Revenue Cycle Management - Collections

Improving Your Practice's Cash Flow

HIS can help physician practices to better collect payments up front at the time of service, as well as, to collect outstanding accounts receivable.

Collecting upfront can dramatically improve cash flow, especially with patient deductibles and co-pays on the rise. HIS also helps physicians to achieve pre-certification and to avoid errors or bottlenecks that can stall reimbursement.

Monitoring Payments to Achieve Maximum Reimbursement

In one recent situation, an insurance company was discounting a radiologist's reimbursement even though he did not have a contracted discount rate with the company. By spotting this discrepancy and notifying the insurer, HIS was able to recoup $200,000 for the radiologist.

Working Collections Longer On Your Behalf

HIS also works collection accounts longer on your behalf. After billing electronically, most companies collect what they can, and then pass accounts receivable along to a collection agency. HIS employs a variety of methods to collect on your behalf, including:

• On-line connectivity to all major carriers, speeding error correction and appeals.
• A thorough, customized process to appeal any underpaid claims and recover maximum reimbursement.
• Automated call software for collection efforts.
• Experienced collectors dedicated to each client’s specific needs.
• Denial tracking and reporting for ongoing feedback and process improvement.
• Software that flags payments that are under or over contracted payer fee schedules.

Helping You Meet Key Benchmarks

HIS monitors key collections benchmarks for clients, including the percentage of account receivables (A/R) outstanding after 30, 60, 90 and 120+ days. If your practice is not currently meeting A/R benchmarks published by associations such as the Medical Group Management Association (MGMA) and the Radiology Business Management Association (RBMA), it's a red flag that reimbursements are not being properly and effectively managed. HIS will work with your practice to achieve these benchmarks.