Busting a Move into 2021
We have been through so many things this year. COVID-19 uprooting our ways of living and working. NCCI edit reversals and what has felt like endless denials because of these changes. And to cap it off - the CMS Final Rule solidifying Medicare payment cuts.
But now we are less than 2 weeks away from 2021. It is time to focus on the future and what you can control. You can finally put back on your dancing shoes and get your practice ready to move and groove again in the New Year!
Here are a few things you should be doing to ensure you will be rocking into 2021:
1) Analyze your collections and your AR.
Do you know what your revenue per visit is? How has it trended in 2020? How has your payor mix shifted through COVID-19? How much of your AR is outstanding at 90+ days? We know the Medicare payment cuts are coming but that is exactly why you should be ensuring your AR is as clean as possible. Collect on every penny you are owed. It is your best safeguard against the payment cuts.
2) Appeal. Appeal. Appeal.
While it seems the NCCI edits may be reversed, AGAIN, in the coming year - you have likely taken a huge hit since they were reinstated in October. Have you analyzed your revenue per code for popular NCCI edit users like Humana and BCBS? Take a look at common bundling denial codes such as 97530 and 97140. Have those been adjusted off or are they in the appeals process? Just like collecting on your AR, appealing these codes are an essential way to make up the difference for the looming payment cuts.
3) Clean up your administrative processes.
Did you receive credentialing denials in 2020? These are completely avoidable. What is your referral conversion rate? How many denials did you receive for no authorization this year? Due to the upcoming payment cuts and continued COVID-19 surges, you cannot afford to be receiving denials for these preventable issues and you also need to be focused on getting as many patients on the schedule as possible in the New Year.
Are you worried about your answers to these questions and that you may be late to the 2021 dance party because of it? LRS can help! We can do a free strategic analysis and reconciliation to see where you may be missing out on cash in the bank. Contact us today to learn more!