The practice of medicine is changing at an unforeseen pace. With fee-for-service reimbursements declining, practices need to make sure they are maximizing productivity, collecting all they are entitled to, and making the important shift toward value-based care.
So how does a practice know if they are doing their best? How do they identify areas that need improvement?
The regular collection of data allows a practice to assess whether the correct processes are being performed and desired results are being achieved.
If you can’t measure it, you can’t manage it.
1. Identify missed revenue opportunities.
Keep your schedule full and productive. How many appointment slots are being blocked for lunch, meetings, or personal time? Blocked appointment slots = potential lost revenue. What is your percentage of cancellations and no shows? Utilizing the Appointment Confirmation Report is an excellent tool for confirming appointments which is proven to reduce the number of cancellations and no shows thereby reducing the amount of lost revenue. The Practice Summary Report enables you to track the % of blocked appointments, no shows and cancellations over a period of time providing targets for improvement.
2. Improve your “First-Pass Resolution Rate.”
The First-Pass Resolution Rate is the share of a practice’s claims that get paid on the first submission. This is a direct reflection of revenue cycle management processes. Are you verifying insurance eligibility? Obtaining required authorizations? Maintaining accurate patient demographics? How many claims are being denied due to coding and billing mistakes? Utilizing the advanced functionalities of fee schedules in Solution Series can automate many tasks that effect the payment of your claims such as notifying you when a procedure is scheduled or ordered that requires prior authorization, requires an ABN, and adding insurance-specific modifiers.
3. Reduce the number of “Days in A/R.”
The number of Days in A/R represents the average number of days it takes a practice to get paid. The lower the number, the faster a practice is obtaining payment on average. Solution Series provides many reports that not only monitor this number, but identify a problem with a certain payer or procedure code so that it can be resolved quickly. The Collections Worklist offers virtually every way to group a list of invoices for follow-up, including by reason codes to identify denials so that staff can respond quickly. Incorporating the automated reporting features allows these worklists to be created automatically, forwarded to the appropriate staff to handle, while allowing administrators the ability to monitor these tasks to ensure they don’t “fall through the cracks.”
4. Delegate work that can be done outside of the exam room.
Having a patient complete Review of Systems questions with Solution Series’ Fast Forms while waiting, allows their answers to be scanned in and added to their Visit Note automatically. Printing Chart Covers allows patients to review and edit their demographic information, as well as update health summary information and indicate any refills needed.
5. Drive down the percentage of re-work.
The single most effective way to improve patient care and satisfaction, reduce costs, and increase physician income in a medical practice is to drive down the percentage of re-work. Behavior changes when a person recognizes the need for change. Allow staff to correct their own mistakes!