The Plus

Analytics of healthcare can help gain insight on financial operations by identifying revenue disparities. Bookkeeping in revenue cycle management (RCM) captures financial transactions which can provide data on economic strength of your practice. Data from the RCM can build aid in reconciling bank statements and building robust internal financial reports. Understanding the accounting process will yield better results.

Measuring Profitability

Providing value to patients involves a thorough assessment of quantitative data and qualitative results. Linking RCM with your practice management (PM) system can produce outstanding outcomes. Data collection is fluid when RCM intersects with PM systems creating well-calculated statistics. Providers prefer to review profitability with RVUs and when measured adequately, can provide resourceful data. Results can provide positive and negative feedback which helps identify areas of improvement.

Create & Manage Budgets

Knowing your practice’s expenditures is required to have a successful business. Establish KPIs by gathering financial data and set up budgets to help generate profit. Ensuring the accounting is kept up to date and flows with all aspects of the practice is key to managing budget. De Melo can help with creating and managing budgets.

Revenue Cycle & Benchmark Performance

Investigating your revenue cycle can provide key indicators to which there is potential loss and gains. The daily activities performed within the RCM is critical in setting up proficient functions such as coding, charge capture, claim denials and others. As data is collected in the RCM and analyzed using the PM system, benchmarking can be evaluated. Benchmarking provides standards carried out by other medical practices which is fundamental to building strategic planning for financials, productivity, quality of care and other measurements impacting revenue cycle. 

Patient Consumerism & Collections

Point of service collection is one of the most challenging tasks in healthcare and requires skill to communicate to patients of financial responsibility. Increasing opportunities of collecting at time of service is critical and must be priority as it is essential for a practice to thrive. Assessing touch points of where collection occurs can help determine areas of opportunity. De Melo can provide resources and tools to help maximize collections to enhance ROI.

Payer Contract Negotiation & Strategies

Providers rely on payer contracting for reimbursement, but it can be tedious to interpret unless you have assistance. For this reason, it is important to understand physician fee schedules and how if influences profit margins. Advantages of having De Melo strategize and furnish tips and tools on how to negotiate will build confidence on how to construct an expedient process.