Maximizing Revenue Cycle Management
in Neurology
The Problem
Assurance Revenue Cycle Management met with a Neurology practice to discuss transitioning revenue cycle management from an in-house team. After multiple meetings with the physician owners and practice administrator, the Neurology group chose to maintain billing in-house as they weren’t willing to pay the fee for collections.
18 months later, the Neurology group contacted Assurance Revenue Cycle Management (ARCM) again, concerned it had still not maximized collections. At this point, the practice chose to transition its revenue cycle management to ARCM.
After three months, ARCM had increased collections by 25%. After four months, the collection average changed to a 37% increase over monthly collection averages before Assurance Revenue Cycle Management.
The Solution & Results
After three months, ARCM had increased collections by 25%. After four months, the collection average changed to a 37% increase over monthly collection averages before Assurance Revenue Cycle Management.
The cause of the dramatic increase was largely due to the inconsistent performance of the in-house team. Though the team was loyal and hard-working, they struggled with interruptions and personal issues that required they be out of the office and prioritizing other tasks. They would fall behind on charges and then work all weekend to catch up. Cash flow was minimal for four months, strong for two months, and then minimal again.
It was impossible to project financial expectations. The team was excellent at working a single claim but lacked the ability, or time, to notice broad trends or global issues.
ARCM’s dramatic increase in collections is due to:
- Understanding neurology testing billing, documentation, and coding
- Strong communication with the Practice Administrator about payer rules and coverage
- Implementation of workflow training calls with the practice
- Strong auditing of large trends to identify gaps in payments and immediately resolve
- The ability to project financial income
The practice’s consulting team calculated the practice loss during the 18-month delay in choosing to work with ARCM. The small practice missed over $1.2M of collections during this delay of transitioning revenue cycle management.