EXPANDING PRACTICE RECOGNIZES A TIME FOR CHANGE
When Scotland Podiatry realized that cash receipts were not keeping pace with the production of the practice physicians, the clinic decided to look for an alternate billing and collection solution provider. They would need one that allowed them to leverage their existing technology but also provide enhancements to the billing, collection and reporting functions. Dr. Holdaway and Practice Administrator, Kathy Helm agreed their search for a new Revenue Cycle Management company must include:
- The ability to keep the existing Practice Management and Electronic Health Record system.
- Consultation services and feedback to their physicians on coding and billing practices.
- Proven abilities to improve claim rejection, denial management and collection procedures.
During the research phase, Dr. Holdaway investigated several potential companies through referral sources and trade show introductions. Narrowing the field while attending a clinical conference, he encountered AssuranceMD. Their approach was unique and appealing. Prior to discussion about services, AssuranceMD would conduct a benchmark analysis of the prior year’s financials to determine how and where the practice could benefit from AssuranceMD’s services.
After supplying AssuranceMD with several prior years’ financial reports, a Practice Profitability Profile report was completed and presented to the group. Insights and observations on how the practice could improve its profitability were included with the complete financial evaluation. Dr. Holdaway’s decision to change became clear.
THE ASSURANCEMD DIFFERENCE
AssuranceMD’s unique process of providing financial analysis revealed several Key Performance Indicators (KPIs) to focus their efforts to ensure the greatest likelihood of increasing reimbursements. The Practice Profitability Profile provided a road map that detailed areas of the practice that required the greatest amount of attention. Additionally, AssuranceMD would ultimately provide an enhanced claim scrubbing and clearinghouse option which allowed the practice to continue with their existing Practice Management system. This approach allowed for an easier than expected transition and little to no disruption to office personnel.
THE FINANCIAL ADVANTAGE OF ASSURANCEMD
In the months that followed, Scotland Podiatry realized a 25% increase in the monthly receipts of the same period from the previous year. Additionally, AssuranceMD continued to work with Scotland’s software vendor to incorporate a healthcare analytic Dashboard that would track Key Performance Indicators (KPI’s ) and measure the outcomes of AssuranceMD’s initiatives. As a result, the number of claim rejection and denials have been significantly reduced resulting in a positive impact on days in accounts receivable and collection ratio.
ENHANCED PROCESSES AND INCREASED REVENUES
With the implementation of AssuranceMD’s enhanced processes and billing capabilities, Scotland Podiatry continues to experience positive benefits in overall office efficiency and increased revenues. Because of improved billing and collections performance, Scotland employees can better manage their professional responsibilities and patient relations. Supporting Dr. Holdaway and his staff to exceed their Revenue Cycle Management requirements, has developed into a trusted relationship with the AssuranceMD team.
Scotland Podiatry is a five provider practice with locations in Chambersburg, PA and Hagerstown, MD. All five podiatrists attend regular educational seminars to ensure that they deliver the most up-to-date modern treatment designed to end foot and ankle pain. Their staff also includes certified podiatric assistants, billing specialists and a patient relations specialist to endure prompt, courteous and friendly service.