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Home > News Listing > News Article

Central Business Office Performs at Best of Class Levels

 

The Central Business Office’s (CBO) goal is to provide medical billing services which guarantee accuracy in coding, efficient and accurate billing, and compliance with HIPAA requirements and other governmental rules and regulations. It is our business to stay up to date on industry changes, new software and technology, and accepted billing practices. We also assist the providers and their staff to stay informed on current billing practices and regulations by bringing changes to their attention.

One means of measuring our success, and to help direct performance improvement initiatives in order to succeed in all areas related to the revenue cycle, is to measure our performance against industry benchmarks. MSU HealthTeam receives quarterly reports from GE Healthcare which contains data from the Client Metrics Program. This program compiles data from other Centricity Business (IDX) clients, both in academic and non-academic practices. These benchmarks show that HealthTeam CBO is performing at best of class levels. Below is an example of these benchmarks and MSU’s performance from the last quarterly reports:

BENCHMARK MSU HealthTeam Comparative Data in 90th Percentile - Top Performers Median Comparative Data - 50th Percentile
Days in A/R 31.3 36.3 48.1
Percent A/R > 90 Days 15.8 17.4 28.2
Net Coll Ratio 93.9 91.9 86.6
Claim Lag Days 8 6 8

In addition to measuring and reporting of industry benchmarks, CBO also has implemented processes and procedures in specific areas of the revenue cycle to ensure that we are maximizing revenue opportunities. This includes front end scrubbing of all transactions with the use of the Transaction Editing System and Claims Manager. These modules exist within the Centricity Business software to review each claim line for appropriate modifier use, bundling and diagnosis matching prior to submission of the claim. Use of the front end scrub reduces lag days and rejections. It also helps to identify inaccurate CPT coding or possible additional codes to add with a primary code. Our claims follow-up processes have been streamlined with the use of the Paperless Collection System (PCS) which is also housed within the Centricity Business software. This module identifies rejections and aged claims and assigns specific claims into workfiles. Workfiles are assigned to claims follow-up staff based on age and dollar amount of the claim. Use of the PCS workfiles to perform claims follow-up activities provides management level reporting to review the way claims are followed up, number of claims follow-up and result of these activities in order to more efficiently monitor staff productivity and results of this activity in revenue from aged claims. PCS has been a tool that has significantly contributed to a reduction in the amount of receivables over 120 days.

As part of the CBO’s efforts to stay up to date with new software and technology, we are in the process of evaluating companies that provide software to evaluate payor contract compliance and accuracy of payments. These are a suite of tools that would help to maximize practice revenue. As we continue with this evaluation we will update our customers and stakeholders with our recommendations.

 

 

 

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