Curing What Ails Your ASC's Cash Flow
If you are diagnosed with an inflamed appendix, your primary care physician refers you to a surgeon. If you have a broken arm, you are referred to an orthopedic specialist. The same is true for your ASC: If your cash flow is in in poor health, you need to consult an experienced and trustworthy revenue cycle management (RCM) specialist.
Trending ASC illnesses include, but are definitely not limited to, the following:
reimbursement rates continuing to shrink at an alarming rate;
increasing number of non-payment or erroneous payments; and
managed care organizations offering increased resistance to rate negotiation.
An experienced RCM specialist will diagnose those areas in need of treatment, work with your ASC to remedy the problem and then continue to maintain a healthy revenue stream for your ASC.
Four examples of dependable cash flow remedies offered by an excellent RCM company include:
1. Full team of experienced reimbursement specialists whose sole responsibility is accurately billing and collecting maximum reimbursement for your facility.
2. Optimizing coding with an ASC-specific certified coder, which often increases revenue.
3. Increasing the amount of spendable revenue by lowering the days that money remains in accounts receivable by:
prompt and accurate submission of claims;
catching incorrect payments and correcting them promptly;
performing immediate and thorough appeals;
timely and effective collections follow-up; and
answering all inquiries and calls from patients regarding their financial responsibility.
4. Maintenance compliance with the increasingly complex and ever-changing regulatory changes through up-to-date research and continuing education of RCM team members.
Ensure that your ASC difficulties don’t become life threatening. Evaluate how partnering with an RCM company can improve your ASC’s financial health.