We're actually thinking about your revenue cycle that way. The efficiency and effectiveness of your healthcare organization’s revenue cycle operations have a critical impact on your overall financial performance. Each department, each team member and each step in the process of “getting paid” has a definitive role in keeping your revenue cycle in smooth, working order.
Yet, you know as well as anyone—it’s not always smooth.
Between scheduling a visit and receiving payment for that care, there’s a lot that goes on in between, and there are many opportunities for the process to slow down or back up. You are undoubtedly focused on receiving proper payment for the care you provide, and rightly so.
But don’t forget to regularly review the “quiet” areas of your revenue cycle—those areas only “squeak” when they are truly broken.
Long-term, or short-term, or even within a specialty, staff shortages mean you’re not meeting goals for charges out the door.
A partner who truly acts as an extension of your coding operations will take time to learn about your organization, staffing models, and policies. They will already be fluent in the specialities you need. Case in point, at MediRevv, we’re constantly cross-training coders behind the scenes, so that we’re ready to step up to any need at the precise time a request is made.
An excellent outsourced medical coding operation not only relieves staffing and quality stressors, but also streamlines processes and create efficiencies for the whole revenue cycle.
Coding-related denials are a serious issue because not working them costs you money. They are a challenging aspect of the coders’ responsibilities and often at the bottom of the list of priorities.
But correcting inefficiencies in your coding workflow are vital to resolving anything that is slowing down reimbursement.
It’s always much easier to complete a task correctly the first time than to go back and make corrections later. With time being our most valuable and limited resource in the workplace, finding enough of it to get through our current list of daily tasks is challenging. In terms of the revenue cycle, when claims are denied, it takes time to process them.
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There are many reasons to audit your coding operation, especially for compliance. For instance, CPT, ICD-10 and HCPCS code sets are updated and published annually so the need to audit for compliance is continual — and that’s without even mentioning the time-consuming, difficult task of keeping up with Medicare and other payers’ medical policies.
Hiring an external source to audit for coding compliance will uncover any issues with current regulations so they can be corrected or prevented proactively. An external audit will also reduce the risk of improper documentation and mistakes, minimize the risk of fraud and ensure that Medicaid and Medicare standards are being met, among other important goals.
A coding compliance audit is an imperative step toward continuous improvement of your coding operations.
I have had the pleasure of working with MediRevv for the past two years in a variety of projects.
Their coders have a vast array of knowledge and experience in many different specialties and have been able to step in and assist Unity Point with complex auditing and coding reviews. They are timely and thorough and have been able to provide in-depth reports and analysis.