When it comes to hospital revenue, there are a number of vendors that offer everything from system install to outsourcing some or all revenue functions at various levels throughout the revenue cycle. Prospective vendors should always be vetted, and special emphasis should be put on a vendor’s ability to run a trial without obligation. In the “old days”, potential customers would call a few vendors to arrange meetings where an in-person demo or trial would be scheduled with a sales rep. Many times, only after thoroughly going through the in-person demos, negotiations about the costs and benefits can clearly be discussed.
Thankfully, many RCM revenue partners offer demos of their products and services. Going one step further would be a requesting a free feasibility study using the hospitals’ actual numbers from a period in the recent past. In the feasibility study, revenue managers will be able to use hindsight to determine the precise benefits of a product by using a cost-benefit analysis. In this analysis, the revenue partners’ product or service would use the hospital’s historical figures (ideally for one year). Those figures are then input into the vendor’s program and the results from a month or up to an entire year will indicate the retrospective financial benefit of the prospective vendor’s product or service. Ideally, this study enables the hospital and the revenue partner to determine not only the financial benefit but also the gaps where a specific solution needs to be tailored to the hospital’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. FairCode bridges 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’s physicians 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.