I Found $2 Million In Missing Revenue
I recently wrote an article that I’ve posted on my main business site titled Misperceptions And Expectations Of The Charge Master / Revenue Review Process.
Basically, it follows up on a theme I started in my last post on how, sometimes, one is trying to market to people who don’t fully understand what it is they do. Over this next couple of weeks, I’m going to have posts that are going to explain some of the things I do a little bit better, so that there will be a better understanding of all the facets of all my businesses.
In this particular instance, though, I’m going to highlight one line from that particular article that gets to the heart of what I can do for healthcare organizations that need someone to look at their revenue process, whether it’s just looking at their charge masters or doing a full review of their entire charge capture process.
The line was “At one facility, a discussion with one department that took four hours ended up finding almost $2 million in yearly revenue that was being missed.
The truth of that line is that, though the entire time I met with this one department was four hours, it was actually the last 30 minutes where I found this $2 million dollars by asking one particular question, and having an idea of what was coming based on the answer I received. And, by answering that one question, then going back and looking at revenue numbers for what they’d been doing, and adding some extra calculations on charges they’d been missing, I was able to determine that, if they only kept doing what they’d been doing but started capturing charges properly, they would increase their revenue by that amount. Now, for the uninitiated, that doesn’t mean it’ll translate into that much cash, but based on estimated payment amounts, it could increase their cash by anywhere from $400,000 to $800,000 a year; who would dismiss that?
Of course, I’ve added other links here, just in case anyone wants more information; I’m helpful that way.
