How do you know that you are being reimbursed efficiently and completely?
As a physician you work hard to provide convenient and quality care to your patients. Then you rely on other individuals to ensure that you are properly compensated for those services.
There are key performance measures that put you in control of your money and provide confidence that you are receiving all collectable dollars.
In this post we review Charge Lags:
Charge lag is measured in time from when care is provided up until a claim is submitted for payment. Charge submission lags in a medical group can have several significant and interconnected impacts on the group’s financial health and operational efficiency. More specifically, delays in charge submission can result in missed/lost charges and lengthens the time to receive payment.
Target: 24 hours for office charges and 72 hours for facility charges.
Tips to reduce your practice’s Charge Lag:
Map out your charge capture processes by place of service
Identify workflow barriers that prohibit providers from closing encounters
Educate providers to provide them with a foundational understanding of billing and coding
Optimize electronic records system to complete documentation in exam room
Require physicians to sign off on documentation within 24 hours
Don’t leave your revenue to chance. Contact us today to schedule your assessment and take the first step towards optimizing your revenue cycle operations.
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