With the present political environment and massive changes on the horizon (e.g., increased regulation, payment reform, ICD-10), medical practices cannot afford to leave any revenue on the table. How are you preparing? What are you doing to ensure you are collecting every dollar owed to your practice?
Every year doctors spend countless hours in the hospital seeing patients, coordinating care, speaking with families, and consulting other physicians and specialists. Under the current fee for service model, doctors are not compensated for their time—just the services they provide.
To make matters more financially challenging, many physicians are not even paid for all of the services they provide. Most doctors are recording charge data for hospital encounters on rounding sheets, note cards, or other random slips of paper that are easily lost and frequently never make it to the billing office.
In an ambulatory setting, a staff member can go back and consult the schedule to identify any lost charges. In the hospital, however, only the doctor knows which patients were seen. The valuable time required for a physician to go back through the information to find one visit’s charge information is not worth being away from family or another patient. Unfortunately, these dollars go back into the pockets of Medicare and other payers.
Mine for Lost Charges
If a doctor sees an average of 6 patients per day in the hospital and loses 2% of her encounters at $140 per encounter, that would equate to lost revenue of $4,435 per doctor per year—or $88,704 total dollars lost in a practice of 20 doctors. Although this would be welcome revenue, realistically it is not worth a physician’s time to spend hours looking for an additional $140. They spend more than that on their family’s cell phone bill every month.
What are you doing to make sure your practice isn’t leaving revenue on the table?
What Can Help?
AccelaMOBILE provides a tool to prevent lost charges and provides the billing office the tools they need to mine for additional revenue. AccelaMOBILE allows doctors to use their device of choice (e.g., iPhone, Android, tablet, iPad, laptop, desktop) to electronically manage rounding lists and capture charges. As soon as a doctor completes an encounter, their billing team can immediately review and process those charges. ALL charges make it back to the billing office. AccelaMOBILE keeps you in charge of your revenue and assists in maximizing your bottom line.