Want to know how effective your RCM process is? Start looking right here!
CRS provides expert AR management services as a stand-alone service integrated within your in-house billing operation or as a part or our broader outsourced RCM services.
The one thing that best differentiates CRS from all your other billing solution options is our relentless pursuit of your missing revenues. After many years of collecting data on how our time is spent throughout the billing process, we have learned that in order to produce the combination of maximum revenues with minimum collection times for our clients, nearly 50% of all the billing process time needs to be spent following up after a clean claim has been submitted. That reason alone is why the human element will never be able to be replaced in the billing process. No software can perform the unpaid claims, follow up or denial management process.
We also know from comparing time studies in paper documentation practices to fully integrated EHR and PM practices that technology provides for a 28% gain in efficiency in the billing process. We’ll take it! But that does not allow for the replacement of the human element. Of that 28% gain, 70% of it comes from the claims submission phase and 30% comes from the payment posting phase of the process. Technology provides for no savings in the time required to properly manage your accounts receivables.
Knowing when and how to follow up on unpaid claims is a very important skill set to have. It is typically the most neglected part of the RCM process for healthcare practices. Practices assume if a clean claim went out, it should be paid quickly. That may occur about 80% of the time. However, the other 20% of the claims that don’t get paid automatically likely determine whether or not you operate a profitable practice. Clean payable claims are not paid for many reasons; third party processors, network status issues, human error or just swept under the rug. Margins are slimmer than ever for healthcare providers and the lack of skilled attention to AR management is the biggest revenue killer we see.
There are two ways to make your accounts receivables look better; 1) have an RCM process that is so effective that it produces 0% bad debt or 2) write off collectible money. Which do you prefer? Which is happening right now? How do you know? Contact us to explore how we can put our experience to work for you.
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