ASCs observing negative changes in accounts receivable days, net collection rates or statement and charge lags can launch an internal revenue cycle audit to help get finances back on track, according to Regent RCM Revenue Cycle Management Director Erin Petrie.
Here are the four focus areas of a successful self-audit:
1. Reimbursement. Thoroughly examine billing and reimbursement procedures, with careful attention to payer contracts and total revenue collected.
2. Coding and billing. Evaluate coding procedures and determine if cases are coded and billed correctly. Pinpoint errors with the potential to delay, decrease or discredit claims.
3. Staffing. Evaluate what enables smooth operations for administrative employees, as well as what requires unreasonable amounts of time or effort to accomplish.
4. Observation. Note recurring inconsistencies or inefficiencies in business office functions over time. Find technology or processes solutions to tackle the issues.
Regent Revenue Cycle Management's guide, How to Self-Audit and Improve Your ASC's Financial Health, is available for free download here.