Revenue Cycle Consulting Services for Physician Practice Groups
ReMedics Revenue Cycle Consulting for Practice Groups is designed to identify specific areas of need where process inefficiencies can be significantly improved. The Consultant’s goal is to deliver a plan that will impact the bottom line in the least amount of time with the highest rate of return. Improvement opportunities can present themselves in many different forms — from staffing recommendations and workflow automation to the use of Artificial Intelligence (AI). Our consulting staff will look at every area of need as a result of our preliminary Revenue Cycle Performance Analysis and make recommendations that will have a lasting impact on the group’s financial performance, now and in the future. We also have extensive experience with maintaining Line of Business (LOB) core applications in helping to facilitate merger and acquisition transitions.
Improvement Strategies Specific to the Practice
ReMedics Consultants will start by collecting relevant information about the practice, its processes, and commonly used revenue cycle Key Performance Indicators (KPIs). We know, however, that each Practice Group will have their own unique challenges and areas of concern to be explored. Problematic issues may be due to data integrity issues or a lack of scalability with current business systems. Once we have a full understanding of where profits are being lost, we can deliver a tailored improvement strategy, with a realistic return on investment (ROI), designed to optimize reimbursement specific to the group and its long-term goals.
ReMedics Consulting Experience
Our Consulting Staff offers a unique blend of Business Office + Workflow Automation + Systems Integration + Outsourcing Service experience, including:
- Over 30 years of implementing Healthcare Business Office solutions for Practice Groups, Hospitals and Integrated Delivery Networks
- Cash Management Analysis and End-to-End Reconciliation and Audit Controls
- Design and implementation of Streamlined Workflow Processes
- Enterprise Content Management (ECM) integrated with existing Line of Business (LOB) systems
- Development of Management Dashboards, Provider Scorecards and Custom Analytics
- Facilitation of Practice Group Aggregation strategies utilizing several PM Systems and Clearinghouses
- Payment Processing of Co-Mingled Remittance that include: Paper EOBs; electronic ERAs; Correspondence; and Checks
- Multiple Clearinghouse and Lockbox vendor utilization to a Single Tax ID
- Treasury Reconciliation with Bank Deposits segmented by Division or Business Unit
- Automated Data Validation and Expanded Validation Rules
- Denial Reduction Strategies, Automated Exception Worklists and Follow-Up Work Queues
- System Migration & Data Conversion Projects
Where a Practice Group needs to assess the impact of a specific change to workflow processes, outsourcing vendor or system application impacting the revenue cycle, ReMedics can conduct a provisional Cost/Benefit Analysis of the proposed implementation. In many cases, this type of consulting engagement can be conducted with a simplified project scope in 1-2 days, with minimal disruption to your operations. Contact ReMedics with an overview of your project requirements to schedule a Cost/Benefit Analysis for your organization.
Long-Term Revenue Cycle Improvement Strategies and Practice Group Aggregation
Our long-term improvement strategies will include all areas of the revenue cycle, delivering scalable solutions that increase profitability and add value to the organization. Once we have a defined scope of work, ReMedics will investigate and report on every actionable revenue cycle improvement opportunity. RCM areas to be examined can include: Patient Access; Eligibility; Charge Capture; Payment Processing; Data Validation; Systems Integration; Bank Reconciliation; Denial Management; Collection & Follow-Up; Reporting; and Document Management. For strategies that include Practice Group Aggregation, ReMedics Consultants are highly experienced in helping to facilitate a merger or acquisition — with automated remittance processing, validation and bank reconciliation in a multi-submitter, single receiver business model.
Talk to us about your Revenue Cycle Improvement needs to get started on a path to greater profitability.