Practices lose millions of potential net revenue due to charge capture issues. Updox has the fix.
How Can You Increase Your Revenue?
A recent industry study of more than 1,000 healthcare providers showed that running a profitable practice/business is the #1 priority for healthcare providers in 2021, behind increasing patient satisfaction and improving patient outcomes.
There are several ways practices can increase profits:
- See more patients
- Lower overhead costs
- Capture more revenue
Increase Your Charge Capture
Charge capture is the process used by physicians and healthcare providers to capture more revenue and help them get paid for services delivered.
This is done by recording information about care delivery and then submitting it for reimbursement to payers and insurance companies.
Capturing charges in a timely, accurate manner is essential for healthcare organizations that want reimbursement for their services. If the services delivered aren’t captured properly then they can’t be reimbursed.
Reduce Administrative Burden
But, what if the administrative burden of time to record and capture charges misses key information? Then, you don’t even know that you’re leaving money on the table.
A 2019 survey shows that 84 percent of practices rely in part on their EHR to capture charges but only 10% are happy with the results they are getting. Maybe it’s time to look for a better solution?
A Smarter Way to Do Business
When your time is valuable, you need a solution that maximizes charge capture more efficiently – so you can focus on what matters most – your patients.
The right charge capture solution helps physicians and healthcare providers:
- Optimize revenue – Identify billable and missing charges
- Increase billing speed – Provide real-time information
- Provide visibility – Manage feedback and take action
- Boost provider satisfaction – Facilitate communication across the practice
Updox helps practices increase billing by 7 to 16 percent by plugging missing charges and advances cash flow by nine days with a proprietary missing charge audit process. Charge Capture uses automated data feeds to identify opportunities and display them on an easy-to-use dashboard to quickly take action.
Maximizing your charge captures will optimize your practice revenue, decrease lag time, and increase provider satisfaction. Learn more about Updox Charge Capture.