Physician network revenue cycle is usually lacking dedicated resources in its revenue cycle function. Here are 5 common missteps that clients make as they set up these large multispecialty networks.
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Revenue Cycle Management for your physician network has become more complex. Bigger groups increase the scale and complexity of processes, Stagnant reimbursements make it imperative that your practices collect what they deserve, Electronic Health Records create potential glitches, Evolving local carrier determinations (LCD) creates challenges, Payer credentialing becomes higher risk as your network grows, and Compliance […]
Physician revenue cycle seems simple; however, every patient visit has at least 21 critical components that require daily monitoring to keep cash flowing: Pre-visit/patient calls for appointment Entering the patient in the EMR Check-in Visit documentation Potential charges recorded on super bill Visit coded Check out and co-pay collection Posting the charge Preparing the day’s […]
Financial Sustainability: Excerpts from “67 Tips for Developing a High-Performing Physician Network”
Controlling the losses on employed physician networks is the biggest immediate challenge for many of our clients. The losses have been created by the confluence of fast growth, limited investment in talent, and health care executives’ limited experience with managing physician networks. TIP 49 Define your dashboard. If you are not measuring for it, […]
Rapid growth of employed physician networks has resulted in many areas of concern for hospitals and health systems related to: Multiple practice management systems Poor infrastructure Need for centralized business office Inconsistent processes Standardization of fee schedules Provider credentialing HSG’s one-hour webinar covers: The most common areas of poor revenue cycle management performance; Best practices for […]
What key indicators are you using to measure the performance of your physician network? Revenue cycle measures should be at the top of your list, as failure to monitor this process is a serious error, and in many hospitals is leading to massive financial losses and unpleasant conversations with the Board. Healthcare Strategy Group has […]