Practices lose millions of potential net revenue due to charge capture issues. We’ve got the fix.
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
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.
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 of doing 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
AlertMD (an Updox partner through EverCommerce) 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. Through an easy-to-use mobile platform, AlertMD is integrated across all industry systems to make the flow of data seamless. Patient lists, documentation and more are available to providers and AlertMD passes the pro-fee bills back to the practice to close the loop.