Part B Revenue Cycle Management Services
Properly optimized Part B (professional fee) revenue cycle management varies greatly in its transaction standards, requisite workflow processes and the skills and knowledge of those undertaking that work, as compared to Part A (facility/technical) revenue cycle management, so it is no surprise that a hospital may find opportunity in outsourcing its Part B revenue cycle work to Precision, even as the hospital’s CBO does a tremendous job with Part A revenue cycle management. And optimizing Part B opportunities does not require large capital expenditures or major change in order to realize additional returns for the hospital. Instead, additional revenues associated with directing a higher level of expertise to Part B revenue cycle improvements goes straight to the bottom line. Combining additional Part B revenues with better risk management – enhanced compliance directed toward Part B claim submission – makes engaging Precision as a partner in Part B revenue cycle management an easy, and profitable, decision.
Optimizing Part B revenue cycle management is always a matter of managing many smaller but very important items that collectively produce a measurable improvement in profitability. Educating providers on coding changes, recommending changes to EHR software templates, developing software system interfaces that eliminate redundant data entry, enhancing patient statement and delinquency letter protocols, establishing collection agency and patient refund protocols, monitoring and updating fee schedules, and providing more effective and timely reporting so as to allow for better financial and clinical management decisions, all improve a hospital’s Part B profitability – and this is only a partial list of the subject matter addressed by Precision in optimizing Part B revenue cycle processes and workflow.
Coupling RCM optimization with “change management support”, with Precision working with hospital staff to transition practices and providers joining the hospital’s network, engaging in practice management software conversions, supporting coding education and credentialing for incoming providers, makes Precision a critical part of the team that a hospital can assemble to manage its Part B revenue cycle. The solutions provided for each specific hospital will be unique, with Precision tailoring its services and support based upon need, but in all cases, Precision’s support and services will add measurable value and help each hospital client achieve its Part B goals.