“At risk.” Two words that might just make you think twice about the practice of medicine. But once you know what the biggest risks are to your medical practice and how to mitigate them, you’ll actually have the advantage.
Risks for medical practices and physician medical billing are continually evolving. Growing numbers of regulations (12,000 and counting in the new Affordable Care Act alone), concerns over the increasing cost of healthcare and new technologies expose you and your patients to greater risks. Examples of some of today’s biggest risks include:
- HIPAA
- Audits
- Fraud and abuse
- Identity theft
- Other compliance issues
- Compliance management
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Add one more to the list, one that most likely leaves physicians reluctant to act even when they know it’s for the better—the risk of transitioning healthcare revenue cycle management.
Take a deep breath, because by reading this blog you’re already better informed and prepared.
One vital measure is to keep current on your compliance efforts, including identifying and understanding all practice risks, implementing strategies to minimize those risks and mitigating any adverse events.
And it’s critical to implement financial assurances that help you develop a solid base from which all else can be addressed with greater confidence.
Practices are taking note of a new methodology, Assured Return that’s unique in the industry. Assured Return literally assures your return on investment in healthcare revenue cycle management. Developed by revMD.com, Assured Return mitigates the risk of transitioning medical coding, billing and collections—and even come out ahead.
As this industry leading methodology generates increasing returns, practices pay the percentage that aligns with that bottom line gain. Simply stated, medical practices only pay less if they receive less. They pay more if they receive more.
For example, when partnering with revMD.com at the 7 percent variable rate:
- With returns of 5 percent more to the practice bottom line, revMD.com earns 1 percent more.
- With returns of 10 percent more to the practice bottom line, revMD.com earns 2 percent more.
- If revMD.com performs only as well as your previous outsourced or in-house process, you will pay 1 percent less than you are paying right now.
- In the unlikely event revMD.com generates less revenue than your outsourced or in-house process, your costs will be adjusted down to 2 percent.
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Medicine is an increasingly risky business. But when revenue becomes a win-win, it’s one less risk you take.
revMD.com is the results-proven alternative for physician revenue cycle management, with a niche specialization in medical practice coding and billing that generates unprecedented results and builds profitable medical practices. Not only is revMD.com the industry expert in physician coding, billing and collections, they are the professionals for seamless ICD-10 implementation. Leveraging a history of industry wide success spanning 26 years, revMD.com partners with medical practices throughout the U.S. to optimize revenue for hospital based and practice based physicians. For more information, visit www.revmd.com.