Going strictly by the books, Accountants analyze trends in revenue streams of their medical provider clients. When the Physician takes a deep breath, listens and acts on the advice of their Accountant, they discover that collecting up to 11% more revenue faster is possible. The advice? Enlist ebix, Inc., a Revenue Cycle Management firm focused on medical coding and billing, to be part of the team.
HERE’S THE STORY
The trusted Accountant identified decreasing revenue and increasing days outstanding despite increasing patient volume of his client, a chiropractor for over 22 years who employed an in house billing staff and was scared and nervous to hire an outside medical billing company.
ENTER ebix, Inc.
Upon startup, initial process improvements were made such as:
Billing for payer specifications – claims were not being properly submitted to satisfy the payer’s requirements. Because of ebix’s experience with chiropractic billing’s payer nuances, a higher level of industry knowledge resulted in clean claims submission for timely remittance.
No insurance follow-up – claims rejections were accumulating without any follow-up attention. ebix performed an initial billing audit to identify the reasons for denials and educate the Client’s staff on how to prevent future occurrences.
Lack of reports – the Client needed a variety of reports to manage their practice. This included both drill-down provider-level patient activity reports and summarized practice financial reports. ebix and The Client collaboratively identified essential practice and financial benchmarks to track and report on in the format needed.
THE IMPACT OF ebix, Inc. HELPED THE CLIENT:
Increase the average receipt per patient by 13% due to ebix’s:
- Close management of revenue opportunities, such as identifying and notifying the Client to increased co-pay amounts.
- Credentialing administration to manage paperwork and payer requirements leading to more in-network revenue opportunities.
- Decreased their days outstanding from over 120 days to the low 40’s (~375%) with dedicated mental health account management.
- Daily denial management processes shorten the days outstanding and reduce outstanding accounts receivable amounts.
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