Naples, Florida, April 7, 2020 – FairCode Associates, LLC, the leading company in hospital DRG revenue capture, announces the formation of a specialized cash flow response team. The team brings years of operational experience to advise hospitals on profitability during the COVID-19 crisis. FairCode shared its COVID-19 response and implemented plan with its 91 hospital clients and is now expanding its program to hospitals at large. FairCode’s CEO, Lisa Boyce stated “With the current environment of cancelled elective procedures and empty beds in anticipation of acutely ill patients, hospitals are facing reduced inpatient revenue.” She went on to emphasize “The demand for increased cash flow and revenue is greater than ever and FairCode is here to help.”
The Federal government has made available state COVID-19 bed demand run rate models that hospitals can use to project critical peak cash demand periods. In general, COVID-19 cases reflect longer lengths of stay and coding conundrums because of the clinical differences in patients receiving care at this time will impact discharge data. According to Boyce, “Hospital beds that have been used for surgical cases in the past are now occupied with patients reflecting lower DRG reimbursements.” Boyce continued, “this presents a particular challenge to protect case mix index with implications for next year.”
Implementing a FairCode COVID-19 emergency revenue response team allows hospitals to react with time critical support and proven expertise resulting in revenue results. The program implementation is quick as the hospital can add revenue within 3-4 weeks and achieve positive program cash flow immediately. FairCode utilizes 100% specially trained physician reviewers, on a STAT basis, to staff the revenue response team to ensure accuracy in DRG assignments that affect financial performance.
ABOUT FAIRCODE - FairCode combines the domain expertise of experienced physicians with modern data science and analytics technologies to increase hospital revenue. FairCode bridges the gap between a hospital’s attending physicians and hospital coders. The result? Patient acuity and Case Mix Index 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, case mix index (CMI) and bottom-line results. From clinical validation and chart reviews to payor denial defense, FairCode’s physicians and data scientists are part of a hospital’s coding team. Outcomes are measurable and significant. FairCode averages greater than 4:1 Gross Return on Investment. http://www.faircode.com/