Ambulatory Surgery Center facility building

Regent Revenue Cycle Management selected by the Andrews Institute ASC to provide turnkey solution to optimize financial health

Chicago-based RCM provider to help navigate changes brought on by impending ICD-10 implementation

Chicago, IL – May 12, 2015 – Regent Revenue Cycle Management (Regent RCM), an independent division of Regent Surgical Health and a leading provider of quality, cost-effective revenue cycle management services exclusively for ambulatory surgery centers in the U.S., was recently selected by the Andrews Institute ASC, LLC to provide full-service long-term outsourced revenue cycle management. Regent RCM will provide billing and collections, process automation and performance measurement to optimize the center’s financial health and performance.

“We looked around, and what I took back to the Board was that we wanted a company with a proven record of success that focused specifically on the ASC community,” said Terri Gatton, RN, CNOR, CASC, administrator at Andrews Institute ASC. “Regent RCM offers that, and the fact that they spun their revenue cycle management services off from Regent Surgical Health was also a very attractive feature. We didn’t need the management aspect [that Regent Surgical Health provides] but certainly need the oversight and expertise that’s unique to ASCs so we can continue to optimize our revenue stream.”

In addition to overall revenue cycle management, Regent RCM’s team of experts will help develop a strategy for the deployment of the new ICD-10 coding system.

“The impending implementation of ICD-10 has people nervous across the board,” continued Gatton. She added that it’s becoming more challenging to balance a successful revenue cycle strategy with planning for the new coding system. The Andrews Institute ASC has also experienced consistent increments of growth and developed a need to outsource revenue cycle management to stay financially healthy and continue with their success.

“We’re excited to work with such a prominent center in the ASC community,” said Regent RCM Director Michael Orseno. “The work that Dr. Andrews and the team does is known worldwide, and we’re excited to join their team to help them increase long-term profitability.”

About Regent Revenue Cycle Management

Regent Revenue Cycle Management (Regent RCM), an independent division of Regent Surgical Health, is a leading provider of quality, cost-effective revenue cycle management services exclusively for ambulatory surgery centers throughout the United States. Regent RCM harnesses Regent Surgical Health’s strong ASC industry expertise, allowing Regent RCM to consistently outperform industry benchmarks. To learn more about Regent RCM, visit http://regentrcm.com/.

About Andrews Institute ASC, LLC

The Andrews Institute Ambulatory Surgery Center (ASC) is a joint venture between Baptist Health Care and local area physicians. It’s a specialized facility designed and optimized for outpatient procedures with eight operating rooms complete with digital equipment and state-of-the-art technology, lending to the Patients First philosophy encompassed by the professional staff, some of the top-rated Florida surgeons and caring nurses. The ASC uses innovative anesthesia and pain management techniques to make surgery a more pleasant experience and a more comfortable procedure and recovery. To learn more about the Andrews Institute ASC, visit http://www.andrewsinstitute.com/Surgery/.

ASCA 2015 Conference

Learn more about Regent RCM at our ASCA 2015 exhibitor booth

Regent RCM is headed down to sunny Orlando, Fla., May 13 through 16 to participate in ASCA 2015, the premier conference for the ambulatory surgery center community. We are looking forward to this opportunity to network with those in our industry.

During the conference, stop by Regent RCM’s exhibitor booth #413 to learn more about the benefits of outsourcing RCM for ASCs. We understand that maintaining a successful and healthy revenue cycle management strategy requires a great deal of time, resources and expertise. If you center cannot dedicate internal staff and resources to RCM, outsourcing may be a smart business move.

To determine the financial health of your center quantitatively and qualitatively and gain a better understanding of your strengths and opportunities, Regent RCM offers a free business office audit that focuses on observations, reimbursement, coding and staffing.

You’ll also learn more about the Regent RCM solution, which includes the industry’s first balanced pricing model, advanced revenue cycle benchmarking through the measurement of key performances indicators (KPIs) and fully integrated workflow automation to reduce errors that lead to late or denied payments and lower administrative staff costs.

To find out more about Regent RCM at ASCA 2015, contact Regent RCM Director of Business Development Ed Tschan at (312) 882-7228 or etschan@regentrcm.com.

ASC Physician looking for revenue

ICD-10: Top 3 myths and facts for ASCs

It’s no secret that the use of ICD-10, the 10th addition of the International Classification of Diseases by the World Health Organization (WHO), will commence in approximately six months, and ambulatory surgery centers should be taking the required steps to prepare for as seamless of a transition as possible.

The start of ICD-10 has been delayed more than once, and this has blurred the lines between myth and fact:

Myth 1

ASCs should continue to plan to implement ICD-10 under the assumption that the Department of Health and Human Services (HHS) will grant another extension.

Fact 1

The HSS has no plans to extend or delay the implementation of ICD-10 for all HIPAA-compliant entities, so ASCs need to continue taking the necessary steps to officially make the switch ICD-10 on October 1, 2015.

Myth 2

Since ICD-10 was actually developed and implemented around the world years ago, it’s probably out of date already.

Fact 2

ICD-10 codes have been updated annually prior to a partial code freeze to stay on pace with advances in technology and the healthcare environment. The partial freeze was implemented by the ICD-9 Coordination and Maintenance Committee, and only codes capturing new technologies and diseases were added to ICD-9 and ICD-10. No ICD-9 updates will be made past October 1, 2015, and regular updates to ICD-10 will resume on October 1, 2016, according to the Centers for Medicare & Medicaid Services.

Myth 3

The increased amount of available codes will make ICD-10 more challenging to use.

Fact 3

ICD-10 will have almost five times the number of diagnostic codes and will require greater specificity and detail, but that doesn’t mean it will be necessarily more complex. Almost half of the new codes are simply to differentiate between the two sides of a patient’s body. Having a greater selection of codes will actually make it easier to find the proper code because they will be more precise. Additionally, ICD-10 will have an alphabetic index and electronic coding tools to help billing and coding staff find the correct option.

With these facts in mind, ensuring that an ASC’s billing and coding staff receive optimal training should reduce the chance of negative impact on the financial health of the center. If the staff is not as prepared as needed, it might be the time to consider outsourcing RCM to a provider whose employees have been adequately trained to handle ICD-10 efficiently.

ASC revenue cycle benchmarking

How to tell if your ASC needs better revenue cycle management: Part 2

In part one of this series, we discussed the foundational changes in key performance indicators (KPIs) that might signal that your ambulatory surgery center is in need of a better revenue cycle management. Today, we’re going to take a closer look at the less obvious changes that could negatively affect the financial health of your center.

Changes in AR, revenue and clean claims percentage should be fairly visible to the center, but many other essential performance indicators may not be as apparent.

The need for a real-time dashboard
Access to a real-time management console that aggregates all KPIs can provide a competitive edge. Even if the employees have a suspicion that there’s an issue, having the time and resources interally to perform an evaluation and substantiate a concern may be challenging at best.

Patient dissatisfaction
Perhaps most poignantly, billing issues can also lead directly to patient dissatisfaction. Lengthy delays in billing can create situations where a past due notice is received even before the original bill.

The need for a full business office audit
When a center is experiencing a rise in AR days, a drop in revenue, and struggling clean claims percentage, a business office audit may be the best course of action. While some centers may request just a coding audit, especially with the impending ICD-10 changes, it is more beneficial to perform a full business office audit including all components of the revenue cycle process. Importantly, finding an RCM firm that offers a no-cost business office audit is the first key step in benchmarking center performance and building a strong foundation for growth.

A lack of regular measurement and reporting
Internally, billing employees can and should be running reports to determine the root cause of financial problems. It’s important to note that an ASC needs to have the right staff, time and tools in place in order to identify and take the appropriate steps to find and resolve financial challenges.

ASCs that can’t dedicate the time and resources or don’t have the expertise may be better off outsourcing billing and coding to a firm with highly skilled employees whose sole focus is on revenue cycle management. The right provider has the necessary reporting and analytical capabilities to pinpoint AR, revenue and clean claim percentage challenges to ensure not only revenue consistency but revenue growth.

ASC Physician

Regent RCM News Round Up

This month, coding and billing news has continued to focus on the impending ICD-10 upgrade as well as the need for transparency and the growth of the revenue cycle management market.

As the healthcare industry prepares for ICD-10, WHO prepares for ICD-11

As the U.S. healthcare industry has a major focus right now on preparing for the upgrade from ICD-9 to IDC-10, set to go into effect this October, the World Healthcare Organization (WHO) is preparing for ICD-11 with an expected release date in 2017 that will be designed to increase the transition to health IT systems. Other countries have already made the switch and implemented ICD-10, while the U.S. is just beginning this process. ASC facilities must be fully prepared for the changes the new ICD-10 coding system presents and have a strong understanding of IDC-10 in order to avoid complications that will negatively affect the bottom line.

United Healthcare offers price transparency on smartphones

Insurance company United Healthcare has updated its smartphone app, Health4Me, that allows patients to pay medical bills from their smartphone, track activity and comparison shop. As part of the upgrades, the app will also help people make more educated decisions about healthcare by providing prices that have previously been hard for patients to determine on their own. Transparency such as this can help patients better plan for medical procedures, which can reduce the number of AR days and lower collection trends for ASCs.

Revenue cycle management market expected to reach more than $5 billion by 2019

A report from the Global Revenue Cycle Management System said that the RCM market was valued at more than $4 billion in 2014, and it’s estimated to climb to more than $5 billion by 2019 at a compound annual growth rate of 6.9 percent from 2014 to 2019. This growth is mainly attributed to a growing adoption of new and updated RCM solutions as well as a realization of the value in outsourcing by health organizations. The report also noted that there’s a large demand for the most up-to-date RCM solutions in healthcare, and the demand needs to be met by the initiation of new projects.

medical billing and collections team

The Benefits of Outsourcing RCM: Smart Staffing and Avoiding the Need for Succession Planning

Over the course of March, we are diving deep into four key benefits of outsourcing revenue cycle management (RCM) for ASCs. Last week, we looked at the ways in which RCM providers can bring workflow and process optimization using best-in-class technologies to ASCs. This week, we will examine how outsourcing RCM provides ASCs with smart staffing solutions, and helps them avoid the need for succession planning.

For ASCs, an experienced billing and coding staff with built in redundancies is not just a luxury, it is a necessity. Hiring inexperienced staff or becoming dependent on just one or two good people could end up costing your center hundreds of thousands of dollars.

It can be incredibly difficult to find someone who can be an immediate contributor, especially if your ASC is in a rural area. You are likely to be in a position where your only choices are to hire someone with no experience or someone with experience only in a hospital or physician’s office setting. This means they will need to work on a fairly steep training curve, during which time your ASC could be losing thousands of dollars. There are a number of reasons for this problem, not least of which is that getting together the pay and benefits necessary to attract experienced professionals in this department may not be a priority for your center.

RCM providers have the resources to pay well, provide good benefits, and situate themselves in desirable locations. They know how to find and hire the best of the best, and often have a pipeline of eligible applicants waiting for a spot to open up. And while ASCs don’t necessarily get to choose their location- rural Virginia needs healthcare too- they can still hire, through outsourcing, talented individuals that may not be up for a big move.

Another issue faced by ASC billing and collections departments is that of succession and contingency planning. Your ASC may have a talented professional working on your billing, but what if he/she goes on vacation? Will the entire department be put on hold for a week? It is also worth considering what will happen when that person inevitably retires. Not only will you be faced with staffing issues, but the outgoing staff member may pass any bad habits they have onto the new staff member during training. If they are inexperienced, it will be very difficult for them to spot mistakes, and practices that leave money on the table for your ASC will continue.

A good RCM provider will have dedicated professionals assigned to your ASC, with redundancies in place so billing isn’t halted- no matter what happens. This also means that you have someone dedicated to your center’s billing and collections, and that person has a whole team behind them, providing support and resources. Requirements are constantly changing in the field, especially with upcoming ICD-10 changes, and an RCM provider will be on top of that. They will keep staff updated as well, and provide them with all required employee development and training.

As ICD-10 and other regulatory changes make billing and coding a more difficult and exacting process, it is increasingly important to have the right team, both internal and external, in place to ensure money isn’t being left on the table.

8 steps to prepare for ICD-10

WHITEPAPER: 8 Steps your ASC Must Take to Prepare for ICD-10

ICD-10 is coming, and it won’t wait for your ambulatory surgery center (ASC) to get prepared. In fact, we’ve all had ample time to prepare. But due to frequent delays in implementation, and the massive amount of time and money it would take to implement on an individual level, most of the healthcare community has put it off.

In order to get your center prepared, we have compiled insights on the 8 critical steps your ASC should take to prepare for ICD-10.

Complete the form to download the white paper:


bundled paymentst

Bundled Payments and ICD-10

In 2015, Medicare and Medicaid will be expanding the bundled payments for services and there is uncertainty in the healthcare field regarding the implementation of ICD-10. Due to the bundled payment options, historical payments will drop, and if Congress decides to implement ICD-10, hospitals will have to code based on procedure rather than revenue. This will likely be a stressful combination for hospital financial managers, who will have to deal with these issues on top of an already demanding workload.

The key to handling both of these developments efficiently is having a solid RCM system in place. In order for the hospitals’ financial leadership to understand the monetary impact the bundled payments will have, it is absolutely critical to become adept at revenue cycle management.

Furthermore, regardless of whether ICD-10 is implemented this year or not, hospitals should be making the necessary changes. Those that already take revenue cycle management seriously will be in better shape than those who do not.

Far simpler than hiring and training new staff to cope with the coming changes would be to hire an outside firm specializing in RCM, already equipped to handle bundled payments and ICD-10 documentation, and ensure that no money is left on the table.

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