Many practices face cashflow issues because they struggle to collect even 50% of the revenue owed to them in the first 90 days after a claim is filed. Statistically, after 90 days most medical bills go unpaid, even when escalated to delinquency status. Revenetix revolutionizes medical billing processes and procedures to help you receive more money up front and within 90 days of the filed claim.
Navigating the complicated process of on-boarding new providers with insurance companies can be a hassle and delay insurance payments to your practice if not executed properly. Using the latest technology and tools, Revenetix can handle your contracts with insurance payors and facilitate new ones in a timely and accurate manner, saving your team time, hassle and potential revenue loss or delays.
Coordinating all of the necessary steps of credentialing your providers with new medical facilities can be a cumbersome process and we can take that off your hands as well. We provide you with an affordable solution to credential your new providers with hospitals and add them to new or existing insurance contracts, saving your team valuable time and hassle.
Verifications can be a complex process, but the Revenetix staff is well-versed in the policies and regulations. We verify with payors that your patient is covered prior to services being performed, and we educate your patients on their portion of the medical expense.
We can examine patient benefits and insurance information to estimate total cost for patient care. This allows providers to collect some of the money before services are even rendered – making it more likely that you’ll receive patient payments.
We work diligently with your contracted insurance companies—including working denials and submitting appeals—to ensure you’re getting the proper payments owed to you.
We help you collect more payments up front and follow up after to collect outstanding balances. Our process includes generating patient statements and answering inbound calls to assist patients with any questions or concerns they may have regarding their account balance, setting up payment plan arrangements and monitoring accounts to ensure payments are being received in full and on time.
Once payments are received, we quickly post the payments on your account so you have up-to-date information. Insurance payments are reviewed in detail to ensure accurate reimbursement has been received according to our clients’ contracted rates. Any open claims are routed to the corresponding departments for further review and closure.
We take your practice to the next level by offering a wide scope of management services that meet the greatest needs of your organization and improve cashflow.
We assign each of our clients a dedicated Client Relations Representative who is there to answer your questions and provide you with key benchmark reporting, including monthly detailed revenue and collection reports. We stay ahead of the raging AR battle and keep the steady cash flow coming in by monitoring the data, quickly identifying and communicating the issues, and tackling any concerns in a timely, practical manner.
Most medical practices don’t know how much money they have collected in 90 days after a claim is filed. Our data analysis report gives you the % you are collecting within 90 days of a filed claim as well as the % of dollars owed greater than 90 days old, money collected YTD and write offs YTD, We also include a breakdown of the total costs you pay for your medical billing services (in-house or third party). After identifying your billing percentages, we provide you with a concrete plan for fixing the deficiencies that are negatively impacting your cashflow
With an assessment you can uncover:
Using the data Revenetix can develop a strategy to improve your cashflow.