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Prescription for Protecting the Top Line at Healthcare Facilities


The Journal of Corporate Renewal invited CohnReznick to share its experience in optimizing the revenue cycle for healthcare facilities. The article, “Holistic Approach Is Prescription for Optimizing Facility’s Revenue Cycle,” written by Andrew Masini and Patricia Hennelly, appeared in the publication’s April 2015 issue.  
 
CohnReznick noted that facilities with the best-performing revenue cycles generally exhibit a common set of best practices: 
  • Automation (a key to success)
  • Rigorously applied electronic charge capture
  • An effective charge capture process for the emergency department
  • Automatic application of contract allowances
  • Experienced coders and code editing software
  • A claims clearinghouse
  • Appeal letters and preventing the write-off of denials as contractual adjustments
 
We also advised that, to stay ahead of problems, healthcare facilities should monitor key statistics to gauge the health of the revenue cycle, report A/R net of credit balance accounts, and immediately note and investigate downcoding, underpayments, adjustments, refunds, and write-offs.
 
Finally, healthcare facilities that are implementing new information management systems should incorporate additional best practices. These include: IT and operations staffing for system and procedure development, mapping the incorporation of legacy charges, and staffing clinical personnel on implementation teams. 
 
 
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For more information, please visit CohnReznick Advisory's Forensic and Litigation Services or Transactional Advisory pages.
 
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