For you and your medical practice coding, billing and collections, the impact of the oncoming ICD-10 transition might just be seen as an oncoming freight train when demonstrated with these sobering numerical facts:
- 68,000 diagnostic codes
- 87,000 procedure codes
- Denial rates potentially increasing between 100 and 200 percent
- AR days increasing by 20 to 40 percent
- Almost twice the claim error rate
But there’s one number that actually can help protect your practice, and your bottom line, from these vulnerabilities that may occur during the months following the Oct. 1, 2014 “go live.” That’s the number you probably never knew you had – the one that reveals your optimal revenue potential from your healthcare revenue cycle management.
It’s called your MedRev Index.
MedRev Index is a new dashboard tool that serves as a critical benchmark for physician medical billing today. This unique metric serves as a barometer to compare individual medical practice revenue performance, revealing key optimization metrics. The MedRev Index uses a formula and produces an index actionable number, a meta average for your specific practice and discipline. This algorithm-driven index drives revenue optimization. And this advanced diagnostic tool only takes moments to use.
Doctors are then connected to an entire cadre of support to increase their bottom line on average 19 percent in most cases and:
- Further demonstrates full revenue cycle practice potential
- Develops a revenue cycle management plan for success
- Empowers practices to ensure they achieve it
Once your MedRev Index is determined, there are other key metrics that help to ensure peak performance.
Revenue is the lifeblood of any medical practice, but the challenges surrounding the upcoming ICD-10 transition might make it difficult to realize that you can still fully optimize your true revenue potential. Especially during this time of transition that’s coming, this easy, effective metric is more important now than ever.
The MedRev Index was developed exclusively by revMD.com. Serving medical practices throughout the U.S., Scottsdale based revMD.com is experiencing record growth in the delivery of healthcare revenue cycle management services nationwide. revMD.com optimizes practice revenues and assures compliance for hospital and community based physicians. The firm is garnering attention industry wide with its continued acquisitions, setting new industry standards with services such as the MedRev Index.
Now is no time to wonder if your medical practice billing and coding team has everything it takes to withstand the weight of the ICD-10 transition. Outsourcing your physician revenue cycle management with experts in this field is a critical next step to taking the measures necessary to streamline your transition while protecting and growing your revenue. Discovering your MedRev Index is an integral step in this process.
revMD.com is the results-proven alternative for medical practice billing, with a niche specialization in medical practice billing and coding that generates unprecedented results and builds profitable medical practices. Leveraging a history of industry wide success spanning 25 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.