“AssuranceMD efficiently cleaned up old AR and improved the payment process without the expense of hiring additional staff. The move to the AssuranceMD’s hosted services has contributed to increased revenue, improved coding accuracy and better collections all around.”
~Louise, Practice Administrator
WHO DO THE EXPERTS RECOMMEND?
As an experienced orthopedic Practice Administrator, Louise knew that something had to change in her back office processes. Frustrated and overwhelmed with late payments, mounting denials and longer days to collect outstanding accounts receivable, she was ready to focus on finding solutions. In particular, she needed help with billing and collections.
Day after day, her seasoned staff provided outstanding clinical care while handling a full patient schedule. There was no extra time to carve out from the patient experience to respond to denials or claim issues. What quickly became evident was the need for a more comprehensive practice management application and the right professional services to support the billing and collections process. A trusted industry resource recommended that she call AssuranceMD. Her resource shared that their financial and industry expertise was precisely what she needed to turn her revenue cycle management towards a more profitable future.
BUILDING THE BOTTOM LINE
Preliminary analysis and benchmarking helped AssuranceMD identify three opportunities to immediately improve the practice’s efficiency. The first step was to transition Dr. Brooker’s orthopedic practice to AssuranceMD’s hosted practice management services. Implementing MicroMD PM with an easy to use Document Retrieval System was a relatively easy task once their data was converted. Transitioning to the cloud eliminated the need for IT support and maintenance.
The second objective was to enhance the billing and collections process by adding eligibility, claim scrubbing and deploying a 90 day patient collections strategy. Set up was completed in two weeks, data was converted, and Dr. Brooker’s practice was on its way to increased reimbursement and
Additionally, AssuranceMD went to work on updating the physician’s credentialing information which had prevented proper payment with certain payers. Claims are now being billed on a timely basis, follow-up is current and a more predictable cash flow has returned.
The dramatic reduction in accounts receivable is just one way AssuranceMD worked to improve Dr. Brooker’s finances. “Before AssuranceMD, our reimbursements were inconsistent and sometimes non-existent,” Louise explains. “AssuranceMD efficiently cleaned up old accounts receivable and improved the payment process without the expense of hiring additional staff. The move to the AssuranceMD’s hosted services has contributed to increased revenue, improved coding accuracy and better collections all around.”
Monthly reporting has also contributed to improvements. The support of receiving detailed performance analysis has help to improve how Louise manages the practice finances. Regularly scheduled reporting provides Louise with a monthly recap of the billing cycle results.
Dr. Brooker has also experienced some improvements! He now enjoys his time away from the office without the stress of falling behind and the aggravation of catching up. With AssuranceMD’s professional services, he is confident that the back office processing and electronic claims capability is constantly working to help him move his practice forward. “It’s definitely been a smart business decision and a positive experience.”
Dr. Brooker is a Board Certified Orthopaedic Surgeon who earned his Medical Degree at the John Hopkins University School of Medicine in Baltimore, Maryland. He is known internationally as an expert on Total Joint Replacement and his research lead to the discovery and name of the Brooker Hetertopic Ossification Classification. This “Brooker Classification” is used in most all academic articles on Hetertopic Ossification.