Accounts receivable wind-down.
When a radiology practice changes billing companies, it often faces the dilemma of how to handle the old A/R, which includes the problem charges not previously paid. The new company wants to start fresh with collectible charges and frankly, doesn’t have the time or staff to work the more complex old accounts. (If they didn’t get paid, there’s a reason).
HRP has a team of specialists who apply both experience and enthusiasm to the task of working through that challenge. It’s labor intensive “pick and shovel” work but uncovers revenue that would otherwise largely be written off.
The billing audit involves randomly selecting 500 (or more) patients from the A/R and remotely accessing all open charges associated with those patients. We have audited both private practices and billing companies and provide a detailed and specific report of findings, along with process improvement recommendations and comparisons to industry key indicators.
Billing audits have proven valuable in terms of identifying operational issues involving workload distribution, process problems and/or staff educational needs. We have been fortunate to work both with “best practices” organizations as well as underperforming companies and utilize insights gained from our experience to provide practical, actionable solutions. Over the years, we have found the audits to be more valuable in terms of evaluating billing company performance (as opposed to operational assessments).
Operational assessments are conducted on site and involve both process observation and staff interviews. Due to the travel demands and intensive nature of these engagements, we are able to offer only a few assessments each year. While we have found the audits offer an excellent “how are we doing?” option, the more detailed assessments can be valuable in terms of analyzing staff capabilities and billing system limitations as well as developing process improvement plans.
Operational assessments are probably more valuable for the practice in-house billing operation looking to fine-tune production as opposed to evaluating the effectiveness of a billing company.
Virtual Practice Management
Just need someone to keep an eye on the billing operation? Or provide support to a new manager? At the present time, we can accept a limited number of virtual management engagements but are willing to discuss the specific needs of your practice.