March 12, 2020 | Year 1 - Issue - 14
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Revenue
Cycle Management Professionals, Inc .

As part of our mission to promote a culture of collaboration and effective patient management across the entire continuum of care; to produce exceptional clinical outcomes, reduce costs, and consistently achieve the highest level of patient and family satisfaction while enjoying a distinction for value within the community and across the region we continually strive to provide our Practice Partners with opportunities to become more efficient and profitable.
 
RCMP brings an a-la-carte offering of state-of-the-art Practice Management services. RCMP has offices in Coral Gables, Florida and serves clients Nationwide.
 
RCMP is a full-service Practice Management Company where your bottom line is our bottom line; we will make your Practice more profitable. RCMP shares in the same principles of quality, integrity and profitability. RCMP customizes its a la carte services to fit your specific needs and takes total responsibility for the financial health of your practice.  On average, RCMP increases Monthly receipts between 10%-22%.  
                          
RCMP Practice Management a la carte services:

  • Billing & Collections (using Nextgen’s Meditouch, eClinical Works, Kareo and others)
  • Billing/Revenue Cycle Assessments
  • Consulting (i.e. System setup/implementation, compliance training, enrollments, etc.)

Are you maximizing your Practice’s performance and profitability?

Is your collection rate 95% or higher?

Are you collecting what’s due to you? 

Is it a headache to maintain and supervise your billing & collections staff? 

Do you have efficient workflows that maximize your Collections?

If you answered YES to any of the questions, let RCMP assess where you stand, without compromise, and make an informed decision about your best options going forward. 
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3 financial metrics to drive better practice performance
“You can’t manage what you don’t measure.”

This is so true in so many things we do in everyday life. But this is especially true if you are a doctor today responsible for the management of a medical practice.

Unfortunately, too many physicians go to work every day unaware of how better reporting can drive higher performance of their medical practice.

The good news is by understanding three simple indices and metrics, any physician can begin to dramatically change the financial outcome of a medical practice and realize the return on investment of their efforts and an increased valuation of what is likely their most valuable asset.

Collection rate

A collection rate is the measure of the practice’s effectiveness in collecting all legitimate reimbursements. This takes into account the payers who the practice has contracted with and agree to write off the difference between the standard fee and the payer reimbursement rate.
By comparing the difference between the allowed amounts and actual reimbursements, a practice can determine how much is being lost to write-offs, untimely filing, non-contractual adjustments, and inferior collection practices.

Days in accounts receivable

Days in accounts receivable (A/R) is an industry standard for measuring how many days amounts owed to the practice by insurance payers, patients, and third parties will take to be paid.

Accounts receivable aging

A/R aging analysis is a comparison of the actual accounts receivable aging to the expected accounts receivable aging. Disproportionate percentages indicate an inconsistent policy or procedure in how insurance payer and patient collections are being performed.
The proportion by percentage of the total amount of accounts receivable should be:

Percent of total A/R Days
70% 0-30
10% 31-60
10% 61-90
10% Over 90 days

The bottom line is: You can’t know where you are going until you know where you are. Understanding the importance of your collection rate, days in A/R, and your accounts receivable aging is just the start to uncovering a breath of information that will put you on the path to higher medical practice performance.


WANT TO COLLECT MORE OF YOUR MONEY?

CONTACT RCMP TODAY AT 305-504-7002
TO DISCUSS HOW WE CAN HELP YOUR PRACTICE BECOME MORE EFFICIENT AND PROFITABLE


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FEATURED SERVICE OF THE MONTH:

RCM Assessment – The intent of the Revenue Cycle Management Assessment is to identify opportunities that will maximize the Practice’s efficiency and profitability. Our team will conduct a RCM audit in every aspect of the billing process to help determine what they are doing well and what areas can improve to achieve goals of having a successful practice. The assessment/audit, which takes approximately two-weeks to gather data and reports and approximately another two weeks to analyze and prepare the findings and recommendations and will conclude with a formal presentation outlining findings & recommendations.
RCMP, Inc
"YOUR PARTNER IN SUCCESS!!"
Revenue Cycle Management Professionals