Revenue Cycle Consulting Services
ReMedics works with respected Healthcare Revenue Cycle Consultants and CPA Firms that specialize in helping larger Physician Practice Groups and Management Services Organizations (MSO). These services are designed to identify specific areas of need where process inefficiencies can be significantly improved. Our 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 executive team and consulting partners 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.
Combined with ReMedics extensive experience in managing data and business process automation (BPA), we can help to facilitate the most complex merger and acquisition transitions while allowing for continuation of practice group autonomy… with minimal affect to doctor/patient care and cash flow.
Improvement Strategies Specific to the Practice
Our consulting process starts with 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.
Healthcare Revenue Cycle Experience
Our Executive Team and Consultant Partners offer a unique blend of Business Office + Workflow Automation + Systems Integration experience, including:
- Cash Management Analysis, 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
Cost/Benefit Analysis
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 will coordinate and develop 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 with minimal disruption to your operations.
Revenue Cycle Improvement and Growth Strategies
Our revenue cycle management (RCM) improvement strategies will include all areas of the revenue cycle, delivering scalable solutions that will increase profitability and add value to the organization. Once we have a defined scope of work, the consulting team will investigate and report on every actionable revenue enhancement and cash flow improvement opportunity.
Talk to us about your future growth plans and business office needs to get started on a path to greater profitability. Contact ReMedics today with an overview of your project requirements to schedule a provisional Cost/Benefit Analysis for your organization.