With most of the ACA kept intact by the Supreme Court’s June 28, 2012 decision, providers can begin to assess and prepare for the ACA’s effect on Plastic/Reconstructive Surgery revenue cycle management.
The ACA invites new challenges and opportunities that will affect your Plastic Reconstructive Surgery revenue cycle management including:
- Increase of new patients and data: Providers are likely to see an unparalleled increase in demand once coverage for the uninsured begins in 2014. Revenue cycle management will have to keep track of and analyze a plethora of new information such as: Medicaid and private insurance, eligibility for Medicare, medical outcomes, clinical compliance and reimbursement requirements to name a few.
- Funding cutbacks: $700 billion in future Medicare spending is just one of the dramatic funding and reimbursement reductions the ACA is calling for. If a state chooses to reject federal funding for Medicaid expansion, a provider could still be faced with a large number of uninsured patients. These cutbacks make it even more important for revenue cycle management to identify and maximize payments and collections.
- New quality care programs, reimbursements and incentive models: The ACA intends to introduce pilot programs to test different models with the goal of providing better care at a lower cost. Plastic/Reconstructive Surgery medical coding and billing will need to collect and sort a significant amount of data including detailed billing, reimbursement records and compliance information.
With the increasing complexity and costs associated with Plastic/Reconstructive Surgery revenue cycle management outsourcing will play more of a key role. A third party revenue cycle management company enables providers to reduce the need for training and hiring, minimize upfront investment costs and provide ongoing savings.
John Evenson, Vice President of Client Development at FirstSource Solutions, understands the benefits of hiring a third party revenue cycle management. “Many providers have found that the bottom-line effect of outsourcing is significant. One large revenue cycle management provider that works for providers on a gain share basis, which is similar to a contingency fee arrangement, achieved a 400 to 600 basis point improvement in margins for its hospital clients, effectively doubling operating margins.”
It takes an industry insider with over 25 years of experience in Plastic/Reconstructive Surgery revenue cycle management to enable your facility to run more efficiently, cost-effectively and provide higher quality-care to patients. RevMD, formerly known as Asterino Associates, is the results-proven alternative for Plastic/Restorative Surgery revenue cycle management based in Phoenix, Arizona.