"Is your organization held hostage by payment promises?"
     
"Will your next patient pay his bill?"
 
     

 

How AMS Can Help Improve Your Profitability

Our business is helping Hospitals, Private Practices, Radiology Centers, Surgery Centers and Dentists “Identify and Prevent Revenue Cycle Losses”. Over the years, we have learned that this single capability will solve most cash-flow and profitability issues for the provider. We clearly understand this single important factor because, l ike you, we are also providers. Through our affiliated companies, we own and profitably operate Hospitals, Surgery Centers, Imaging Centers, Clinics, MSO’s and a CBO. We’ve taken the lessons learned from our own success, combined it with integrated and customized components to craft aworld-class, self-liquidating offering that can help:

  • Lower Your Costs
  • Improve Cash Generation
  • Improve Insurance Reimbursements
  • Profitably Handle Self-Payers
  • Correctly Collect Co-Payments
  • Significantly Reduce Bad Debt Write-Off’s
  • Reduce FTE Requirements
  • Streamline All Aspects of Patient Processing
  • Increase The Number of Patients Seen Per Day

Clients like the UCLA Medical Center, The Veteran’s Administration, United Healthcare of California, Renaissance Healthcare Systems, surgical centers and thousands of practitioners rely on AMS to provide them with “actionable information” and “best of breed” tools to help them identify and prevent revenue cycle losses."

AMS offers a complete, Practice Management and EMR solution, enhanced with advanced Revenue Cycle Management tools and delivered over the internet that is designed to streamline your processes, improve collections and reduce FTE requirements. Whether you need a complete solution or a component approach, AMS has your solution. AMS facilitates the efficient performance of the complex financial and administrative transaction processes that healthcare groups face every day. Through a comprehensive set of accredited solutions, AMS focuses on improving cash flow with services that create real value without creating extra work. All aspects of AMS are HL 7 and ASP model compliant and delivered through a HIPAA secure, high-performance, high-volume web portal.

The AMS portal system has been designed to be highly cost-effective and easily used by the average medical office employee with minimal skills. Training takes just 20-30 minutes per module and the employee is productive with the AMS solution. A portal solution offers the following benefits over other alternatives:
We utilize cutting-edge portal technology and all relevant applications are available all the time with a single user login – no need for multiple access codes, etc. This translates to ease-of-use which promotes the actual use of the solution in all areas of your organization.

Why Should This Be Important To You?

Managing a profitable medical business is a very challenging proposition - high-deductible, consumer-driven health plans are significant operational issues, payor rules affect your revenue, you’re in a volume business, reimbursements are trending down, patients don’t pay their bills, revenues are flat and costs continue to rise.

Your medical practice has to be profitable to survive and profitability is directly proportional to your organization’s ability to effectively deal with your own revenue cycle, patient payments and the payment rules of your payors. The AMA, PhysiciansPractice.com, MGMA, American Medical News and other organizations who closely monitor the industry say that:

    • Experts feel that once a patient leaves the facility, there is between 50%-95% chance of being paid, but, after 60 days, the experts agree the chances are almost nil .
    • Initial claims denial rate nationally is 30% before re-submittance. Only 50% resubmit.
    • Denial rate after claims re-submittance exceeds 10%.
    • Medicare and Medicaid deny 26% of all claims initially. Then only 40% get re-submitted.
    • About 11% of total net claims are not re-submitted or denied.
    • Denied and re-submitted claims cost 3 times more than single correct claims.
    • Mistakes made at front-end patient registration costs a lot of money in back-end billing follow-up.
    • Insurance companies continue to reduce reimbursements.
    • AMA study indicates the average provider is consistently underpaid 15% of contracted amounts
    • AMA News says that providers are leaving and average of $65,000 per year “on the table”.

Is it any wonder that annually writes offs are so high? According to AMGA, the average A/R Cycle is 92 days with 36% of receivables older than 90 days! In most practices, breakeven is at approximately 72 days. Last year, alone, physicians spent more than $20 Billion collecting from patients and hospitals nationwide had a 5.4% increase in bad debt, mostly due to uncollected self-pay money.

To put this into perspective, studies and statistics indicate that a typical provider utilizing a “traditional business process” has only about 28 cents on the dollar to apply to all other costs in the practice outside of those associated with their internal process of getting paid. What happened to the profit?

It’s probably safe to say that if you have not revisited your revenue cycle process, empowering tools and associated results within the past year you are experiencing unnecessary revenue cycle losses.

To eliminate Revenue Cycle Losses and increase collections, several significant events must take place. First, you need to know ahead of time (before the patient leaves the office) what you should be paid. Then, you need to know the patients portion of the bill (self-pay, co-pay, deductible) and whether or not they are going to pay (before they leave the office) and that you have a mechanism to shift the burden of lost revenue to the patient. Your coding must be correct so that you do not “leave money on the table”. Next, you must know whether or not the patient’s insurance will pay and to what extent and you only handle the claim once. You must also reduce the number of patient statements sent out. Most importantly, the practice needs to embrace an alternative approach to the traditional medical business model and combine both “front-office” and “back-office” functions into a single, efficient and effective process.

The Results Can Be Significant.

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Call: (877) 763-3729

Email: Sales@absolutemedicalsoftwaresystems.com