COVID-19 has changed the landscape of practically every aspect of business including hospital revenue cycle management. From the rising costs of isolation and protective equipment to the ongoing cancellations of elective surgeries and routine visits, hospital’s streams of revenue are continuing to be compromised on a daily basis. At a minimum, providers need to be collecting all of the revenue earned for the patients they treat. Hospitals around the country are reporting drastic revenue losses, with losses totaling an aggregate of $1.4 billion per day. There is no doubt COVID is causing revenue disruption, yet through the use of certain tools and solutions revenue streams can become more predictable and less problematic.
In the midst of the COVID crisis, FairCode emerges with solutions for lost revenue. FairCode can retroactively bill up to one year of claims in order to ensure providers have been paid in full for the services provided to their patients. FairCode utilizes 100% physician review of patient charts in real time and can be deployed in as little as two weeks. Implementation of FairCode services is quick and efficient as there are no startup costs and no heavy IT lift. From clinical validation and chart reviews to payor denial defense, FairCode’s physicians and data scientists become a vital part of a hospital’s coding team.
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. 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.