The single largest risk to any hospital is the interruption of cash
Conversion related A/R reduction programs
The single largest risk of any I/T conversion, migration, or upgrade that touches the revenue cycle is an interruption of cash. For that reason, many hospitals choose to supplement the typical loss of productivity associated with going through the steepest part of the learning curve on a new system, with additional revenue cycle resources designed to increase and accelerate cash.
The best way to avoid an interruption of cash during a conversion is to collect as much cash and liquidate at much legacy A/R as possible pre-conversion.
At FIRM RCM we work all payers.
We can help you aggressively target denied claims and underperforming financial classes, payers, and aging buckets, with FIRM RCM’s unique Attorney, Clinician, Financial Expert work teams, to resolve aged A/R and processing exceptions. We target labor intensive financial classes (out of state Medicaid, workers compensation, MVA, and TPL) with additional resources and accelerated follow-up to resolve the highest percentage of claims possible pre-conversion.
Reducing A/R and increasing cash pre-conversion, reduces the workload on your staff while you are asking them to ramp up their proficiency and productivity on a new system. Increased cash on hand provides a valuable safety net for finance, while cash from post conversion billing may dip as a result of system or training issues.
Aged receivable “Safety Net” programs
We can assist the business office in optimizing opportunities for cash acceleration on underperforming financial classes or payers. FIRM RCM can help your collectors become more productive by clearing the account clutter from their queues. By definition claims that are over 90 days old are a problem requiring some type of exception processing or specialized appeal.
FIRM RCM can help you identify and target pockets of unrealized cash that is languishing in your A/R. At FIRM RCM we work all payers and we can help you not only accelerate cash and reduce your days in A/R; but we can help your collectors do a better job of preventing aged claim exceptions, by improving their ability to work and get to current billable claims.
Legacy A/R rundown programs – Post conversion
Once the low-hanging fruit is gone, or at the time that you go live on the new system, FIRM RCM can resolve all outstanding legacy third party A/R balances. FIRM RCM will follow-up on all claims that have been billed as of the conversion and will work these claims until there is no third party liability for payment. FIRM RCM will appeal denied claims, review all payments for accurate reimbursement, pursue underpayments according to your payer contracts, or applicable fee schedules, will perform zero balance reviews of high dollar claims, will perform defense audits for all third party payers, and will transfer patient liability balances to your approved, self-pay vendor(s).