Unless you are making a purposeful contribution to charitable good works, it’s likely that you are not intending to work for free.
Not getting compensated for your work is not only unfair, but it’s a dealbreaker when you consider the cost of turning on the lights, paying your staff, covering your malpractice insurance – and that’s all before you consider the expenses of home, family, and so on.
But some studies have found that up to 80 percent of physicians don’t get fully compensated for each and every hour of work performed. It’s a mind-blowing statistic that should be cause for concern, and correction.
Though there are myriad reasons for this, it is likely that much of the “free time” results from simply failing to record the work. And of that subset, missed billing for charges – those interactions with nurses, families, and patients in a hospital setting – is likely a big contributor.
It’s little wonder – the process of charge capture, in the age of Big Data, seems lost in another era entirely. Not only does documentation become more rigorous and complex with each passing year, but charge capture remains a paper-intensive practice that relies on the stroke of a pen – and good follow up — to accomplish.
Before We Go Any Further, a Note
Actually, a note – about notes. Are you one of those providers who simply runs out of time at the end of the day to complete your visit notes? Even with computerized EHR processes – like those in your outpatient alter ego – many physicians simply fail to enter their notes when putting in their charges. Eventually, you have a months-long backlog of charges without notes, no way to figure out why the charges haven’t been paid, and a thinner wallet to show for it.
The problem gets even more intense in the world of hospital charge capture. These visits usually take place outside of your EHR, meaning you lose the benefit of reconciliation. Documentation and even hospital rounding lists often sit in the hospital’s EHR, which, unless you are employed by that hospital, do not handle provider charge capture.
As a result, medical practices have created a veritable maze of paper methods in order to keep track of charges in the hospital and conveying them to billers. And home-built computerized solutions, besides being woefully inefficient, are likely not HIPAA compliant.
It’s little wonder these jury-rigged hospital processes bleed charges. Probably eight to twelve percent of charges are missed, resulting in an unnecessary loss of revenue. Remember, this is work you’ve already done. At least put in place a process that ensures you get paid.
Charge Forward – and Get Paid
We get it — change can be difficult, especially for medical providers. Bringing in newer solutions for processes that appear to be functional is hard to enact. Yet modern solutions – like the EVOLVE suite of mobile charge capture software that we have developed — bring with them efficiencies that improve provider quality of life AND bank accounts. Built-in safeguards protecting the medical “supply chain” – from provider charge to biller to insurance claim – improve revenue in an industry already suffering from reduced margins.
Modernizing processes with charge capture software can make an immediate positive impact on the profitability of your medical business – and yourself. Smarter processes are out there. Seek them out.
For A Better Hospital Rounding Experience
At HybridChart, we provide technology that connects your healthcare team, increases efficiencies, AND improves your bottom line. HybridChart’s cloud-based software adapts to your practice’s unique workflow and will improve your profitability and patient outcomes by utilizing our 5 features: charge capture, census management, secure messaging, discharge planning, and data analytics.
NEVER miss another charge and get PAID for the work you do!
If you are interested in taking your medical practice to the next level and want to employ the best hospital charge capture practice available in the industry, come visit our website at www.hybridchart.com, call us at 1-877-977-5544, or click here to schedule a demo today!