Custom Data Services, Inc. Practice Analysis
How well is your practice running? If you are considering outsourcing your billing, or are concerned with the cost effectiveness and efficiency of your current billing solution we can provide you a complete practice analysis.
What is a practice analysis?
Practice analysis is the process of determining whether or not your billing solution, in house or outsourced, is producing at efficient and cost effective levels. We have developed a series of services and benchmarks that can identify and help resolve any inefficiencies in your current billing procedures.
Coding and Documentation Review:
We will audit your charges to your chart records to determine the accuracy and appropriateness of billing. This review will include office, surgical, and hospital procedures.
Office Work-Flow Review:
We will review your office efficiency, including interviews with front counter and billing personnel. The work-flow will be analyzed to determine how well the patient information and demographics flow from the front counter to the billing department and vice-versa.
Fee Analysis:
We will analyze your charge master based on conversion factor analysis, Medicare reimbursement and the Physicians Fee Reference. This review will provide a tool to determine if your procedures are overpriced or under priced relative to conversion factor or Medicare factoring.
Payer Contract Review:
Your insurance contracts will be reviewed to determine the appropriateness of the terms and fee schedules.
Practice Assessment:
A complete review will be provided of your practices billing, payments, and disallowance over the last two years. The review will provide a complete analysis of your payer mix, billing and payment trends, and gross and net collection analysis.
An EOB audit will analyze the magnitude and types of errors requiring corrections and re-billing; the time lags between the date of service, the date charges were posted to your system, and an analysis of the types of claim denials being received by your practice.
Your account receivables will be benchmarked to determine how long it takes for you to collect a bill, your turnover ratio, and what claims are considered overdue.
Your collection protocols will be reviewed to determine if patient balances are being billed and collected. We will also review your procedures for overdue patient balances and patients that have been sent to collection.
A physician assessment will be done which includes a review of the billing, receipts, and disallowance based on physician RVU’s. This analysis will be physician specialty specific and will determine the practice mix and the profitability of your physicians.
We understand the complete process and how each phase can affect your efficiency. Click here to find out more about our medical billing services and how we can benefit your practice.
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