In today’s revenue cycle management, revenue professionals are faced with new and numerous challenges. From having the newest technology to hiring the best outside vendors to having a trained staff, the need for staff education is tantamount. Thankfully, providers and outside vendors hire trained and experienced professionals in revenue management. Each day, the skills of revenue cycle management staff are challenged by new developments in various aspects of revenue cycle management. Think of the education needed for the revenue professionals earlier this year with the onslaught of coding and billing for COVID-19 cases. The key becomes education to teach on-the-job the skills needed to maintain the knowledge necessary to maximize revenue and growth.
Education and growth of revenue cycle management staff leads to better outcomes and results. FairCode supplements coding departments by combining the expertise of physicians trained in coding with artificial intelligence and data science to increase revenue. FairCode physicians develop and send queries to hospital physicians based on the initial coding versus the revised coding based on the information in a patient’s chart. The hospitals attending see the specific patient details that lead to the query and there is an opportunity for physician education with clinical documentation. The coders see the revisions to the initial coding and they are given the chance to ask questions and learn for future coding. Providers that take full advantage of the educational opportunities available to their revenue staff see time savings, increased revenue and enhanced compliance.
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.