Hospitals generate countless amounts of data surrounding the care of patients. Use data to your advantage. Historic reimbursement data, for example, can often be used to help select prospective consultative revenue cycle management business services. Reimbursement data is easily protected and reflects actual experience which is especially relevant when it comes to mid-cycle revenue improvement. Consider asking about the vendor’s willingness to simulate service expectations to your satisfaction using your very own historic data or even conduct a no-obligation trial before the commitment. It will help you paint a picture, measure the opportunity potential and decide on a vendor that makes the most sense.
Many times, in lieu of a demonstration based on generic or unrealistic data, some vendors perform a free feasibility study using the hospitals’ actual claims data from a period in the recent past. By performing a retrospective feasibility study, revenue managers can use a cost-benefit analysis using actual data to determine precise product benefits. In this analysis, actual hospital information passes through the vendor’s program to demonstrate and measure the financial benefit. For instance, by using past data a provider could learn it could increase clean claims ratios by working with a particular vendor. Ideally, this study enables the hospital and the revenue partner to determine not only the financial benefit of working together, but also see the gaps where a specific solution needs to be tailored to the provider’s needs.
FairCode offers a feasibility analysis using up to one full years’ data, as well as a 13-week trial period to determine the real time benefit of the FairCode product. FairCode increases clean claim ratios by combining the domain expertise of experienced physicians with modern data science and analytics technologies to increase hospital revenue. FairCodebridges the gap between a hospital’s attending physicians and hospital coders. The result? Patient acuity and Case Mix Index (CMI) are more accurately captured with the correct DRG, and hospital reimbursements adjust accordingly. DRG Validation and physician conducted medical chart reviews happen in real time, significantly impacting hospital quality rankings, CMI and bottom-line results. From clinical validation and chart reviews to payor denial defense, FairCode’sphysicians and data scientists are part of a hospital’s coding team. Add FairCode to your existing CDI initiatives and see the difference. Outcomes are measurable and significant. FairCode averages greater than 4:1 Gross Return on Investment.