Wellness Checkups – for your Business
Wellness Checkups – for your Business
It’s that time of year when businesses have finished the first quarter and begin to assess the overall business health based on the results of Q1. Using the first three months as a benchmark, practices can determine where opportunities for improvement lie. Just like your patients receive notice that it is time for their wellness checkups, let’s look at what a wellness checkup looks like – for your business.
The health of a clinic or practice can be separated into 3 main categories: Operational Health, Financial Health, and Patient Engagement. With patient engagement and satisfaction being of utmost importance, both operational and financial health strategies should be aligned to support the result of increased patient engagement.
Operational changes tend to follow financial decisions and adjustments a practice makes based on their previous quarter. So, our main focus today will be on the financial health check for your business. The question that arises most when evaluating financials is, “What exactly does a financial health check look like?” Don’t all patients ask something similar when presented with their wellness visit? Let’s take a deeper look into your business’s wellness checkup process.
For specifics, we are looking at the actual Revenue Cycle, the process, and the management of the financials. Speaking from a customized, end- to-end RCM solution perspective at Alta, we begin with a customized review of your current revenue cycle and coding/ charge capture data in our Financial Assessment. In this assessment, our end-to-end revenue cycle experts will help you assess and uncover key opportunities, provide recommendations on how to increase your margins and reveal how you are performing within your sector.
What are some of the specific areas we look at when doing this deep dive? We review four areas of the RCM operations.
First, we evaluate the front-end processes and workflow evaluation. This focuses on eligibility, pre-registration and registrations performed by the practice. Second, Alta specialists look at the charge capture review and analysis. This covers fee schedules, contractual adjustments, and documentation and coding coordination. Next, we evaluate the back-end process, reviewing claim rejections, denials, coding errors and insurance follow-up workflows. The last area that is reviewed is the net collections where we investigate payer overpayments/underpayments, outstanding patient balances and bad debt write off processes.
Once this “look under the hood” process has been completed, Alta provides a full assessment of our findings, very similar to the post-visit summary that practices provide their patients. This gives practices a transparent view into the areas where improvement will make the most impact. Are there critical processes that need to be addresses? Are there areas of the RCM cycle that are working well and simply need to me maintained? All the questions are answered in the Financial Health Check Business Summary.
And just as practices provide health improvement resources to their patients, Alta offers customized RCM solutions to optimize a business’s journey to financial health. Instead of a “piece by piece”, or “all or nothing” model, Alta’s custom solution provides practices with the services they truly need, without the added cost of the services they don’t. Is your practice feeling under the weather? It is time to embrace the very philosophy you provide your patients… Contact us and we will complete that Wellness Checkup so you can continue your year in great financial health.