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.
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There are key performance measures that put you in control of your money and provide confidence that you are receiving all collectable dollars.
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In this post we review Charge Lags:
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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.
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Target: 24 hours for office charges and 72 hours for facility charges.
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Tips to reduce your practice’s Charge Lag:
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Map out your charge capture processes by place of service
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Identify workflow barriers that prohibit providers from closing encounters
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Educate providers to provide them with a foundational understanding of billing and coding
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Optimize electronic records system to complete documentation in exam room
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Require physicians to sign off on documentation within 24 hours
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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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Email wshields@eyeprogpo.com or use the calendar link below: