Billing and Coding Assessments
The Medical Practice has been hit hard with changes over the last several years with new legislation and regulations physicians and practices are scrambling to stay up to date and informed in an effort to stay in compliance and run efficiently. Gone are the days when claims could be submitted to an insurance company and a predictable result of payment within a couple of weeks could be expected. The cost of running a practice is increasing, reimbursement for services has been reduced and HIPAA has forced practices to comply with costly updates to systems and personnel training. InterMedCorp is interested in helping providers stay ahead of the curve. Progressive attention and effort must be put toward the billing practices. InterMedCorp would like to assist practices with billing by performing a billing and/or coding assessment.
Operational Assesment
The IMC Practice Operational Assessment is designed to respond directly to a practice's specific needs and objectives. Frequently, a practice management survey begins with a detailed analysis of data provided by the practice, followed by a consultant's on-site observation of the practice in action. What is done is based on the practice's goals.
The operation's efficiency is often based on the office and management systems, which are the backbone of a practice's operations. As third-party payors, regulators, and internal business goals place heavier demands on a practice's staff, effective systems are essential. IMC staff will perform a detailed analysis of practice needs and make specific recommendations, then be available to guide implementation of computer, scheduling, telephone, financial, record-keeping systems and other areas addressed in the assessment report. The assessment will include a determination of new practice opportunities - both internally generated and those available in your community.
Practice Valuation Objectives
Our practice valuation process has two major elements of value: Tangible and Intangible. Tangible Value consists of all operating assets, less liabilities. Such assets may include accounts receivable (adjusted for collectability), office and equipment, furnishings and facilities. Intangible Value is usually associated with recurring practice earnings.
InterMedCorp will determine the highest value your practice can be appraised at by considering your tangible and intangible value using the following objectives:
- Determine the revenue potential based on gross revenue less direct liabilities.
- Evaluate potential based on market baring principles.
- Evaluation of assets.
- Forecast of potential growth trend and future revenue.
- Recommendation of acquisition terms.
System Assesment
The operation's efficiency is often based on the office and management systems, which are the backbone of a practice's operations. As third-party payors, regulators, and internal business goals place heavier demands on a practice's staff, effective systems are essential. IMC staff will perform a detailed analysis of practice needs and make specific recommendations, then be available to guide implementation of areas addressed in the assessment report. In addition, we can assist in the practice management/billing software selection process as well as EMR template development.
Biling Office Assesment
The IMC will visit your billing office for two days. We will take the first day to observe and collect information in the development of a workflow analysis. During the second day we will focus more on the systems and information collection. Our analysis of these two days of information will result in the creation of a gap analysis between what we feel would be an ideal process for the billing center and the current state. Our final deliverable will include the workflow analysis, current and recommended process and our resolution recommendations to get the billing office to this final outcome. An in-depth analysis of each persons individual job and their efficiency at the functions will not be included. This will be a high level evaluation of the office as a whole.