5 Ways a Healthcare Revenue Cycle Consulting Service Can Boost your Bottom Line
Posted by HMI Corporation on December 10th, 2019
Today’s leading healthcare organizations rely on healthcare revenue cycle consulting services to be successful.
How can a consulting service like HMI Corp boost your organization’s bottom line? Today, we’re highlighting some of the ways healthcare consulting services can enhance your organization’s revenue.
Intelligent Security Auditing
The security of a healthcare organization is paramount. Security audits can identify weaknesses within all aspects of an organization’s operations.
A security audit can identify problems with premises security, for example, and the ways in which malicious individuals might attempt to access facilities.
Or, the audit could identify digital security issues, including how the employees respond to phishing attempts.
Without regular security audits, a healthcare organization can trick itself into thinking it’s secure. When a healthcare revenue cycle consulting service performs a security audit, however, it can indicate what works – and what needs to be improved – for maximizing revenue.
Risk and Compliance Assessments to Identify Potential Problems Before They Become Expensive
Smart healthcare organizations anticipate risks before they impact the organization. In a recent report from consulting firm Crowe, healthcare researchers defined a risk as, “anything that might impede the organization’s ability to achieve its goals in critical areas such as patient care, regulatory compliance, operations, strategic growth, and financial performance.”
One of the major benefits of hiring a healthcare revenue cycle consulting service is that you can identify risks and take action early.
A consulting service might identify compliance issues, for example, that could enhance the risk of audits and challenges from insurance companies. Chargemaster issues, on the other hand, could raise the risk of disruptions to the care and billing process.
Comprehensive Cybersecurity Analysis for Enhanced Protection
Healthcare organizations that ignore cybersecurity expose themselves to significant risk. The healthcare industry is increasingly under attack by all types of bad actors. Hackers might try to access patients’ medical records, for example, creating a compliance nightmare for an organization.
A cybersecurity analysis can identify your organization’s strengths and weaknesses. It can spot security holes before bad actors find them.
Some cybersecurity analyses can even involve penetration tests – or pen tests. These tests show how your organization responds to a real threat. This pen test could involve a bad actor physically entering the hospital to access data on an unsecured, for example, or a hacker testing your organization’s digital defenses.
For all of these reasons and more, healthcare organizations conduct regular cybersecurity analyses to identify and resolve security weaknesses as quickly as possible.
More Efficient Medical Coding Services
Efficient medical coding services is the difference between good and bad healthcare organizations. Picture medical coding like the railroads and highways of a healthcare organization: when the infrastructure is smooth, efficient, and fast, it improves the entire organization.
Consulting services offer contract coding and coder quality reviews to improve the efficiency of an organization.
HMI Corp can make sure your organization has accurate coding for inpatient, outpatient, same-day surgeries, ancillary departments, and physician E/M, among other medical services. Medical coding and code reviews are performed by U.S.-based credentialed coding staff.
Improved Chargemaster Services
The chargemaster is the heart of a healthcare organization. Unfortunately, many healthcare organizations spend too little time maintaining their chargemaster.
Many organizations think they have compliant and accurate chargemaster services until it’s too late.
Over time, a lack of chargemaster maintenance leads to compliance issues, billing disruptions, and poorer patient care. Ultimately, it impacts the organization’s revenue.
Understandably, healthcare revenue cycle consulting services focus considerable attention on optimizing an organization’s chargemaster services. By fixing chargemaster issues today, the consulting service can implement real solutions that improve revenue generation.
Major healthcare revenue cycle risks in 2019 include charge capture, coding, and denial management, among other issues.
By hiring a good revenue cycle consulting service today, you can identify these risks within your organization, then take action to limit their impact on revenue.