Healthcare revenue leakage is an all-too-common and pervasive beast and operates among billing departments all over the nation. This is partly due to the fluctuating nature of payer regulations, but it can also be affected by the sheer complexity of the entire billing and audit process. However, solutions do exist, even if they can be difficult for smaller facilities and practices to implement on their own. A well-trained RCM service with an excellent system for audits and reporting can be healthcare’s greatest ally in combating revenue leaks and stopping them before they even occur.
RevWerx can serve you and your business as the first line of defense against revenue leaks. Our team is ready and willing to help you avoid common mistakes that can lead to costly revenue leaks. Our top-of-the-line services can ensure that every moving piece of your billing department is operating at peak levels, and we can work with you to create a bespoke action plan to fix these problems efficiently. To find out more about our audits and reporting services, contact us via our secure online form or call us at 833.309.0138.
What Is a Revenue Leak?
What is a revenue leak? Revenue leakage occurs when a company is unable to collect money earned. This can occur for a number of different reasons, and these lost collection opportunities can feel like a bleeding wound to your practice. Revenue leakage carries with it the danger of costing healthcare facilities 10% or more of their revenue, but many providers simply do not have the resources to track that lost money down on their own.
A single revenue leak can cost a given provider tens, hundreds, or even thousands of dollars. Unfortunately, many do not even know that these costly leaks occur before an outside service is consulted. So, what is a revenue leak? A problem that could devastate your company’s financing.
How to Prevent a Revenue Leak
Partnering with a trained RCM service can be one of the most important first steps a practice can take in identifying and repairing messy revenue leaks. Billing audit services with an RCM team will often show:
- Revenue leaks a facility or provider had no former knowledge of
- Where the leaks can be plugged
- How to prevent future revenue leaks
Not only can a billing audit help plug your costly revenue leaks, but it can also identify other issues that could be putting your practice in serious jeopardy. If any aspect of your medical billing or coding services is not compliant with HIPAA standards, the federal government will have the opportunity to take serious action against you and your business. Your medical practice could be penalized if your billing services are not up to specific standards. An audit through an RCM service can help identify any potential issues so that you can solve them and keep your business safe from government action.
Your Next Steps
To prevent these costly revenue leaks, your best course of action is to get in touch with a well-trained and regulated RCM service. Through partnering with RevWerx, you can plug these revenue leaks with ease, as well as make sure your medical billing and coding services are fully compliant with any updated regulations. Our comprehensive range of RCM services can maximize your practice’s revenue and efficiency. In addition, we operate as a solution-based company so that we can not only identify and repair issues in your billing cycle but also work with you to create a bespoke billing system that works for you.
If You Have a Revenue Leak, Turn to RevWerx
If you’re interested in learning what we can do for you, contact our team today by completing our secure online form or by calling us at 833.309.0138. Our friendly and knowledgeable staff will be happy to tell you more about why you should choose RevWerx.
