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.
RCMPbrings 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%.
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.
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
8 Benchmarks to Improve Your Billing and Collections Efficiency
Efficient billing and collections is critical to the success and profitability of your center, and any efforts you make to improve efficiency can help you better capture money you earn and avoid your leaving money on the table. To help with your efforts, we give you 10 benchmarks to target for your operations and then offer 10 best practices to make meeting these benchmarks a reality.
Benchmarks
1. Days in A/R — Fewer than 45 for ASCs with a combination of paper and electronic billing; 20 to 35 days for centers conducting mostly electronic billing, which includes submitting electronic patient statements,.
2. Insurance verification — Within three to five days before date of service and on the day of service.
3. Coding — Completed within 48 hours or less. “The claim should also go out the door the same day the case is coded and charged,”
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4. Claims billed out — Within 24 to 72 hours from date of service, with the higher-end target to account for possible delays caused by issues such as time needed to resolve any discrepancies concerning procedure information or slow dictation from surgeons, but 72 hours should be the exception and not the rule. You may want to consider a more aggressive benchmark — with the understanding that occasional issues will hold up the process — and target to have claims sent out within 24 hours.
5. Claims follow-up — Within 28 days for those that remain unpaid “All claims need to be touched, again, at least every 28 days until the claim is resolved,” For centers filing mostly electronic claims, you may want to keep that benchmark lower.
6. Denial rate — 1 to 2 percent, suggest Ms. Sanders. “Tracking the reason you are not getting paid the first time a claim is billed is very important,” You need to identify the reason for denial and fix whatever the problem might be so that future claims will be paid the first time you bill, which will reduce the expense associated with claim filing and give you access to your cash that can be used for other expenses.”
7. Cash collections as a percent of net revenue — At a minimum, the collection goal should be 100 percent of your monthly average net revenue for the preceding three months,
8. Aged A/R greater than 60 days and aged A/R greater than 120 days — Less than 25 percent of your A/R in the 60-day bucket and less than 10 percent in the 120-day bucket, Monitoring your A/R buckets is critical in keeping your AR clean and not letting it get out of control.”
RCMP has developed a standardized protocol for the RCM process, that incorporates both the Practice and RCMP, to ensure there's an efficient workflow that leads to exceptional results.
