Case Study : Transforming Collections for a General Practitioner Treating Injured Workers
Background
Dr. KevinCalhoun, a general practitioner specializing in treating injured workers, was facing significant challenges with his practice's collection rates. Despite his dedication to providing quality care, his previous billing company was unable to effectively manage his billing and collections, leading to financial strain.
Challenges
1. Low Collection Rates: Dr. Calhoun's collection rates were alarmingly low, affecting the overall financial health of his practice.
2. Ineffective Automated Billing: The previous billing company relied heavily on automated billing systems, which were not properly synchronized with Dr. Calhoun's Electronic Medical Records (EMR) system. This resulted in frequent coding errors and rejected claims as well as low reimbursements.
3. Poor Transcription Practices: The transcription of medical reports was not optimized, leading to further billing inefficiencies and errors.
Intervention by Meraki RCM Solutions, LLC
In 2021, Dr. Calhoun partnered with Meraki RCM Solutions, LLC to overhaul his billing processes. Here's how Meraki transformed his practice's collections:
1. Manual Billing Implementation: Recognizing the issues with the automated billing system, Meraki switched to manual billing. This change ensured better accuracy and synchronization with Dr. Calhoun's EMR system, significantly reducing coding errors.
2. Optimized Coding Practices: Meraki's team of trained professionals reviewed and improved the coding practices. They ensured that all codes used were accurate and compliant with industry standards, which reduced claim rejections and delays.
3. Professional Transcription Services: Small but impactful changes were made to the transcription of medical reports. By ensuring that the reports were clear and comprehensive, Meraki facilitated smoother billing and quicker payments.
4. Prompt Submission of SBRs (Secondary Billing Reviews): Meraki ensured that Secondary Billing Reviews were submitted promptly, which significantly contributed to increased revenues.
5. Dedicated Billing and Collections Team: Meraki provided a dedicated team of trained professionals to handle billing and collections. This team was well-versed in the nuances of workers' compensation billing and collections, which helped in improving the overall efficiency of the process.
Results
The results of these interventions were remarkable:
- Improved Collection Rates: Dr. Calhoun's collections improved to 200% of what they were before partnering with Meraki RCM Solutions.
- Increased Revenues: Prompt submission of SBRs led to a noticeable boost in revenues.
- Reduced Errors: The manual billing process and optimized coding practices led to a significant reduction in errors and claim rejections.
- Enhanced Financial Health: With improved collections, Dr. Calhoun's practice saw a substantial improvement in its financial health, allowing him to focus more on patient care without worrying about financial instability.
Conclusion
Dr. Calhoun's case exemplifies how targeted interventions and a personalized approach to medical billing can drastically improve collection rates and overall practice efficiency. By partnering with Meraki RCM Solutions, LLC, Dr. Calhoun was able to turn around his struggling billing system and achieve financial stability, demonstrating the profound impact of expert medical billing services.
Ready to transform your practice’s collections and financial health? Contact Meraki RCM Solutions, LLC today and let us help you achieve the same success!
Contact: Meraki RCM Solutions, LLC
Phone: +1(562)375-0472
Email: info_us@merakircm.com