- Recruitment and training of additional billing personnel
- Providing periodic training to staff
- Maintaining innovative structure and advanced technology
- Purchase of hardware and the latest billing software
- Payment of employee benefits, including additional allowances and bonuses, vacation pay, sick pay, and so on
- Implementation of retirement benefit schemes
- Purchase of office supplies required for claim processing and medical billing
- Patient statement expenses (includes cost of paper, toner, postage, envelopes, and more)
- Maintenance costs
- Payroll taxes
- Direct claims processing costs
- Collection costs
Switching healthcare revenue cycle management processes not only saves on these expenses but in 2013 actually creates a win-win situation that increases revenue and assures your return on investment.
Enter Assured Return, a unique new methodology specifically developed by revMD to address the risks of transitioning coding, billing and collections and assures a return on investment in healthcare revenue cycle management. Let’s talk percentages to drive home this point:
When you partner with revMD at 7 percent variable rate:
- If you see returns of 5 percent more to your bottom line, revMD earns 1 percent more.
- If you see returns of 10 percent more to your bottom line, revMD earns 2 percent more.
- If revMD 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 generates less revenue than your outsourced or in-house process, your costs will be adjusted down to 2 percent.
A win-win is guaranteed.
It’s time to debunk the myths and know the facts about outsourced healthcare revenue cycle management. With revMD:
- Revenue is assured.
- Quality control is guaranteed.
- Greater revenue is assured.
- Faster turnaround for payments occurs.
- Human resource issues disappear.
- Greater efficiency for your practice happens naturally. Costs decrease while practice revenue increases.
- Physicians see more patients and spend more time doing what they do best.
- Physicians gain greater control.