Revenue cycle management is a crucial aspect of running a successful ASC.
Here, three administrators discuss their best practices for meeting revenue cycle benchmarks.
Kathryn Rice. Administrator of Bayfront Health Ambulatory Surgery Center (St. Petersburg, Fla.): I have found that simple things such as demographic errors and missing information can hold up your billing cycle and hinder you from meeting benchmarks. You have to have an attitude of urgency and nothing left unturned to move you forward. Continuous communication with your billing team is extremely important as well as making sure you have an updated charge master. In addition, your money is in your contracts. If you aren't checking your contracts carefully, you can have missed opportunity. Contracts should be reviewed at a minimum of every three years.
Raghu Reddy. Executive Administrator of SurgCenter of Western Maryland (Cumberland, Md.): We ensure that dictations are complete within 24 hours of case date and the coding and billing within 48 to 72 hours. We address all claim denials and rejections promptly and aggressively follow up with the payers to ensure we meet the goals of our collections. We partner with our billing team to ensure all the internal benchmarks and audits are reviewed, and the feedback is implemented right away. We have a seamless communication process with the billing team to ensure our revenue cycle management stays smooth. We also monitor our contracts and ensure that payer is following the negotiated fee schedules and timelines.
Bonnie Goodwin. Administrator of Tallahassee (Fla.) Outpatient Surgery Center: To meet our revenue cycle benchmarks, we have recently engaged our centralized billing office who have been meeting those benchmarks of days in accounts receivable, collection percentages, etc.
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