What would a potential ten percent increase in revenue capture mean to your practice?
The answer to this question is probably a lot in today’s environment of decreasing reimbursements and billing and coding complexities.
With twenty-five plus years of experience in all aspects of Revenue Cycle Management (RCM), Canopy Partners’ Vice President of RCM, Sid Brownsey, and his team developed the Canopy Partners’ Billing Assessment and six-point RCM checklist.
The Billing Assessment is an independent, objective way for imaging centers and radiology practices to learn how to make revenue cycle operations more efficient.
“By implementing the basic steps outlined in the final assessment report, our clients almost always see significant cash flow improvements. Denial management is the number one area that can be improved for practices,” says Brownsey.
Every practice needs proven solutions to protect their cash flow and revenue streams. Canopy Partners couples experienced professionals with state-of-the-art technology to help reduce expenses, mitigate risks, improve collections yield, and accelerate cash flow.
The Canopy Partners’ Billing Assessment Analyzes a Six-Point RCM Checklist.
The six key RCM metrics that we evaluate:
- Coding Check
- Contract Variance
- Denial Management
- Bad Debt
- Billing Metrics
- Policies and Procedures/HIPAA
Each of the six points impacts RCM for practices.
Each practice has a unique set of factors and issues that impact day-to-day operations and variation in annual revenues. These six areas are the most likely to make imaging businesses vulnerable to missed or lost revenue:
The coding check involves a random sample of reports to review CPT and ICD-10 coding accuracy. We review the sample reports for deficiencies in coding and dictation. The random sample includes all relevant modalities such as MSK, Neuro, and Breast.
Contract variance determines if your practice is getting paid according to contract specifications. During the assessment, we review payment history and compare that data to your practice’s contracted rates.
Denials can lead to the greatest loss of revenue for most practices, but it’s an area where small changes can make the biggest impact. What we find most often is that practices are not really working denials, they simply take the adjustment.
The Canopy Partners’ Billing Assessment identifies deficiencies in denial management and offers succinct best practices including scenarios for how to address different situations.
We evaluate your billing performance metrics to identify practice strengths and weaknesses:
- Net collection percentage
- Days in A/R
- A/R over 120 days
- Bad debt
Our goal is to help you maximize your overall collections and profitability. Opportunities are out there. We help you find them.
Policies and Procedures
Through the Billing Assessment, we take an in-depth look at policies and procedures to identify workflow inefficiencies.
We also conduct a HIPAA overview, which checks to ensure documentation and procedures are meeting current guidelines.
How much time does it take to undergo the Billing Assessment?
In most cases, the Billing Assessment is complete, and your report delivered within 30-days.
What will the practice get from a completed Billing Assessment?
Ultimately, you receive an independent, objective evaluation of how your imaging business is doing and opportunities to increase revenue. The Billing Assessment provides a revealing view inside of your RCM operations.
After every assessment, we deliver a customized, proprietary report that includes best practices, feedback, and a potential action plan.
“Everyone can benefit from a periodic RCM assessment. It never hurts to analyze key parameters within a practice and identify where simple changes can make a difference in monthly revenues,” notes Sid Brownsey.
The Canopy Partners RCM Standard
Canopy Partners offers a comprehensive suite of revenue cycle management (RCM) solutions, designed to reduce billing costs, mitigate risks, and maximize cash flow. We deliver industry best practices and the latest RCM technology to turbo-charge your billing operations.