PRACTICE MANAGEMENT: New Revenue Management Tool for MSNJ Members
MSNJ, with help from Laura S. Tarlow, MBA, CMPE, developed a new practice management tool for our members. With continual economic pressures on every practice, it is easy to understand that every charge for every service and billable product counts towards the bottom line of your practice. Charge capture is one of the many important steps in managing your practice’s revenue cycle.
Adding a monthly charge capture audit tool to your office routine will assist you in capturing every billable event in a timely manner. With a commitment to the routine audits it will create an awareness and increased accountability by the office staff and providers that charge capture is important to the practice’s bottom line. Automating the tool to the degree your computer systems allow, makes this monthly task easier. Patterns may evolve with repeated use, which give you the opportunity to identify the root causes for the errors and to put into place corrective action. It will also create internal benchmarking statistics of how well you perform charge capture each month. The goal with the tool is to control as much of your practice charge submission operations as is possible to enable you to make the most of this revenue cycle management step.
This tool is free for members and is available for purchase by non-members for $125.00. Members may enter a contest to win a free consultation to set up the tool for your office. Enter by emailing the Member Resource Center at firstname.lastname@example.org with subject line “MPMS Tool Contest.” Contest ends November 30, 2011. Read more: [ Members ] [ Non-members ].