Purposeful Revenue Cycle Management
You’ve heard the adage that failing to plan is planning to fail. The saying is true in hundreds of places, including private medical practices, where offices often play catch-up rather than planning, executing, growing, and re-investing.
By creating a turnkey practice management platform to handle the business side of your practice, Emergence has provided a time-saving tool with your interests at the forefront. Giving you the ability to plan ahead and stay current. To breathe. And ultimately to help free up your time to build healthy relationships with your patient.
What is Revenue Cycle Management?
The revenue cycle is the whole process of a private practice’s business that starts before a doctor even sits down with a patient. It actually begins when a patient calls for an appointment and moves through the careful process of pre-authorizations, to a patient visit, documenting and coding the visit, adding rates, billing, and finally, working with the insurance company.
It’s vital to be diligent about the information gathered from the very beginning to reduce any payment friction.
A Different Way of Thinking
The Emergence way of thinking about Revenue Cycle Stewardship turns costs into investments. What is commonly referred to as “billing” is just one component of a comprehensive workflow. Imagine an auto assembly line, but in this case the parts are information and data that need to be gathered and assembled in a certain order and with great precision.
The revenue cycle is the whole process of a private practice’s business that starts before a doctor even sits down with a patient. It actually begins when a patient calls for an appointment and moves through the process of pre-authorizations, to a patient visit, coding, adding rates, billing, and finally, communicating with the insurance company.The key is to code a claim cleanly so that a practice is paid on time rather than being caught up aging in an accounts receivable report.
So, Emergence invests in staff and training to ensure each claim is accurate the first time and gets paid as efficiently as possible. Our highly trained staff, intentionally designed workflow, and quality controls are all in service of that promise.
Further, we provide the technology and tools to collect co-pays at the point of service before a patient leaves to avoid delays.
Not only does this help with a steady flow of receivables, but it also gives the doctor time back because they are not concerned about coding and collections. Time saved here can be spent in a multitude of ways — seeing more patients, taking time off, volunteering.
Money Where it’s Needed
Another piece of the Emergence approach is our care around optimizing revenue and re-investing into products and services that remove or at least minimize the daily clerical and business demands.
Transparency and Insights
Emergence meets with doctors monthly to review financial reports, patient data, and practice performance metrics. These meetings are designed to give doctors a complete picture of their practice and identify what’s working well and what could be improved.
You Grow, We Grow
The Emergence pricing model is simple – our fee is a percentage based on the practice’s gross collections on a sliding scale. That percentage is paid to us after the practice is paid. So, we have every reason to help a practice succeed because we get paid — and grow — when you do.