Initiatives To Win The Revenue Management War

Operations and financial management of your medical practice is seldom addressed in medical school. So how do new and established physicians figure out the complexities of practice revenue cycle management, the Medicare Quality Payment Program, and medical coding and billing?

Many turn to a trusted advisor that can assist with more than just accounting and tax compliance, and can also provide business and financial advisory services to those in the medical and healthcare industries. TFG Health Services is just such an entity.

Looking to be more profitable? Our professionals suggest staying focused on these initiatives for your practice to thrive and do more than just survive.

1. Efficiently collecting revenue to make sure you get every payment due. This starts with choosing the right Practice Management System or PMS. If you pick the right one it will handle scheduling, filing claims, billing and collections for each patient encounter. Every practice is different, but any PMS you choose should interface well with your EHR.

2. Taking advantage of what can be done electronically. Submit health plan claims and collect payments by electronic funds transfer. Electronic verification of patient insurance eligibility pre-appointment can avoid unpleasant financial surprises for doctor and patient alike.

3. Promptly letting patients know of their financial responsibility. The rise of high deductible health plans makes pre-visit verification of coverage eligibility and co-pay amounts important so office staff can discuss payment due at point-of-service with patients.

4. Don’t be miffed by MIPS. Get an action plan now because practice revenue is tied to value based care. Understand how to qualify for incentives and avoid penalties. Your practice may be exempt due to low Medicare participation. The AMA has a 2019 scoring guide that helps determine if practices will target the 30 points required to avoid a 2021 penalty of 7%, or enough points (75) for the maximum standard bonus of 7%: https://www.ama-assn.org/system/files?file=2019-05/2019-mips-scoring-guide.pdf.

5. Insisting on correct coding. There are many resources and products made available by the AMA, take advantage of them to avoid penalties. There is a crackdown on fraudulent billing, so avoid up-coding, which is seeking payment for an inappropriately high level of service. Avoid mix-ups like unbundling codes, overusing modifier 22, or failing to append the appropriate modifiers, and appending inappropriate modifiers. Properly report injection and infusion codes. Train your staff properly and consider an audit.

CONTACT US: Getting paid in private practice depends on physicians, doctors, and healthcare practitioners being pro-active. Fuoco Group and TFG Health work with doctors and healthcare groups, dentists, orthodontists, chiropractors, and therapists to help them become more profitable. We’ll take care of bookkeeping and internal controls so you can care for your patients. We’ll help manage cash flow, and deliver financial guidance along with your financial statements, so you can manage staff. We’ll worry about tax deadlines and filing requirements so you don’t lay awake at night worrying about those things. Maybe it’s time for your practice to have a check-up? Call toll free 855-534-2727 for a complimentary consultation.
 

In The News

The New York Real Estate Journal recently featured a "Ones To Watch" Spotlight, focusing on both up and coming professionals as well as industry veterans across all areas of real estate. Congratulations to Lou Fuoco CPA, CEPA, for being included in this prestigious group of “OTW” for 2019!
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Press and Events

Fuoco Group and TFG Related Entities are proud to announce that Fuoco Group’s Hauppauge Office, was voted #2 overall in the category of “Accounting Firm Less Than 100 Employees” in the 2019 Long Island Business News Reader Rankings. The Firm was also honored to be recognized as a “top three” Best Accounting Firm Finalist.
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Scott Small, CPA, has  joined the Fuoco Group accounting and business advisory firm as Audit and Accounting Senior Manager in the Hauppauge office. Scott will assist the Directors in New York and Florida with expanding the Firm’s accounting and assurance practice. 
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