As your practice prepares for the ICD-10 conversion, your medical practice revenue cycle management and ultimately your bottom line hang in the balance. Revenue stream needs to continue uninterrupted before, during and after the Oct. 1, 2014 ICD-10 conversion deadline.
But how is this possible when the ICD-10 conversion means significant changes to office procedures that can affect every aspect of business operations including your medical practice billing and coding? Medical record documentation will increase too. You and coders will need to collect and document more data on patients to justify all codes submitted for claims.
During this conversion, said to be the most significant overhaul of the medical coding system since computers were introduced, your practice requires a physician revenue cycle management team with a full cadre of support and resources especially designed to prepare your team to:
- Organize the effort
- Analyze the impact
- Contact the vendors
- Budget for costs
- Implement software and systems upgrades
- Conduct internal testing
- Train staffs
- Conduct external testing of transactions
- Keep revenue flowing
- Maximize revenue stream
Your successful transition, and the continued growth of your practice, rests squarely on your preparedness and the expertise of your medical practice billing and coding team – and knowing your full revenue potential with one number: the MedRev Index.
The MedRev Index is a new dashboard tool that serves as a critical benchmark for medical practices today, available through revMD.com, the industry experts in ICD-10 implementation and physician revenue cycle management.
Designed especially to meet the revenue growth goals of today’s physician practices, the MedRev Index is a meta average for your specific practice and discipline that uses a formula and produces an index actionable number. Customized according to your geography and specialty, this algorithm-driven index serves as a benchmark, driving revenue optimization beginning with a revenue performance comparison with others in your specialty.
This number can serve as a “eureka” moment for your medical practice revenue cycle management, because it represents the delta between your physician coding, billing and collections proficiency and the average for your industry group with similar practice size and patient payer makeup. The number is derived from the tabulation of your practice’s key performance indicators. By answering less than 10 quick questions from the privacy of your internal connection, you can see the potential improvements to your practice’s bottom line and physician coding, billing and collections process – in a matter of seconds (less time than it takes to fix your sluggish electronic devices).
Uncovering that number is the first step. 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
Now is no time to wonder if your medical practice billing and coding team has everything it takes to withstand the weight of this transition. Outsourcing your physician revenue cycle management with experts in this field is an important next step, and discovering your MedRev Index.
revMD.com is the results-proven alternative for physician revenue cycle management, 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.