Attention CFO’s: Are Your Physicians Capturing Accurate Reimbursements?

“Getting paid for all the services and supplies that a hospital provides would seem like an elemental strategy in order for any hospital to function, but many CFOs are not even aware of the scope of the billing mismanagement issue.”

“Improving Cash Flow with Better Charge Capture & Denial Management” MedAssets & HFMA. October 2005

The issue is not necessarily that CFO’s are not aware of the billing issues, it’s just that they may feel they have ‘bigger fish to fry’. All CFO’s know that getting paid is essential to the bottom line of the organization. But not all CFO’s know the real facts behind billing mismanagement issues. Often times, physicians are leaving money laying on the table because they did not accurately document the services performed on the patient and therefore will not receive accurate reimbursement for those rendered services. This is the very reason why tools to overcome the billing mismanagement issues must be given to the physicians. That’s where the issues begin… physician documentation; but oftentimes the solution is left to the billing office to figure out, when they’re not the ones who created the issue. So ComplyMD aims to nip the problem in the bud — by capturing appropriate documentation at the point of service, in order to avoid dealing with billing issues later on down the road.

Do You Equip Your Physicians with the Proper Tools?

“Hospitals across the country lose multiple millions of dollars every year due to mismanagement of the billing process. No matter the size of the organization, billing inconsistencies affect all healthcare facilities to some degree—even those that are on top of the problem. On average, providers lose 5 percent of gross revenues, and that can translate into millions of dollars for a single organization.”

“Improving Cash Flow with Better Charge Capture & Denial Management” MedAssets & HFMA. October 2005

As we all know, profit margins are tightly squeezed in the healthcare industry. The billing process has a huge impact on those profit margins. What do facilities bill for? Patient encounters. How do they know what to bill for? Through physician documentation. How will these patient encounters be properly documented? There… you’re stumped. It’s not through dictation after the fact, and it’s not on their 3×5 index card they carry around in their pockets.