analyze their processes and highlight any critical areas for improvement. Missing documentation, inaccurate coding, and inconsistent processes were uncovered, leading to a high percentage of urgent care and emergency care service billing errors.
3. Physician Education. As a result of the audit, ebix established monthly encoding documentation and physician education sessions to provide consistent training resources and feedback for them. This also enabled ebix’s team to create new Urgent Care guidelines, enabling FAEP to expedite patient care and improve patient satisfaction with Urgent Care Services.

Physician Impact – Exceeded expectations and revenue goals.

1. Accounts receivable days outstanding also improved by nearly ten days.
2. With ebix, custom reports/data analytics bridged a missing communication link for FAEP.
3. 15% increase in the average rate of reimbursement from three significant payers.

Physician Extended Reading List:

Real Story Coding Expertise Maximizes ED Revenue PDF
Revenue Cycle Management (RCM) Service
Benefits of Choosing a Medical Coding Service
Minimize Medical Claim Denials