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.
The Importance of Revenue Integrity (RI)
A solid revenue integrity program encompasses all areas of the revenue cycle. It includes processes to prevent revenue loss or delay and, if implemented correctly, can also increase revenue, provide higher clean claim rates, and improve compliance across the revenue cycle. With healthcare revenue cycles growing in complexity and battling constant healthcare policy changes, healthcare leaders across the industry are honing in on revenue integrity to help solve and prevent revenue issues that lead to revenue leakage.
The basis of revenue integrity is to prevent recurrence of issues that can cause revenue leakage and/or compliance risks through effective, efficient, replicable processes and internal controls across the continuum of patient care, supported by the appropriate documentation and the application of sound financial practices that are able to withstand audits at any point in time.
Is 'Revenue Integrity' just a new buzzword?
Over the past decade, merger and acquisition activity has increased significantly, and in return, we've seen a growing emphasis on operational and financial efficiency. In the pursuit to improve productivity and operating margins, medical practices are now considering how those in roles related to compliance, medical coding, patient financial services, and chargemaster can have more impact by developing revenue integrity programs.
Revenue integrity might be a new field, but the benefits make RI more than a buzzword, especially considering the number of healthcare executives that state RI as a top priority. A 2017 HFMA survey found that nearly 25% of healthcare financial executives consider RI a top priority, yet only 44% of them have implemented RI programs in their organizations.
Of the medical practices with a revenue integrity strategy in place, about 68 percent reported that a revenue integrity program increased their overall net collection, and 61 percent stated that it improved overall gross revenue capture.
What are the benefits of revenue integrity?
As physician practices continue to face accelerating expenses and shrinking bottom lines, revenue integrity can lead to RCM benefits such as:
Reduced accounts receivables
Improved management of claim edits and denials to speed up cash flow
Standardized processes that reduce repetitive problems
Enhanced compliance across the revenue cycle
More accurate charge capture
Building a Revenue Integrity Program
Because RI is relatively new, getting started can seem overwhelming. We recommend starting your RI program by analyzing your revenue cycle management today. We call it "Practice Assessment". This will help you identify gaps and problem areas today and help you identify goals for the RI program.
Once you've established short term and long-term goals, the plan, and the vision, begin mapping out the functions you need. Like any program, you'll also need to define the expectations and ongoing processes to monitor each role's success and the program as a whole. As you look at how to monitor your revenue integrity program, consider key metrics across medical coding, collections, and denials. Metrics like clean claim rate, first-pass resolution rate, denial volume as a percentage, denial appeal success rate, charge capture lag time, and incomplete or missing charges are just a few metrics that can assist you in gaining initial insight into your revenue integrity program.
For help with identifying the right metrics for your practice, contact us, or explore our end-to-end revenue cycle management services to ensure revenue integrity across your revenue cycle.
CONTACT RCMP TODAY 305-504-7002
AND FIND OUT HOW RCMP CAN HELP YOUR PRACTICE BECOME MORE EFFICIENT AND PROFITABLE
