Anesthesia Revenue Cycle Optimization
Data driven Assessment of current billing performance
HPS will collect key billing and collections data; evaluate the numerous components of the anesthesia revenue cycle; perform targeted chart audits; and compare your revenue cycle to industry best practices. Critical performance indicators of billing effectiveness will be measured and compared to HPS and industry benchmarks to create a current state assessment of your anesthesia revenue cycle
Adjust billing process based on industry best practice
The revenue cycle is a complex process involving numerous policies, procedures, systems and employees. Using the data analysis as a guide HPS will perform an onsite evaluation of the intricacies of your billing operation including interviews with key billing personnel and review of policies. Information generated will allow HPS to focus on areas of opportunity to implement best practices for accelerating and maximizing cash collections.
Develop a plan for revenue cycle optimization and tracking
By integrating the data analysis and onsite assessments, HPS will develop an action plan for revenue cycle improvement. Specific collections goals will be developed in order to quantify the opportunity for increased collections (and the impact on subsidy). HPS will also develop billing monitoring reports and offer recommendations for ongoing reporting and data tracking.
Revenue Cycle Deliverable: a customized revenue cycle optimization and reporting plan:
- A report summarizing opportunities in the existing revenue cycle and specific suggestions for improvement.
- An estimate of the revenue opportunity available from revenue cycle enhancement.
- Suggested performance and collections metrics on which billing performance should be tracked, and a platform through which they can be communicated to key stakeholders.
Develop contracting strategy and assist in negotiations
Using our experience in numerous markets across the country, HPS will develop a contracting strategy that aligns the strategies of the hospital and the Group while ensuring that contracts are fair and consider the rising cost of anesthesia service delivery. Additionally, HPS will offer specific advice as negotiations progress
Contracting Deliverable: a payer specific contracting strategy for major non-governmental insurers:
- HPS will summarize the major payer rates and offer general comparisons using our experience to national and regional levels, and published revenue information*
- Suggested payer contracting language around escalators, COLA adjustments and other variable factors that should be included in a favorable contract
- Our expertise and support is available as requested throughout the negotiations process.
*Due to antitrust concerns, HPS cannot offer or divulge specific rate comparisons
