Now is the time to conduct a financial review of your medical practice’s 2018 financial performance. Whether you currently handle your billing and coding in-house or outsource to another company, MEREM Healthcare Solutions recommends that you should conduct an annual revenue cycle audit in order to:
You should be looking at and comparing the following benchmarks and practice performance to the prior year. If applicable, net collections should be compared by payor as well as by provider or physician.
Consider reviewing national specialty surveys in order to determine if your practice is improving. If not improving year over year, a complete revenue cycle audit may highlight why.
Industry benchmarks we follow closely to set goals for our clients, include:
If you are struggling to meet or keep up with these standards, a billing and coding audit should be performed in order to help you understand the key areas where your clinical operations are weak and can help you to identify priorities and set goals toward making improvements that impact your revenue cycle.
Billing and Coding Audits are valuable tools to help improve your revenue cycle and maintain compliance with CMS and other regulatory bodies. Consider MEREM Healthcare Solutions as an outsourced solution for conducting a complete revenue cycle audit. Our FREE Revenue Cycle Audit tool will help you stay on track with current industry standards and provide unbiased industry comparison and revenue cycle audit report to assist physicians and practice managers with improving their practice performance. Schedule Your Free Revenue Cycle Audit Today!
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