Revenue Integrity; that's what we do. From charge master to charge capture to denial management to fraud review to compliance. These days every hospital is looking at cutting expenses and saying they're looking at revenue, but they're looking for new opportunities, which always involves spending more money. We work with hospitals and find money and revenue they already have; they just don't know about it yet.
This is one of those stories that sounds apocryphal, but it's absolutely true. In the mid 2000's, we did a consulting assignment at a large teaching hospital over the course of a year that, after 53 weeks, resulted in the hospital increasing their daily revenue from $1.9 million a day to $3.9 million a day, and cash collections increased by 61%.
We have written a white paper giving many details on the processes we went through, and we've set it up as a pdf to be downloaded. We do this for two reasons.
One, we know that you'll find things in this white paper that, if you decide to look at your own revenue, you'll be able to use as a guide for what to look at. If you need assistance in looking at and correcting some of these things, we know that we can help you if you decide to bring in someone from the outside.
Two, we want you to share it with other members within your hospital and with some of your peers. Anyone looking to improve their revenue and revenue cycle processes will benefit from this white paper.
To entice you into seeing why this white paper might be valuable, here are some highlights:
* A charge master review is essential to start the process
* A comparison of revenue to existing charges should be performed
* A serious look at denials can help eliminate those that come up the most often quickly
* Independent hospital systems from revenue generating departments need to be checked for charge capture processing
* Timed charges need to be described accurately for proper charge capture
* Without proper revenue codes, cash reimbursement will be inaccurate and sometimes punitive
* Having too many charges for one thing makes charge capture processes confusing
* Improper capturing of hospital procedures in medical records can lead to faulty coding and charge capture processes
* Pharmacy charge capture can be problematic due to description names and dosages
* There needs to be a great relationship between all departments and IT
* Patient Accounting is an integral part of the revenue cycle when it comes to charge capture
The white paper is more detailed than that, and we know it will be worth your time. The information it contains will help any hospital move forward with its revenue cycle decisions.
You can download the white paper here, and we hope that you'll contact us in some fashion to let us know your thoughts and how we can help you increase your revenue and improve your revenue integrity.
For more information, please contact:
T. T. Mitchell Consulting, Inc.
P. O. Box 2512
Liverpool, NY 13090