FAST Practice Sample Issue - page 1

Volume 7, Issue 7
 | 
FAST
Practice
:Medical Practice Information at the Speedof Sound
1
PeriodicalsReviewed for this Issue
ExecutiveView
GroupPractice Journal
HealthDataManagement
Medical Economics
MedicalOfficeManager
MGMAConnexion
NewYorkTimes
Physicians Practice
PodiatryManagement
TheDoctor’sAdvocate
TheGlobe andMail
WebSitesReviewed for this Issue
HealthLeadersMedia
Physicians Practice
Physicians Practice Pearls
SmartBlog onLeadership
SECTION 1
PRACTICEOPERATIONS
1. ThreeNeglectedStepsTowardOptimized
RevenueCycles
JimAkimchuk,
GroupPractice Journal
,
May 2013
ABSTRACT
In practicemanagement circles, everyone’s talk-
ingabout revenue cyclemanagement thesedays.
Changes in thepast twodecades—not tomention
the changeswe canhardly anticipate in the near
future—have createdahuge challenge for physi-
cians pursuing every dollar owed them.
However, several underlyingprincipleshaven’t
changed—they’ve just becomemore critical. For
example,
faster
collections have always equaled
better
collections.Older debts are simplyharder
to collect.And, of course, patient-owedbalances
tend to be the hardest part of your accounts
receivable to collect. Collecting the patient bal-
ance earlier in the revenue cycle canhave ahuge,
positive effect on your collection ratio. You can
get software now that does a pretty good job
of looking at allowables and reimbursement
amounts per payer contract, and estimate up
front what the patient will owe for procedures
youperform.Youcanarrange forpayment
before
youperform the procedure.
For quite a while, practices have been using
“claim-scrubbing” software—either integrated
in their systems or froma third-partyvendor—to
boostperformancebycatching inappropriatecodes
andmissing data
before
claims go to the insur-
ance companies. But many practices don’t take
the“next step” tooptimize their claim scrubbers.
You still see denials after the scrubber has
pronounced the outgoing claims as “clean.”
Analyzeall yourdenials, and look forpatterns in
the rejections.Good scrubber softwarewill allow
you toaddedits thatwill improve itsaccuracy for
predicting denials, allowing your billing depart-
ment tofix those claims before submission.
Sometimes medical practices don’t consider
their “supply chains” as a part of the revenue
cycle. (That’smoreof a“bigbusiness” concept.)
But optimizing your supply chain, says author
JimAkimchuk, will improve your bottom-line
profitability.He advises practices to rein in sup-
ply purchases. Don’t continue to use multiple
channels for procuring supplies (like multiple
office supply stores, a physician’s credit card,
and your local Sam’s Club). Multiple sources
canbe good, butwhen you allow the process to
become fragmented, you losecontrol.Other tools
FAST
Practice
Medical Practice Information at the Speed of Sound
Volume 7, Issue7
ExecutiveEditor:
TimothyW.Boden,CMPE
1 2,3,4,5,6,7,8,9,10,11,...17
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