Here are top 6 factors that stop ob-gyn practices from realizing their full revenue potential.
Note: These are not 6 points hastily pilfered from the net but are based on our experience of working closely with ob-gyn practices over the years.
- Inconsistent revenue audits
- Coding issues that go unnoticed
- Inadequate knowledge of timely filing limits
- Improper billing for antepartum care and NST services
- Patient billing mistakes
- Small things matter
Okay, we can hear you saying “we know this”. But there is something you don’t know. It is that through simple steps and consistent efforts you can make course corrections. No need for expensive software upgrades, hiring an army of billing experts or major workflow changes. We recently helped an ob-gyn center based in New Jersey increase revenue by 60%. This blog is not a brag story of that. This blog is about how through small changes your ob-gyn practice too can improve revenue and modernize processes.
- Inconsistent revenue audits
Auditing allows an organization to make sure they’re properly paid for the services they provide. So there’s a compliance risk or [the auditor’s] validation that you’re billing correctly.” – Karen Bowden, Executive vice president of revenue integrity, Craneware Get More revenue
Though BillingParadise helps 20+ Ob-GYN practices to improve their revenue, each ob-gyn center’s need is completely different. Most ob-gyn centers switch because they were not happy with third Party RCM provider, some look for an OBGYN specific billing company that offers end-end services at low cost, few want to outsource from a small in-house billing team to a full-fledged company. Very few practices are particular about coding audits, revenue cycle reports, following industry benchmarks, effective denial handling, and RCM enhancement through seamless EHR integration. Read More
Pricing is the most powerful lever when it comes to business. It evokes strong emotional responses from people. The standard “good, better, best” approach to pricing is okay but strictly belongs to the garden variety of pricing plans.
At BillingParadise we receive close to 100 client requests a month. But we knew we could do better. And the solution we hit upon was reminiscent of Malcolm Gladwell’s search for the right spaghetti sauce. Our percentage based pricing model was working just fine
Here is how to meet and exceed growth goals with an attractive pricing table
- Avoid option overload. Don’t stupefy clients with too many choices. Having to make too many decisions will lead to no decision being made at all.
- Ensure that your pricing packages are not just different price points. They have to be tied to distinct value metrics
- Keep an ear to the ground. Right from services to pricing those services let it all be centered on your target demographic
- Remove cognitive strain by offering transparent and consistent prices
- Identify objections and concerns.
10 Ways Healthcare Lockboxes Can Help CFOs Enhance Their Revenue Cycle
1. Eliminates tedious manual processes
2. Consolidation of reimbursement information
3. All on the same page
4. Shortens payment TAT
5. Better receivables data management
6. Minimizes administrative efforts
7. Large volume? No issues
8. Expedites remittance tasks
9. Highly secure
10. No more single checks
1. Eliminates tedious manual processes
Manually processing EOBs is cumbersome. Lockboxes enable staff to create auto-postable records of EOBs easily. Explanation of Benefits is imaged and converted into electronic documents. The data in the documents are reconciled with medical claims and payments. This saves truckloads of time. Read More Information
Top 5 KPIs healthcare CFOs need to measure :
Key performance indicators are metrics that help leaders and decision makers of the healthcare industry evaluate their organization’s performance and financial health. There are many metrics to look at for analyzing various departments of a healthcare organization but there are some key metrics or performance indicators that industry leaders use for evaluation. This blog aims to look at five such KPIs.
Key financial indicators help CFOs to compare their healthcare organization’s performance to other such organizations. ‘To effectively track healthcare revenue cycle performance, healthcare organizations should develop key performance indicators (KPIs)’, advises Sandra Wolfskill, Director of Healthcare Finance Policy and Revenue Cycle MAP at the Healthcare Financial Management Association (HFMA).She mentions in her article that some of the high-performing organizations have net days in AR between 28 and 36 days, whereas net days in A/R of 50 was considered a great number.
1. Days Cash On Hand
2. Operating margin or operating profit margin percentage
3. Net days in Accounts Receivable
4. Cash Collection as a percentage of net patient services revenue
5. Claims denial rate
Help the CFO Keep Track of the Healthcare Organizations Performance Blogs
10 Proven Strategies For Hospital CFOs:
- Healthcare organizations have many functional areas to work upon, but the two main areas that affect the hospital’s sustenance are billing and collections. Billing influences a hospital’s revenue for the future and collections impact the financial health of the organization. There are some aspects of healthcare financial management if reworked and technologically updated, it can multiply the prospects of success in billing and collections.
- An article on Becker’s Hospital Review discusses how a six-hospital health system that serves more than 2 million patients per year uses a customizable online financial engagement platform to evaluate billing process issues and find solutions for the same.
- This financial engagement platform is one of the hundreds of products available that help hospitals prevent billing and/or collection bottlenecks.
- Let’s look at some of the billing and collection issues faced by hospitals
Billing and collection bottlenecks:
- Information Technology
- Operational budgeting or forecasting
- Streamlining patient access functions
- Improving physician productivity
- Implementing a collections module
- Outdated fee schedule
- Coding audits
- Achieving economies of scale by externalizing RCM functions
- Billing vendors not meeting the SLAs
- Losing the common thread with RCM vendors
- Information technology has been enabling healthcare organizations to restructure staffing models, speed up billing process, increase collections and also communicate with patients quickly and efficiently. IT has been indirectly responsible for securing steady and good inflow of revenues. Using a good billing software or a collections module or an EHR that has some part of the billing process integrated into it can increase the efficiency of billing cycles. Read More
BillingParadise offers free webinars conducted by subject matter experts that answer the biggest questions of healthcare professionals. Declining reimbursement and financial pressures have made it mission critical for orthopedic surgery centers to strengthen their contracts. Smart contract negotiation is essential to survive in 2018.
Contract negotiation webinar conducted by an expert with 50+ years of experience
In this free webinar credentialing and provider enrolment expert, Michelle Graham will offer insights and need-to-know information on payer contract management. Learn how you can strengthen contracts and negotiate better fee schedules in this interactive webinar.
When will the webinar be conducted?
The webinar will be live streamed on 10th January 2018 at 11 AM EST
It’ll be live-streamed through Facebook Live at 11 AM EST
WHO SHOULD ATTEND THIS WEBINAR?
Practice managers/owners of orthopedic surgery centers
Spine care hospitals
Orthopedic medical groups