As the heat is being turned up for both medical practice compliance and revenue streams, assurances are needed right now. Incomplete documentation significantly raises the risk for medical practice compliance audits. It’s time for some assurances not only to reduce the risks for your practice but also stimulate its growth.
Compliance Assurances
The likelihood of compliance audits for medical practice revenue cycle management is rising steadily. If you’ve ever bemoaned the weight on your shoulders to provide more detailed documentation, now is a good time to be reminded of the increased risks to you and your practice if you don’t.
Take the case of the surgeon whose E/M coding and documentation resulted in him being charged with two counts of Medicare fraud and two counts of making false statements. In the end, the surgeon was acquitted of fraud but convicted of making false statements in his documentation. He’s currently serving a 10-month prison sentence.
Then there’s the University of Illinois Hospital and Health Sciences System and Mount Sinai Hospital in Chicago. They’ve been ordered to return $145 million in Medicaid overpayments – for services rendered 13 years ago.
First, you need to take a long, hard look at your medical practice’s billing and internal protections because nowadays, it’s not safe for anyone to do occasional manual audits in Excel anymore. A special tool is needed from an independent, third party medical coding and billing firm, such as revMD.com, that specializes in medical coding and billing for physician practices.
Revenue Assurances: Assured Return
Financial assurances are needed too that help you develop a solid base from which all else can be addressed with greater confidence.
During the ICD-10 conversion when compliance and documentation accuracy is under heightened scrutiny and risk for error, your practice requires a physician revenue cycle management team with products, such as the new methodology Assured Return, especially designed to provide your practice for the assurances it needs to make a safe and secure transition in coding and documentation during the ICD-10 conversion to help your practice grow.
Developed by revMD.com, Assured Return mitigates the risk of transitioning medical coding, billing and collections—and even come out ahead.
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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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.
Now is no time to wonder if your medical practice billing and coding team has everything it takes to ensure complete and detailed documentation that ensures compliance and withstands the weight of the ICD-10 transition. 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 community based physicians. For more information, visit www.revmd.com.