Financial management in healthcare and healthcare accounting needs the expertise of a healthcare CFO. DAS is one of the health care consulting firms that can assist you in health financial management by providing you a healthcare CFO or healthcare CPA.
Recent changes to the healthcare industry in the United States are having a profound impact on healthcare providers, industry professionals, and pharmaceutical companies. It is a constant struggle to meet the cumbersome procedural requirements while managing the growth and financial well-being of their organizations.
Revenue Cycle Management
Revenue cycle management is critical to optimizing the financial component of a medical practice. This includes everything from the initial interaction with new patients during scheduling/registration through collecting full payments for services provided. DAS enforces proper revenue cycle management in order to maximize earning potential by optimizing every component of the cycle, including:
- Customer acquisition
- Patient registration and insurance eligibility
- Claims coding and submissions
- Back-end follow-up with insurance companies to rectify claims denials and resubmission requests
- CoPay and Point-of-Care Payment Management
Conversion from ICD-9 to ICD-10
Department of Health and Human Services (HHS) published a regulation requiring the replacement of the ICD-9 code set with ICD-10 as of October 1, 2013. There are structural differences between the two systems that will make converting to the updated code complicated. The number of ICD-9 diagnosis codes expands from 14,000 to 68,000. The ICD-9 procedure codes increase from 4,000 to 87,000.
Meeting the compliance date requires an extensive, comprehensive approach to ensure a smooth transition. DAS can help manage any or all of this conversion for your medical practice by analyzing your systems, identifying the necessary changes, and implementing the applicable modifications.
The Medicare and Medicaid Electronic Health Record (EHR) Incentive Programs offer financial incentives for the “meaningful use” of certain EHR technology. Providers must be able to demonstrate that they are utilizing their EHRs by meeting certain benchmarks. DAS helps eligible professionals and hospitals earn incentives and avoid penalties in order to enhance profitability and cash flow.
DAS and its team of financial managers, analysts, and CFOs are well equipped to provide you the enterprise your organization needs to assess, optimize, and monitor the financial management of your organization. DAS helps you manage your firm’s journey through healthcare reform, mounting government regulations, compliance issues, and financial management questions to ensure your practice continues to grow and prosper.
“While the recruitment of a Chief Financial Officer for a large nonprofit health care facility is not an exact science and predictability of performance outcomes are oft at question, DAS relied upon the correct formula to address our needs. Professional, reliable and reflective of customer service benchmarking well describes DAS -they have our unequivocal recommendation!”
Eger Health Care and Rehabilitation Center