Do you know what the biggest risks to your practices are?
According to Matthew Smith from Health Directions in a September 2012 online article, they include:
1. Preparing for reimbursement models that place a greater share of financial risk on the practice
2. Participating in the CMS EHR meaningful use incentive program
3. Dealing with rising overhead costs
4. Selecting and implementing a new EHR system
5. Implementing and/or optimizing an accountable care organization
6. Managing finances with the uncertainty of Medicare reimbursement rates
7. Modifying the physician compensation formula to more heavily emphasize quality measures
8. Recruiting physicians
9. Negotiating contracts with payers
10. Maintaining physician compensation levels
One other risk is the risk of gaps when transitioning your medical coding, billing and collections to another process.
If you’ve ever made the switch, you know that gaps can result between collecting the remainder of your old receivables and your new ones. It’s risky, and enough to make you lay awake nights worrying about the impact to your medical coding, billing and collections. But there is a way to avoid the risk: Build a bridge – a Revenue Bridge!
Bridging the gap can occur with immediate payments that can be made on existing receivables at a pre-agreed upon rate that keeps revenue streaming at all times. This enables you to transition sooner versus later with full cash flow confidence.
A new service now is available to mitigate this very issue that plagues almost every medical practice. And it’s provided by revMD.com to offer 100 percent assurance of complete revenue cycle management during the critical interim transition period. The collections of your past receivables is assured, and you receive a lump sum check and a claims payment guarantee. Transferring your coding, billing and collections process with confidence can occur and and begin again with best practices.
Offering solutions to bridge your transition is only the beginning. Your medical billing, coding and collections process will rise to higher levels of return in the long haul – guaranteed – and can eliminate many of the risks on the list above.
revMD.com is the results-proven alternative for healthcare revenue cycle management, with a niche specialization in medical coding and billing 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.
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