While necessity is the mother of invention, tough economic times in healthcare (and other industries) also breed ingenuity and innovation. As COVID-19 cases continue to increase, hospital revenue remains on a steady decline. Bringing new perspectives and methods to the table allows hospitals to try new techniques of finding revenue. Hospital revenue officers are looking for new and creative ways to bring new revenue into hospitals.
One of the most creative ways to bring revenue into the hospital is to use a new process, technology or technique that specializes in helping recognize otherwise lost revenue. Examine claims from the past year and see where money was left on the table. Ideally, looking at past claims with a new perspective will generate revenue that is owed to the hospital. For instance, FairCode offer a fresh look on claims by using artificial intelligence to pull the ripe claims with physicians trained in coding to examine the claims. By focusing on revenue that was otherwise left on the table, the revenue cycle team will help direct the financial future of the hospital.
FairCode allows hospitals to collect revenue that may otherwise go unnoticed. 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 revenue integrity and 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.