What will be your Wound care revenue and Financial Viability for 2017?
As we transit into yet another year, the healthcare business is also expected to swing through tides, given the recent developments that calls for proper documentation, precision in medical billing and coding, plus the most imperative part of the business, managing the revenue cycle.
When we as a wound care billing and coding agency get calls or messages from healing facilities with existing centers, the first thing one hears is "How much revenue should we be seeing?" And with hospitals hoping to construct more wound care centers, the question is frequently; "How long will it be till we break even?" Financials are a key part of any out-patient wound care program. And to make it more financially viable it is better to let a certified coding and billing agency to administer the revenue cycle.
When we talk about RCM, collections are something that strikes the mind at once. Collections are the total sum that your facility really gets at the end of each month. Frequently when we talk with various clinics, they are befuddled to see the numbers we utilize, contrasted with the considerably higher numbers that another wound care facility may have provided. Those numbers are normally based on charges. Charges can be as much as four times than what Medicare may really.
A wound care facility can offer financial viability in three ways:
The first is cost savings and leveraging operational costs. When a doctor's facility does not have a wound care center, they are still presumably giving wound care treatment to patients, whether they know it or not, over a few administrations which are not intended to churn suitable reimbursement for the level of care needed for critical injuries. These administrations may incorporate the Emergency Department, Physical Therapy, or in-patient care. Your staff of these divisions may likewise provide supplies to these patients without repayment, which can let your facility, incur all those losses. It is here that the revenue should be tapped, and if possible the accounts department need to bill and code for these emergency requirements.
The center can be reimbursed for some of the supplies, depending on the type of wound care coding carried out. Diagnostics can be requested and followed effortlessly, and the resources utilized are particular to the patients' needs pacifying unnecessary pressure on emergency department or other clinic administrations.
Second, is the length of stay of patients. At the point when a patient in your facility has a non-recuperating or critical wound, most doctors are hesitant to discharge patients unless there is a clear pathway for constant care. Not only an outpatient center gives that best in class care and consideration, but the discharged patient is also seeing the physicians at least once a week before he recuperates fully. The accounts department has the responsibility to document the proper billing and coding prerequisites.
Third, diminishes readmissions. By concentrating on wound patients in an outpatient center, you are treating most of the times critical patients, with the most astounding amount of co-morbidities. By focusing on these patients with an exhaustive approach, you are often able to reduce the need for these patients to be readmitted by giving an extraordinary level of care at an appropriate site of service. This is of all round advantage, particularly to the patient and the wound care facility.
Do remember that in order to achieve the financial viability in 2017, one very important aspect of your job other than treating the wound care patients is to streamline the entire billing and coding procedure. If you think that the in-house staff is not competent enough and are continually making coding mistakes, you can very well outsource the coding and billing requirements to an offshore entity for work optimization and higher revenue growth.