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 and facilities with insurance companies can be a hassle. If not executed properly, these contracts can cause a delay in insurance payments to your practice. Using the latest technology and tools, Revenetix can handle your payor enrollment process in a timely and accurate manner. We are able to save your team from the hassle and potential revenue loss or delays.
Coordinating all of the necessary steps of credentialing your providers with new medical facilities and their payors can be a cumbersome process. Revenetix has a dedicated team of individuals to handle all of your credentialing needs. We provide you with an affordable solution to credentialing your new providers with hospitals and ensuring they are added to new and existing insurance contracts. This makes Revenetix your one-stop-shop for all of your RCM needs.
The insurance verification process is a vital piece in a practices ability to collect all the money owed to them for their patient services. Revenetix takes the responsibility off of the front office staff and places it into the hands of our dedicated verification’s team. These individuals are well versed in the policies and regulations with each payor. We verify your patient’s benefit coverage prior to any services being rendered. We then communicate to your patients on their portion of the medical expense so there are no surprises on the day or their appointment.
Are your patients aware of what their services will cost them prior to their visit? With Reventix’s RCM services, we have a dedicated team focused on providing patient estimates for your practice. We examine each patient’s benefits and insurance information to estimate the total cost of care for them. This allows the practice and it’s providers to collect some of the money before services are ended rendered – making it more likely that you’ll receive patient payments.
Reventix understands how time consuming and complex medical billing can be for a practice. Our dedicated team of medical billers are responsible for creating claims and translating them into reimbursements from the insurance carriers and patients.
Revenetix knows how important it is to send out accurate claims to patients and their insurance carriers. Our team of certified medical coders translate the services, diagnosis, and procedures of the practice into the ICD-10 codes that are required for proper reimbursement to the practice for the services rendered. Those codes are then sent to our medical billers who focus on capturing the highest amount of reimbursement possible for the practice.
Revenetix will help you collect more payments up front through out collections team. Our revenue recover team works diligently on processing patient payments and ensuring the highest level of reimbursement from all payors. We make sure to follow up and collect on any outstanding balances owed to the practice. Our process includes generating patient statements, setting up payment plans, monitoring patient accounts for timely payments, and answering all patient inquires regarding account balances. The Revenue Recovery Team has an aggress follow up tactic with denial management and contracted rate compliance. Our strategies are proven to collect an average of 20%-30% more for your practice.
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.