A round-up of our top 6 articles on how to capture all of your hospital revenue.
Hospitals lose 3-5% of their revenue each year due to insufficient clinical documentation and inaccurate coding, according to HFMA. This is a significant loss even in the best of times. As we enter a phase of financial limitations, capturing this missing 3-5% will become even more critical for your hospital’s bottom line.
We’ve gathered up our top 6 articles to provide you with insights and guidance on how to improve your revenue capture.
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Medical Billing is Tough for Coders and Nurses, But it Doesn’t Have to Be
It’s easy to get medical professionals to speak about their dislike of medical billing and coding. After all, they have been trained in the skills necessary to directly help people with their health problems. They didn’t sign up for mountains of paperwork and regulations that must be navigated in order to be paid for their services
Sure, there are medical professionals who excel at and may even like the billing requirements of their job, but for the most part, they do not want to handle things outside of their calling and their training. They did not study medical billing, but medical care.
Read more: Medical Billing is Tough for Coders and Nurses, But it Doesn’t Have to Be
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Identify The Missing Gaps in Your Hospital’s Revenue Cycle Process: 25 Insightful Questions to Ask
Medaptus Project Manager, Lisa Schwenker, had the pleasure of speaking on the webinar, The Missing Gaps in Your Revenue Cycle Process, alongside our General Manager, Malachi Charbonneau.
On the webinar, I covered a list of questions I typically ask Medaptus customers as we go through the process of auditing their revenue cycle process. If you suspect that you may have gaps in your revenue cycle process but aren’t sure where they are or what they are, start by asking yourself these questions.
Read more: Identify The Missing Gaps in Your Hospital’s Revenue Cycle Process: 25 Insightful Questions to Ask
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Making it Easier for You to Get Paid for All Encounters and One Place to View All Documentation
Are you getting paid for all your encounters? Do coders have to manually review every single charge and search one or more EHRs to find missing documentation to review and submit a charge correctly and on time?
To ensure you get paid for the services you’re delivering, you need to make sure you’re submitting all the information required, such as the CPT and billing code and the diagnosis code. But what if it is extremely difficult for you to access the documentation that supports those billable services? What if you lose access or worst of all, can’t access it? How much money is that leaving on the table?
Read more: Making it Easier for You to Get Paid for All Encounters and One Place to View All Documentation
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Why It’s Time to Talk about the Value of your Hospitalist Program (And How much Revenue Your Hospital Generates) – Part 1
So, what is the value of a hospitalist program and how much revenue does your hospitalist generate? It’s easy to think of your hospitalists as a cost center since the impact they have on revenue generation is not as obvious or clear as other specialties. But when you start to dive into the metrics that hospitalists have the biggest impact on, then it’s clear that hospitalists generate significant revenue for your hospital.
Here’s how to start thinking about the ROI of your hospital medicine program.
The first thing to measure is revenue. What are the collections from the professional services that my hospitalists provide? While this is the easiest to measure and has a large impact on cash flow, it’s probably not where the greatest ROI from hospitalists comes from. If we want to think about what that is, we have to think about where hospitalists started, and what the alternative to hospitalist medicine might be.
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Why It’s Time to Talk about the Value of your Hospitalist Program (And How much Revenue Your Hospital Generates) – Part 2
In part one of this article, we were talking about the misconception that hospitalists are just a cost center for a hospital, rather than a revenue-generating program. When you start to look at the metrics they impact, such as the length of stay, then it’s easier to understand the true value they bring, and why you should invest in keeping your hospitalists happy, with a fair workload, to avoid hospitalist burnout.
Last time, we talked about how hospitalists bring down the length of stay. So, we know that hospitalists bring more financial value to their institution beyond the charges for their professional services. We’ve looked at the length of stay and how it can be impacted by hospitalists, and how that can impact your bottom line. Today we’re going to talk about CMI – Case Mix Index.
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Top 3 Hospital Revenue Management Benchmarks to Analyze This Year
Is your charge reconciliation process configured the right way to capture all the revenue that’s available? Are you receiving too many insurance denials? What does your charge lag look like? Are charges filed in a timely manner? Are your doctors submitting charges too late, causing delays in insurance reimbursement? How do you compare against the benchmarks?
As we conclude the first half of the year, it’s a great time to review your key revenue management data and analyze how you’re faring on key metrics, and the top opportunities for improvement over the second half of the year. Today, we’re looking at three key metrics: lag trends, E&M, and insurance denials.
Read more: Top 3 Hospital Revenue Management Benchmarks to Analyze This Year
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Revenue leakage is a real problem faced by the majority of hospitals. As we enter a phase of financial downturn, it will become increasingly important for hospitals to accurately capture as close to 100% of their charges as possible.
At Medaptus, we’ve been helping hospitals across the country improve their charge capture processes for more than two decades. Talk to us about how we can help your hospital maximize revenue today!
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