Disorganized revenue cycle management practices are damaging to an ambulatory surgery center’s (ASC’s) financial performance. A flawed process can lead to lost staff productivity and worse – missed revenue.
An efficient revenue cycle is established when all the details of coding, billing, and collections are submitted on time and correctly the first time. ASCs can improve how they manage their revenue cycle by implementing a few simple but effective steps to recognize problems and determine solutions.
Regent Revenue Cycle Management released a new guide uncovers three regular audits ASCs can perform to analyze inefficiencies and enhance revenue cycle performance. The latest guide recommends analyzing these three areas:
- Denied claim cause and management
- Coding accuracy
- Payer contract adhesion
In our second installment of a three part series, we focus on how coding accuracy is critical for an ASC to minimize denied claims that result in wasted staff time and lost revenue. A center should set an aggressive goal for coding accuracy – Regent RCM’s gold standard is 97% – but first, it must understand its baseline.
A coding audit reviews codes submitted to payers and compares them to what is supported in the documentation. A successful audit identifies problem areas and creates an opportunity to regulate coding compliance and potentially enhance revenue.
Regent recommends following these steps to ensure coding accuracy:
- Conduct an audit twice a year. Catching errors early gives better odds of rebilling or appealing claims.
- Use a third party. An external auditor can more objectively examine data and information.
- Analyze and understand trends. Familiarize staff with common procedures and best billing practices to be able to catch any errors on coding.
Learn more about the other audits and how to perform to improve your ASC’s revenue cycle management. Download the guide here.