ED Revenue Cycle Management
The complexities and challenges involved to keep up to properly track the revenue cycle for ED services are significant even for large organizations.
In-house staff, as capable as they may be, tend to lack the tenacious focus and emphasis necessary to properly and timely follow-up with third-party denials and aging accounts receivables.
Most Hospitals and ED Groups that perform coding & billing for Professional Services and manage the ED revenue cycle with in-house staff leave an average of 30% of the potential collectible revenue on the table and have significantly more days in accounts receivables.
If you are managing your ED revenue cycle internally you owe it to yourself and your organization to explore the impact that a highly specialized outsourced ED revenue cycle management strategy could have on your bottom-line.
The outsourced ED Revenue Cycle Management Service provided through MS2 can markedly make a difference in your ability to increase collectibles, accelerate cash flows, decrease the number of days in accounts receivables, and decrease Hospital staffing costs.
The management of accounts receivables include various reports that deal with aging by payer mix, insurance, collection analysis, write-offs, bad debt reviews, and ratio analysis. A part of the process also includes careful analysis of insurance contracts to make sure the healthcare providers are being reimbursed fairly for their services.
From the proper follow-up of accounts receivables and aging claims to the prompt resubmission and tracking of denied claims, the MS2 ED Revenue Cycle Management Service will allow your institution to feel confident that payment of your ED services claims are being given the importance they deserve with a faster turnaround than what Hospital staff can usually provide.
ED Revenue Cycle Management Highlights:
- Outsourced solution. Less staffing costs.
- Frequent tracking and follow-up on A/R aging and outstanding collectibles.
- Reports dealing with aging by payer mix, insurance, collection analysis, write-offs, bad debt reviews, and ratio analysis.
- Careful analysis of insurance contracts to make sure the healthcare providers are being reimbursed fairly for their services..
- Prompt electronic re-submissions of denied claims to third-party payers.
- Accelerated Hospital cash flows and decreased days in accounts receivables.
- Tasteful and diplomatic follow-up on unpaid self-pay claims along with suggestions of which claims should be placed in a payment plan.
- Recommendations on when and how much bad debt should be considered for factoring.
The ED Revenue Cycle Management Services require the use of the MS2 Coding and Billing Services and the entire financial support suite of solutions will be bundled as part of the negotiated remuneration agreement.
Contact us for an initial free analysis of your current ED revenue cycle management performance and an assessment of the impact our outsourced solution might provide your institution.