Revenue | Getting Started with Billing Software
Getting Started with Billing Software.
Dr. Wilson and Luisa make final preparations to dive into their Genesis adventure together
As Ben sipped his coffee and checked his email, Luisa peeked her head into the doorway and asked, “Are you ready, Dr. Wilson?”
Ben smiled and said, “I’m not sure, but let’s go ahead anyway.”
Luisa dialed the phone number for Charlie, their Genesis coach. After a couple of rings, Charlie picked up on the other end.
“Good morning,” he said cheerfully. “So today’s the big day!”
“Hello Charlie,” laughed Ben. “It sure is. And I think we’re finally ready.”
“Then let’s get started – we’re going to talk about the features of Genesis that will be most useful for your practice and offer that final bit of reassurance that you’re doing the right thing,” Charlie said. “They don’t call me the King of Practice Success Coaching for nothing!”
“OK Charlie, we’re ready,” said Ben. “Let’s go through this one last time.”
“Let’s start with the ‘why’ of the Billing Stats Report, and relate it to some of the challenges you may be experiencing in your practice,” Charlie said. “You’re doing pretty well financially but have you ever experienced any sudden drop-offs in revenue that you couldn’t easily explain?”
Luisa and Ben looked at each other and could remember several occasions when that was the case. Just a few months ago they had seen a significant and disturbing reduction in revenue and it had taken weeks of going through billing records, manually, to learn that Pam had been writing the wrong billing code on a number of Ben’s patient files. Every single one of those claims was delayed or denied outright. They were still trying to get some of the accounts sorted out.
“Yes, we’ve found it very difficult to troubleshoot issues with reimbursements,” admitted Luisa. “And it’s not always the insurance companies’ fault – getting even one number wrong in the coding or forgetting to include important documentation can really impact our success in collecting what we’re owed.”
“Exactly, it’s about achieving billing compliance AND payer compliance,” Charlie said. “But it’s important to recognize that the insurance companies are not going to give you a step-by-step reporting on the progress of your claims – it’s better for them if you’re not able to stay on top of the process.”
“I’m sure I’ve mentioned to you before that the chance of getting paid on a claim decreases by 1 percent with each passing day,” he continued. “That 1 percent adds up really quickly when you’re talking about an entire practice’s worth of patients and numerous claims.”
Ben and Luisa both had to swallow hard at the thought of the tens of thousands of dollars they had lost due to reimbursement issues.
“It really is amazing the detail you can get,” Charlie said. “The reports are customizable to your particular needs and will tell you where problems are – whether on your end or the insurance company. Perhaps there are two codes on a claim that don’t quite go together, or a clinician forgot to include some demographic information in the claim … or maybe an insurance company is consistently underpaying certain CPT codes, or pushing the boundaries of its accounts receivable window. You can’t fix problems until you know what they are!”
“That’s true,” said Ben. “I definitely don’t envy Luisa – she’s been an incredible investigator when it comes to solving cash flow mysteries but the time she has needed to dedicate to these investigations has definitely taken crucial time away from other office management needs.”
“If the roots of billing problems were easy to find, we’d be able to deal with them quickly and decisively,” said Luisa. “You know how I love to have a plan!” Ben nodded and smiled.
“And it’s not just insurance companies,” Charlie said. “You can stay on top of private payers, as well, and make sure that your patients are on track with visits and billing.”
“That would be really helpful,” said Luisa. “We’ve had several patients who were significantly behind and once we figured out where their accounts stood, it was a real financial hardship for them to try and catch up all at once.”
“But it’s not all about reimbursements – what’s great about Genesis is that it provides you with a checklist for all of your performance indicators, such as unbilled visits, patient visits, no shows, unfinished claims, or any other success measures you’d like to track,” said Charlie.
“Another great feature is the radar chart, which allows you to see certain areas within your practice where attention may be needed,” he continued. “You can set parameters, such as new patient numbers, so that you will know if you’re not meeting your goals. Once you’ve set the desired parameters for a number of performance indicators within your practice, then you won’t need to refer to the Billing Statistics Report – unless the radar indicates there is a problem with performance. Between the radar and the Billing Statistics Report, you are going to be firmly in control of your practice’s financial health and performance.”
“This is incredible,” mused Ben. “Being able to focus on building this practice instead of worrying about when reimbursement checks are going to arrive? I really didn’t think it was possible.”
“I know you’re still probably a little intimidated about getting started but let me offer this final testimonial: In the past three years, my clients have seen average revenue growth of over 186 percent, patient visit growth of over 141 percent, and an 86 percent increase in patient visit compliance,” Charlie said. “Your patients will have more buy-in with regard to their own health care, you will have less administrative work to slog through, you will collect more money and – best of all – you will be able to spend more time with your patients.”
“Well, that’s what we’re all here for,” said Ben. “Let’s do this!”
Is Genesis the solution Ben’s been waiting for?
Getting Started with Billing Software.
Disclaimer: For HIPAA compliance, all characters appearing in this post are fictitious. Any resemblance to actual persons or actual events is purely coincidental.