5 Tracking Metrics Medical Providers Can Use To Boost Profitability

Since we have been on the topic of financial concerns and ways to relieve those concerns it is only right for me to give some more ways that can contribute to the relief of those nagging financial concerns. Profitability is a major component in the business world if it wasn't then there would be no stores, manufactures or you.  Most people enjoy being able to make money and not lose it, so why should you settle when you can be earning more. You can be earning more money from various factors.

With the rapid growth of the healthcare technology corridor, we have seen many changes and there will many more to come.  With those changes there is a possibility if you don't change your current practices you will likely lose money instead of earn money.  Now I don't know if that is a financial concern of yours but it should be. I will discuss 5 tracking metrics that will allow you to make more profits and build your practice the way it should be.

 Metric 1. The First Pass Resolution Rate:

What is the first pass resolution rate may be the question you are asking well, the first pass resolution rate is the share of a practice's claims that get paid by insures on the first submission. This is easily calculated by taking the total number of claim charges paid divided by the total number of charges submitted. With this report you should be looking to have a rate of 90% or above. The first pass resolution rate is important because as it is a direct reflection of your revenue cycle and the processes you employ to continue to have a steady cash flow in your practice from verifying insurance eligibility, adding authorizations and inputting accurate patient demographics to  tasks like coding and billing. Ensuring these processes are right the first time is critical to maximizing both efficiency and profitability


Metric 2. Days in Accounts Receivable:

Days in Accounts Receivable is a representation of the average number of days that it takes a practice to be paid. In essence, the lower the number the faster the practice is getting paid. There are a few ways that this can be calculated but here I will give you the industry standard of the calculation, take the total current receivables also known as credits divided by the average daily gross charge amount. Your benchmark goal for Days in Accounts Receivable should stay below 50 days, but should be in the general range of 30-40 days. Your accounts receivables are very important because it provides you an insight into the efficiency of your revenue cycle management processes. By keeping a close eye on this metric you can easily find the factors that are directly effecting your finances.

Metric 3. Percentage of Accounts Receivable >120 Days:

Accounts Receivable are generally categorized into groups called aging buckets based on 30 day increments. The break down normally looks like this 30, 60, 90 and 120 days. so here again you can see from the previous metrics that the lower the age the better.  To calculate the percentage of accounts receivable >120 days you would take the Dollar value of A/R >120 days divided by the Dollar value of total A/R. This will allow you to have a reasonable benchmark goal of less than 25% of your total A/R should be in the >120 days bucket. This metric is important because it will give you clear indicators of how your practice is effectively securing reimbursements and in a timely fashion. It will also give you the red flags that will show you that the percentages are rising and now you will know that you have serious issues in your revenue cycle, and that they can be addressed promptly.


Metric 4. Net Collection Rate:

The Net Collection Rate is the percentage of the total potential reimbursement that is collected out of the total allowed amount.  The net Collection Rate is also commonly referred to as the adjusted collection rate. You can easily calculate this rate by following this formula (Payments-Credits)/ (Changes- Contractual Adjustments).  This metric allows you to assess the effectiveness of your practice. It will tell you objectively the share of the revenue your practice is due and what is essentially been left on the table. The opportunity of lost will be reflected by factors such as untimely filing and noncollectable debt. Ensure that your Net Collection Rate is not weak because if it is in cause for people to be replaced and invest in new tools.



Metric 5. Average Reimbursement Per Encounter: 

 The Average reimbursement per encounter metric is the average amount a practice collects per encounter. Simple right. So this is also a very easy metric to calculate. Take the total reimbursement divided by the # of encounters in a given time period.  There is really no way to beanchmark this metric and realisically set a goal as many factors effect each encounter as patients are different in their needs and what happens when they see the provider. But if you are able to gather lillte pieces of the data i.e with a snapshot of a given time period you are able to see the amount that has been collected per encounter. This is a very important metric to track inside of the practice as it will show you how you are performing and can be compared to historical data to show if your pratice is excelling in its revenue cycle or on the downward slope of  decline. If your practice is on a decline in its revenue than it may be time for the provider to look at diversifying the patient or payer mix.


These 5 metrics are critical performance indicators, and help to make practices see where they are losing out and where they can change to make sure that their revenue cycle does not become in jeopardy. These metrics are very insightful on their own but are at their most value when analyzed in context, over time and against relevant benchmark goals. It should become a second nature or a habit to set internal benchmark goals for you practice and let your staff know what you are looking at so they can too become more conscious of the overall state of the practice. While setting internal benchmark goals you should also set external benchmark goals to compare against the industry standards.  If your practice doesn’t have clearly defined key performance indicators, it will be difficult to gauge results and raise your practice’s profitability in the long-term.


For more information as to how you can plug the holes in your cash flow pipeline Contact us today and let the Evolving, Efficient, Experts in Healthcare get you to your bottom-line by giving you the tools to track the aforementioned metrics and bring your revenue cycle to its full potential.

Phone: (888) 338-7293 Fax: (888) 391-2109
Email: info@tripleemedicalsolutions.com  
Website: Triple E Medical Solutions LLC

Questions to ask your billing company and EHR vendor.

In the forever changing healthcare field there are some very important questions one should ask if they are considering outsourcing their billing or purchasing an EHR software or service. One must ask questions in order to become knowledgeable on what's out there in the market and how it can impact your practice. With the many changes and compliance rules that have been set forth and some already in play it is imperative that medical providers from all specialties be aware and take heed to companies that are solely in it to make a profit and not have their best interests in mind.  

When deciding to make the leap and purchase a system that will give you control and access to your patients records anywhere, at any time you must do some research. Here are some questions you should ask the vendor to explain as this will be critical to the success of your practice in the long term. 

1. Is your system 100% HIPAA compliant, and what type of encryption do you use for file transfer and storage? 
2. Is your system 2014 Meaningful Use Certified?
3. Does your system possess a Meaningful Use Report Card?
4. Will my staff be able to get real-time eligibility status for my patients?
5. Is your system equipped with ICD-10 codes? 

 If the vendor is unable to answer these questions you may need to keep searching for a company that is equipped and ready for 2014 and all of the deadlines that are in store for the upcoming year.  The reason for that is to ensure that you are in total compliance and do not fall victim to penalties and fines for being in non-compliance. Choosing an EHR system can sometimes be difficult, but by conducting a proper market analysis and research and asking some of the above questions you should be able to easily eliminate some companies from your list. 

The same principles from the above also directly correlate to a practice choosing to outsource their billing, or continue to keep their billing in house but give them the tools to be more effective at posting claims. Why lose out on money from your claim reimbursements? There are many companies out there that can promise to deliver but never do. If you are considering working with a billing service for the first time or switching to a different billing service, it is important to understand what the medical billing service can do for your practice and the various service levels offered by different organizations. Here are some questions you can ask a potential medical billing service company in order to see if they are a right fit for your needs.

1. Are most of their services electronic?
2. Which electronic transactions and operating rules does your company support?
3. How can sending and receiving electronic transactions through your billing service benefit my practice?
4. How long will it take to receive payment from claims?
5. Who owns you're billing data?
6. Do they have a compliance plan in place? Are they HIPAA compliant? What are their security protocols?
7. What will it cost?

By asking these questions you gain a great insight of the company and where they are at and if they can effectively aid in the repair of your revenue cycle. It is no secret that everything in the healthcare arena is changing and there are many guidelines and rules that will have a great effect on a practice if they are not weary of them. 

If you would like further information regarding revenue cycle and how the above mentioned issues can affect you, your practice and your staff do not hesitate to contact us today. 

Triple E Medical Solutions LLC, is here to provide you real time solutions to your real time problems. Let the Evolving, Efficient, Experts in Healthcare patch the holes in your cash flow pipeline. By following the above mentioned guidelines you should be well on your way to making a great decision in the health of your practice. 

Phone: (888) 338-7293
Fax: (888) 391-2109
Email: info@tripleemedicalsolutions.com
Website:Triple E Medical Solutions LLC

Is Your EHR/EMR System Certified?

Representatives from the Centers for Medicare & Medicaid Services and the Office of the National Coordinator for Health IT recently reported on the progress vendors are making from the 2011 certification requirements to the 2014 certification requirements. The transition is not going well! In fact, of the 991 vendors that have a 2011 certified EHR product, only 56 (6 percent) also have a 2014 certified EHR product. Of those that have a certified product only around 10-15 companies have an ambulatory product.

What this means to you:

If your EHR vendor is not certified yet, they only have a little more than 2 months left. It may be time to either look for a new EHR that is certified or get a guarantee from your vendor that they will meet the 2014 deadline. Remember they need to reimburse you for lost incentive payments and any Medicare penalties if they are not compliant in time.

If you are shopping for a new EHR today, only choose one of the vendors that has a product that is Meaningful Use 2014 certified. Why take a chance on vendors that promise but have not yet been able to deliver?

2014 Meaningful Use is not just about getting an ONC certification; buyers must also evaluate usability. If your vendor is struggling to get certified or waiting to the last minute then they will probably be sacrificing usability. Meaningful Use is hard and you should require that your vendor has enough lead time to simplify the workflows for your practice.

Our service EMRx is certified for 2014 and Meaningful Use Stage 2. Our technology partner is a leader in cloud-based 2014 certified EHR systems and are among the first five pure ambulatory certified for 2014. Need a new EHR? Pick the only one that works in the cloud, is optimized for the iPad and that is 2014 Meaningful Use certified.

Contact Us Today for your FREE NO OBLIGATION practice analysis!!!!
PHONE: (888)338-7293 FAX: (888)391-2109
EMAIL: info@tripleemedicalsolutions.com

FREE MONEY FOR HEALTHCARE PROFESSIONALS: Why leave it on the table?

DON'T WAIT ANOTHER DAY to cash in on the Meaningful Use Incentive!!! You are virtually losing money, and wasting time. Why waste time and lose out on money that you can use to better your practice? Time is ticking as the new healthcare exchanges and laws are in full effect. Don't allow yourself to be affected negatively by the changes instead harness the changes to better your practice. By utilizing a certified EMR system you will help to give back to your patient by spending less time on paperwork and more time with them. You will also receive higher reimbursements for Medicare and Medicaid payments. Your rejection rate will fall through the floor, and here's the kicker, you will receive several payments from the federal government to do so. Great right? 

Now, I know you must be wondering what's the gimmick, right? Well folks, I hate to break the bad news to you, but there is no gimmicks. Even though the government is in shutdown mode, medical providers are still going to receive their payments. Wow, really you may ask? But it's true and its all over the place to let you know that you as a medical provider are still entitled to your reimbursements. But don't sit on your hands on this issue of utilizing a certified EMR system because if you wait to long you will not be able to cash in on the meaningful use incentive instead you will be penalized for non-compliance and your Medicare and Medicaid reimbursements will suffer severely. 

Look, the most important characteristic of successful private practice owners is that they act quickly and decisively, and stay one step ahead of the changes around them. The first waves of sweeping reforms have arrived with changes in Medicare including MPPR and Functional Limitation G codes. It’s important that as a private practice owner, you plan ahead for these dramatic changes (and those to come) will impact YOUR practice. 

We at Triple E Medical Solutions LLC offer time proven solutions that will descale your level of frustrations with the upcoming changes in our healthcare system. We aim to boost your revenue, decrease your overhead and give you quality customer service. Triple E Medical Solutions LLC will meet and exceed your expectations on all levels. Our team is dedicated to provide you with the solutions that are guaranteed to increase the efficiency of your staff and give you the power to practice what you do best which is treating patients. Take your focus off of paperwork and put it back where it counts. Let Triple E Medical Solutions LLC handle your headaches. 

Triple E Medical Solutions LLC can aid you in your credentialing which in many cases can be a hassle for you, at the same time guarantee you top dollar from insurance carriers big or small, we are your one stop shop for all of your business needs, because at the end of the day your practice is a business and we want to help you maintain that source of income by improving your revenue cycle and increasing your cash flow. 

So why get behind the power curve and be left behind to deal with the fallout of decreased reimbursements, inability to cash in on the meaningful use incentive and the opportunity to get a tax break for becoming a green company. Trust in the Effective, Efficient, Experts in Healthcare to take your practice to the next level and ring in the future of our healthcare system.

Contact Us Today for your FREE NO OBLIGATION practice analysis!!!!
PHONE: (888)338-7293 FAX: (888)391-2109
EMAIL: info@tripleemedicalsolutions.com

400 Days Till ICD-10, Are You Ready?

ARE YOU READY?   The transition to ICD-10 will be a major undertaking for providers, payers, and vendors. ICD-10 will drive business and systems changes throughout the healthcare industry, from large national health plans to small medical offices, laboratories, medical testing centers, and hospitals. In order to have a smooth transition from ICD-9 to ICD-10 medical providers and their staff will have to devote time and resources. But what if I told you that all of this can be eliminated. But before I get into how you can eliminate the resources I will tell you how much it could potentially cost you without a system in place. 

The cost of managing the ICD-10 transition could range from $84,000 to $2.7 million, depending on the size of a practice. This covers costs associated with education, information technology services, super-bill changes, additional staff needs, and overtime fees.

It's time to get a system that will allow you to save on all of the above mentioned costs.  There are many EMR systems out there but not all of them offer the capabilities that Triple E Medical Solutions LLC offers. Our iClaim and EMRx are already ICD-10 ready which means that you don't have to pay for any upgrades, no training, and no overtime fees to your staff. You will be able to train your staff on the new codes right in the office and never lose out on workflow. Triple E Medical Solutions LLC is dedicated to providing our clients with superior customer service by providing them services that have been developed by doctors for doctors. We have your best interest in mind and especially with the onset of the Healthcare Reform. 

Look ICD-10 is 400 days away, some may say that it's still far out but in actuality it's right around the corner.  Do not procrastinate with this issue as it will cost you big time in the long run. Why lose out on money when you can earn more doing what it is you love, which is taking care of patients. Get in the now and get setup for success. The Evolving, Efficient, Experts in Healthcare can get you setup with a system that falls in the top 2% of EMR and Practice Management systems.

Contact Triple E Medical Solutions LLC today.

Phone: 888.338.7293 Fax: 888.338.2901
Email: info@tripleemedicalsolutions.com
Website: Triple E Medical Solutions LLC 

5 Ways To Relieve Financial Management Concerns

It is no secret that many Americans, or people in general struggle with their finances. Well this post here will directly target those who are in the healthcare industry especially physicians. There as been many studies conducted in order to better understand the true nature of physicians  status. One in particular was a recent study conducted by Wolters Kluwer Health that revealed that 90% of physicians in the U.S. are struggling with financial management and 91 % face challenges in shifting reimbursement models. Many Physicians are facing these demanding challenges because of increased costs  and the adoption of healthcare IT as a result of the Affordable Care Act legislation. But, all of this and the many challenges that are to come can be overcome and taken care by adhering to some simple guidelines that will determine the line of travel of your practice and the business aspects of that.

Physicians are often asked what their top focus is for their practice within the next 3-5 years and about 48% of those physicians answer with making their practice more efficient. Many practices are exploring different business models such as mergers, or integrating with a hospital and or using patient centered medical homes, and adopting some pretty critical technology to aid in the clinical decision making process as well as evidence based decision making.

Being able to boost efficiency in a practice is the job of a revenue cycle management company or specialist. We aid in boosting efficiency while decreasing overhead and increasing profits to complete the loop in the cycle and keep your cash flow at its maximum.

Here are 5 steps that can drastically improve the functions of your practice and boost efficiency to the desired levels.

1. Make sure you are getting paid for your services.  As I have been on my marketing campaigns and have spoken with several physicians I have come to the general consensus that many physicians  have not even looked at their missed encounter reports for over a year and were unaware of the profits they had missed out on. So once the reports were reviewed they were astonished by the numbers and could not believe that they had let that money roll down the drain. Moral is stay on top these reports in order to better track your finances and be in the know what you are actually bringing in.

2. Maximize your schedule. You should start off by reviewing your no-show rate. If the no-show rate is 25% or greater you should look to double book 1 out of every 4 appointments. This will allow you to make up for the revenue and time lost due to the no shows and allow you to better recoup those funds by placing a person in those empty slots. You could have the potential to lose almost $1.2 million dollars a year as a result. Why lose when you can gain.  Everything is strategic and you have to move and coordinate strategically in your practice in order to maximize profits and time equaling efficiency.

3. Expand your schedule. Just because you have been an established clinic for thirty plus years doesn't mean that you don't have any competitors. Many physicians are now in fierce competition with urgent cares and pain management clinics that except walk-ins. This can be a huge problem for established clinics because it means people don't have to make and appointment and go in at odd hours.  So to compete with them and continue to make a profit you may have to change your schedule and open and close at different times in order to accommodate for patients busy lives. Or offer same day appointments. 

4. Consider your use of space. I have been into doctors offices that do not utilize their space efficiently. I have seen entire rooms that could be used for seeing patients instead packed with records. What a waste. By eliminating paper files you are able to free up space that will allow you to see more patients which means more reimbursements and a greater profit. Simple as that.

5. Check your billing team. In today's world the healthcare is under a huge overhaul and is rapidly changing. Methods of the processing claims are becoming obsolete and soon many insurance agencies and the government will not use any of the old forms, but will be looking to claims electronically. It is no longer an efficient process to let your front desk personnel handle your medical billing.  It should be left to the experts in order to better identify improper coding and to also maximize the codes for what you have actually done.

In short and needless to say that with the challenges that you are facing it would be economically sound for you to make some critical decisions and really review where you are at where you want to go.

That's why it is important for you to contact the experts and allow them to help you maximize your profitability and boost your efficiency. Here at Triple E Medical Solutions LLC we are proud to say that we have experienced teams across that nation that can help you get your practice on the right track. Let the Evolving, Efficient, Experts in Healthcare give you real time solutions to your real time problems.

Find out how we can help you improve your practice profitability and efficiency, contact us today at 888-338-7293 or by email at info@tripleemedicalsolutions.com.

Why are Doctors losing money?

Okay, SO WHO LIKES TO LOSE MONEY? That is the question. Really, think about it no one likes to lose money or feel like they are throwing away money. So why feel that way? Why feel that you are losing? Why feel that you are throwing away money? Don't ask why, just don't.

You might ask the question, well how do I not throw away money and how do I not lose out on money? Its simple really, you have to educate yourself and immerse yourself with knowledge so that you are aware of the current event and you stay in the now and not stuck in the past.  When it comes to the medical industry you have to stay in the now and have to except change.  We definitely understand that change is difficult for everyone, but ask yourself, if you never change are you actually selling yourself short?

Look we all know that most physicians are not practicing medicine for the money, that they are competent and compassionate and they genuinely enjoy helping others.  We also know that many doctors often work long, hard and sometimes thankless hours to provide the best care, with that being said doctors deserve to be paid for the service they render. But the problem is that many doctors get so caught up in practicing medicine and tend to neglect their business. Once doctors really sit down and begin to analyze their finances and the actual money that is being bought in by a combination of different sources they start to notice that they are receiving decreased reimbursements from the insurance agencies, the medical field is becoming more and more complex and is driving up costs, they have to continually be licensed which they have to pay for. Which brings us to this conclusion medical practices are businesses, and a business is not sustainable unless income exceeds expenses. Unfortunately, medical practices have to follow more guidelines when it comes to setting up fees for services because especially dealing with Medicare and Medicaid the federal government establishes the fee schedule.  With the influx of of over 40 million people into the healthcare system doctors will have an increased workload. With an increased workload can lead to mistakes being overlooked which can cause for money to be lost.

I would like to touch on some key points that clearly show how doctors throw away money and not that they do it intentionally but it happens.  Many doctors I have found are in the business of under coding their services.  Why under code? Many times it happens because the provider is not updating their superbills to reflect the correct codes they need to use in order to be properly reimbursed. Another reason some doctors under code is because they believe that by under coding they can some how become exempt from audits.  This is a big myth, medical providers cannot avoid audits, and whether they under code or over code they can still face penalties and fines.  So there you have it that is a major way that doctors inadvertently throw away money.  So instead of over coding or under coding, update your superbills and code for the services rendered.  In the long run this will be the best practice and medical providers will definitely see  an increase in their reimbursements and ultimately their profits.

Another key point that doctors overlook is that if they are currently using an EMR system and have not yet met the requirements to cash in on the meaningful use incentive provided by the Center for Medicare and Medicaid Services (CMS)  then they are definitely leaving money on the table. Medical professionals are able to collect up to $39,000 from CMS for seeing a certain volume of Medicare patients and using the designated features within their EMR system.  If the medical provider is seeing more Medicaid patients then they are able to collect up to $69,000 for meeting the requirements of the meaningful use incentive program.  Wow, tons of money that is being left on the table.  According to the Center for Medicare and Medicaid Services year to date 7.1 billion dollars have been paid out to over 144,440 medical professionals for meeting and exceeding the requirements for meaningful use incentive.  Don't wait any longer to get a system that is meaningful use certified, because you are only losing out on money. Lets look at what will happen in the future if you are seeing a large volume of Medicare and Medicaid patients.  By October, 2015 if medical providers do not switch to an EMR system their Medicare and Medicaid reimbursements will subsequently decrease by 5% until they adopt an EMR system.  Not only that but they will no longer be able to qualify for the meaningful use incentive. Again that is lost revenue and potential money that can be used for various projects within their practice.

Don't let bad practices and procrastination stop you from collecting the revenue you deserve. Let the professionals handle the hassle of going through tons of back paperwork, denied insurance claims, rejected insurance claims, and be rest assured that a turn around on revenue will be great. Don't throw away money on useless systems or incompetent people who are only dragging your practice down. Trust in the Evolving Efficient Experts in Healthcare to provide you with real time solutions to your real time problems.

For more information on how you can stop throwing away money and losing out on vital incentives contact Triple E Medical Solutions LLC.

Website: Triple E Medical Solutions LLC
Phone: (888)338-7292 Fax: (888)391-2109
Email: info@tripleemedicalsolutions.com

Advancements In Healthcare Technology.

As we all know the world is forever changing and evolving to make things easier for mankind. By making things in life easier we are able to live longer, by working smarter, and working in an efficient manner in order to achieve our desired results.  Well there is no difference when it comes to Healthcare. 

The practice of medicine has been around for thousands of years and will not go anywhere anytime soon.  Over the years aspects of medicine and Healthcare have changed considerably and with the advancements in technology Healthcare will continue to change.  But the change is not a bad thing.  The change is useful and will save doctor's time, money, and most of all headaches.  One may ask why do doctor's have headaches? Well for starters they have a lot of weight on their shoulders as they are responsible for people's lives. They hold the power to help heal a person. Their time is precious and needs to be used efficiently and effectively in order to see more patients with care and not have to focus on the paperwork that comes with it.  Technology has given doctor's the opportunity to run their practice from virtually anywhere in the world. Web/Cloud based applications have been created to aid in the process of streamlining a medical practice and combining several operations in to on application with access from any computer in the world.  Technology that is provided by EMR/EHR systems will also give patients/consumers the opportunity to access their own medical records and give their primary physician an up-to-date look at what is going on with them before their appointments which cuts down on the time it takes to do intake sheets. Who doesn't want to save time. By saving time a doctor is able to treat more patients. Lets face it folks in 2014 under the new Healthcare Reform over 40 million Americans will flood into the Healthcare system. That's a lot of people! 

The question for doctor's is how are they going to handle the influx of patients? Well the answer you see is quite simple. Doctor's will have to adopt some type of system that is able to store large amounts of data and be able to be 100% HIPAA compliant, and possess the capability to communicate with other systems using HL7 encryption.  I know it sounds like a lot, but really it can all be handled in a simple application that will allow for Doctor's to access their data from anywhere, anytime, from any computer or mobile device. This eliminates many headaches, for starters Doctor's will not have to rely on paper and they will be able to see their schedule anywhere and know how to plan for the case load on the next day. Trust me with the large influx of patients because everyone will have health insurance this is very important.

Who wants to be left in the past? Go ahead raise your hand and speak up. Hmmm, silence. It's true the new wave of the future for healthcare is truly in the clouds. By clouds I mean cloud based systems. The cloud allows one to be efficient and effective.  Lets face it people, things are changing and the train isn't stopping, so get on the bandwagon and don't let your doors shut because you are afraid of the future and the technology that comes with it, rather embrace it and continue to do what you love, and that is treating patients. Do not let the advancements of technology scare you. Of course you may have skepticism, and that is entirely normal, but you have to look the brighter side, like the glass is half not half empty and see how the advancements in the healthcare industry not only benefits you, but it also benefits the patient and aids in the level of care they are receiving. Technology is an enhancement on the already in place models and tactics you use to successfully run your practice. At the end of the day your practice is a business that has a cash flow, if your cash flow falters then you suffer, with technology and the vast array of ways to access the tools needed if you don't change then you will definitely fall. We don;t want you to fall we want you to prosper. 

Look guys if you want to find out more on the technology that is out there contact Triple E Medical Solutions LLC. We will provide you the real time solutions for your real time problems and give you the light to your way of being an efficient, effective practice. Our solutions are time proven and exceed all of the standards that our competiors have tried to place before us. We at Triple E Medical Solutions are dedicated to providing you with leading edge technology that will enhance your practice, help you to cash in the government incentives and get you the top dollar for your services rendered to patients. 

We are the Evolving Efficient Experts in Healthcare. 

Contact us today for your FREE PRACTICE ANALYSIS.

Phone: (888)338-7293

Fax: (888)391-2109

Website:Triple E Medical Solutions LLC  

Email: info@tripleemedicalsolutions.com

Is Your Practice Ready For ICD-10 Implementation

Are you ready for ICD-10? Well whether you are or not it's coming and its not being delayed any longer. Come to find out, the rest of the world has been using ICD-10 codes for the past two decades, and not only that but the United States endorsed ICD-10 in 1995 and began using it for monthly reporting in 1999. But, wait you say, yes you have it straight, ICD-10 has been around for a long time but we have just been behind the power curve. Now under the new health care reform it is mandatory for medical providers to utilize ICD-10 and they must be in compliance by October 1, 2014. 

Providers will be still treating the same patients and conditions just using different codes. The reason for the switch from ICD-9 to ICD-10 is that ICD-10 captures more information relevant to the condition and diagnosis so that the treatment is more specific. Here is a table so you can see a side by side comparison of ICD-9 and ICD-10 and the differences between them. 

ICD-9-CM Diagnosis Codes                        vs.                    ICD-10-CM Diagnosis Codes
3 to 5 Digits	7 digits
Alpha E and V on 1st character	Alpha or numeric for any character
No place holder characters	Include place holder characters
Terminology	Similar
Index & Tabular Structure	Similar
Coding Guidelines	Somewhat similar
Approximately 14,000 codes	Approximately 69,000 codes
Severity parameters limited	Extensive severity parameters
Does not include laterally	Common definition of laterally
Combination codes limited	Combination codes common

As you can see from the table above their are some differences and similarities between ICD-9 and ICD-10.

Now let's talk about the advantages of ICD-10. The Centers for Medicare & Medicaid Services has given us nine and here they are:

•  Measuring the quality, safety and efficacy of care
•  Designing payment systems and processing claims for reimbursement
•  Conducting research, epidemiological studies, and clinical trials
•  Setting health policy
•  Operational and strategic planning and designing health care delivery systems
•  Monitoring resource utilization
•  Improving clinical, financial, and administrative performance
•  Preventing and detecting health care fraud and abuse
•  Tracking public concerns and assessing risks of adverse public health events

That's just nine. There are plenty more and more shall be reveled once the new code set takes its course and the medical providers are receiving the payments they deserve. 

Lets talk about the implementation process of ICD-I0 and the three main professional roles:

The role of the clinician is to document as accurately as possible the nature of the patient conditions and services done to maintain or improve those conditions.

The role of the coding professional is to assure that coding is consistent with the documentation.

The role of the business manager is to assure that all billing is accurately coded and supported by the documented facts. 

When each of these professionals to do their job correctly the practice is able to stand-up to an audit because the documentation  supports the coding.

So I ask again is your provider, coder, and manager ready for ICD-10 implementation?

My suggestions are to come up with an implementation plan that outlines the duties of everyone involved, define the purpose, plan appropriately, create deadlines, assess your risk, and most importantly make sure your EMR system and practice management system can withstand after this implementation.

Is your EMR and practice management system ready for ICD-10? If, so how much will it cost?

EMRx and iClaim is ready for ICD-10 and there is no upgrade fees!!

Let the Evolving Efficient Experts in Healthcare give you a real time solution for the real time problem you are facing. Contact us today so you can see how our solutions are bridging the gap in the healthcare industry.

Phone: (888) 338-7293  Fax: (888) 391-2109

Email: info@tripleemedicalsolutions.com

Website: www.tripleemedicalsolutions.com

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References:

DEPARTMENT OF HEALTH AND HUMAN SERVICES , Centers for Medicare & Medicaid Services. (2011). Icd-10-cm classification enhancements. Retrieved from website: http://www.cms.gov/Medicare/Coding/ICD10/downloads/ICD-10QuickRefer.pdf

4 Practice Management Steps to Increase Your Revenue Cycle

There is nothing more annoying than someone telling me the blatantly obvious things I already know. Yet sometimes the obvious things are the things that we often overlook the most frequently. So, if you were to look at any good sports organization or coaching strategy they focus on maintaining and drilling the fundamentals of the sport to ensure that all of the players are up to speed and that they never forget where their base lies. This basic principal can be applied to other avenues of life and business the same way. By focusing on the basics you ensure that all of the other objectives that need to be met are already reinforced by a solid base, thus ensuring that all players at each level are able to perform and execute his/her responsibilities seamlessly and without hesitation to achieve the desired result or to make a play.

After reading the above passage you are probably wondering what does that have to do with my medical practice right? Well I'll tell you and explain the direct correlation to the passage above. With any business, and as we know a medical practice at the end of the day is a business after all, you have a base, and standard that you started with and want to continue to build upon.  Granted you are not coaching a sports team but you are leading patients and your staff. The correlation to a sports team and your practice is simply this, you are trying to orchestrate the performance of the individuals that collectively make up your staff and you want them to achieve a common goal that will ultimately lead you to success.

Establishing Goals

With anything in life we have to set goals and benchmarks that we wish to achieve our ultimate goal of success. So I would like to pose a question to you, what are the goals of your medical practice?
When faced with the above question, often providers will respond with "well that's obvious" or "isn't that pretty evident what we want to achieve". But when asked to clarify or specify verbalize the actual goals they have for their practice they have trouble clearly stating those goals. The question I have is why? It should be obvious, but its truly not. Which takes us back to the fundamentals of running a successful team, organization, or medical practice. So it is safe to say that when starting out one must clearly specify their goals and objectives also known as a "mission statement" and it should take a considerable amount of effort to layout the mission of your business. Now lets discuss how you as the provider can build from the bottom up and improve your revenue in your practice by using some simple steps.

1st Step to Increasing Your Revenue

Write a clear concise statement that outlines the goals and objectives that your practice is trying to achieve. 


2nd Step to Increasing Your Revenue

Be sure to effectively communicate the goals you have set forth for your medical practice.  Work closely with your employees to ensure that they are developing sub-objectives to the primary objectives that will most effectively support the goals you have for the practice. You should be reviewing the sub-objectives to ascertain that they are truly supportive of your goals for your practice.


3rd Step to Increasing Your Revenue

Keep a close eye and monitor the gap in performance, understanding and training. It is virtually essential that an ongoing program be implemented to monitor the performance of the staff members to ensure that all of the goals and objectives are fully understood and that they are all putting their best foot forward to attain success and patient satisfaction. It is imperative that an evaluation system be established to show growth in performance, this ensures that all of the staff is actively working toward the goals established in the "mission statement". Such management review might indicate that additional staff training may be required to effectively meet their sub objectives.


4th Step to Increasing Your Revenue

Periodically update the goals and objectives as they may be required by changing circumstances. Some examples of changing circumstances are implementation of a new EMR/EHR system, or practice management system, transitioning from ICD-9 to ICD-10 coding, and conforming to new HIPAA and HITECH guidelines under the new health reform. It is imperative that management is effective and demands that the objectives and sub-objectives of your practice are updated to reflect the changes and keep the staff in line with the mission and vision of the practice.


Here at Triple E Medical Solutions LLC we offer the solutions that are needed to get your practice on track to increasing your revenue and developing a lasting brand that will give you the comfort you deserve. Let the Evolving Efficient Experts in Healthcare give you real time solutions to the real time problems you are experiencing. You will be given the time to focus more on patients and not on paperwork. Let Triple E Medical Solutions handle your business.

For more information on Triple E Medical Solutions LLC
visit www.tripleemedicalsolutions.com or email us at info@tripleemedicalsolutions.com

Why Adopt EHR/EMR's?

Well as we all know healthcare takes a collective effort. Sharing information takes the same effort. So when team members are able to communicate with each other effectively, everyone benefits, such people include patients, their families, and the providers. The health of the nation and the economy also prosper form such communication. Electronic health record adoption requires an investment of time and money, but the benefits that are provide from this induction of such a system will definitely outweigh the costs  and will provide providers with financial incentives that are out there. 

Already to date more that 144,000 payments with a total amount of $16.5 billion have been issued to eligible professionals and hospitals by the CMS ( Centers for Medicare and Medicaid Services) and an estimated $22.5 billion will be paid out between now and the year 2022 to eligible providers who adopt EHR Technology. 

Health IT is not a new area of business but in the recent past it has truly grown and is now in grater demand especially with the new healthcare reform that will provide many people that have never had the opportunity to have health insurance to now have it.  With that being in effect that means there will be more patients . So will more patients comes more paperwork. The adoption of the EHR/EMR system will allow providers to have a centralize location for all of their patients and also give the patients the opportunity to review their own health records and to add new symptoms before their appointments so that the doctor is already aware of their patients current issues. . The promise of fully realized EHRs is having a single record that includes all of a patient's health information: a record that is up to date, complete, and accurate. This puts providers in a better position to work with their patients to make good decisions.

Many of the providers that are currently using an EHR system report that  the adoption of the system has allowed them to have more accurate and complete information about their patients health. By allow them to have better accurate filing it allows for the provider to give the best possible care during routine and medical emergencies. It give them the ability to quickly provide care. In a crisis EHR's provide instant access to to information about the patients medical history,allergies, and current medications. This feature and such quick access will allow providers to make quick decisions instead of waiting for information that should take to long and be detrimental to a patients life. EHRs can also flag potentially dangerous drug interactions (to help prescribing doctors explore alternatives before a problem occurs), verify medications and dosages (to ensure that pharmacists dispense the right drug), and reduce the need for potentially risky tests and procedures.

With the adoption of EHR/EMR many healthcare providers have found that it really does help and improve their practice management by increasing their efficiency and cutting costs. According to a national survey of doctors who have already adopted the meaningful use show that:

• 79% of providers report that with an EHR, their practice functions more efficiently

• 82% report that sending prescriptions electronically (e-prescribing) saves time

• 68% of providers see their EHR as an asset with recruiting physicians

• 75% receive lab results faster

• 70% report enhances in data confidentiality

So why keep waiting to adopt a system that will cut cost and improve your efficiency? Before long and especially come 2015 medical providers will begin to lose money on their Medicare reimbursements and will no longer be able to qualify for the Meaningful use incentive which means they lose out on at least $39,000 because they did not want to go EHR. Just look at the benefits it offers and what it can do for your practice and your patients. 

For more information contact Triple E Medical Solutions LLC.

Phone: (888) 338-7293 Fax: (888) 391-2109

Email: info@tripleemedicalsolutions.com

Website: Triple E Medical Solutions LLC

Start Up Decisions, Who to trust and use

So there are many providers out there that are making the huge decision to go into business for themselves and provide care from their very own practice. But there are many aspects to business that sometimes medical providers do not understand or overlook in their pursuit of their own practice. Many people let alone medical providers find themselves overwhelmed by some of the aspects that actually go into the building and growing of a successful company. All the things necessary to successfully begin your practice can all get lost very easily in the haze and can all become frustrating without a solid plan. 

Developing a solid plan is crucial to the success of any business. From a personal standpoint and with my military background I learned very quickly that if you do not plan properly you will run into many problems that are easily preventable and also find yourself in a situation that will end in total catastrophe. First, build and write a business plan that will outline exactly what it is that you want to do, how much you want to spend, and the location that feel will be suitable and provide you with the best advertisement to draw in customers and patients. For medical providers they must also make sure that they are getting involved and brushing up on the laws, regulations, and incentives that may directly affect them.

Any business owner, has many decisions to make. They need to be smart with the liquid capitol that they have in order to maximize it and get the most bang for their buck. Truly when looking to start-up a medical practice one must look at medical equipment, which means looking into vendors that offer medical equipment and analyzing the price. Also, when looking to hire a staff that will manage the practice will definitely take time and money.  So when looking to hire staff I think that all of the medical providers out there should look to outsource some of their business needs, as this will definitely save them some money and decrease their overhead cost right from turnkey. Wow, boost your profit immediately and also cut your cost from the very beginning. 

So why outsource?  here are some facts about why people outsource and how it really cuts down on cost for medical providers. 

Saves Money:  Costs to maintain staff for billing including salaries, office space, indirect expenses such are turnover, distraction from other key roles, etc all lead to higher costs for practices. 

Saves Time:   Outsourcing this burdensome task can take a great amount of weight off the staff’s shoulders – saving you time you need to focus on your patients. 

Saves Resources:  Practices that don’t outsource can’t afford to have an employee focus on billing without the distraction of other responsibilities. Outsourcing frees up staff time to focus on other critical tasks such as, making appointments, sending reminder cards, attending to patients, etc.

Reduces Rejected Claims:  National average is over 20%. Typical reason is coding errors. Outsourcing reduces this risk significantly. Also adds added security with respect to fraud prevention

Improves Cash Flow:   Most practices cannot delegate staff to billing because of limited resources and/or too expensive to have dedicated resources. With a medical billing company they are focused on ensuring all claims are submitted correctly and follow-up persistently resulting in quicker collection.

Provides Added Security:   It's a well-known fact that most cases of fraud originate from within a company. If you outsource your medical billing, you'll have an outside eye looking at your finances and providing checks and balances that you and your staff might not have the time or ability to provide. 

Improves Your Business:  Many doctors say that you don't just need an M.D. to be in private practice anymore-you also need an MBA. A good medical billing firm will provide you reports, often monthly, detailing the financial health of your practice, and can recommend ways to boost profitability as well.

Helps Negotiate with Insurance Carriers:  Your medical billing company can give you the detailed information you need to successfully negotiate a contract with a malpractice insurance carrier.

Well here at Triple E Medical Solutions, LLC we specialize in providing a unique combination of services catered especially for medical service providers. The purpose of Triple E Medical Solutions  is to be a one-stop resource for medical providers for all of their financial, business or set-up needs. Our mission is to be a valuable and reliable resource you can trust for all your financial and business needs to help you maximize your profits. We will not merely “refer” you to other companies. We will work with you side-by-side through each step of the way.

Our services are focused on four main areas:

1. We help new physicians with all the details of establishing their very first practice. This includes all services from becoming licensed with insurance companies to the day their doors open for patients.

2. We can handle all your billing functions and have been doing just that for a network of over 1,500 providers. Our claim acceptance rate is over 97% and our reimbursements are usually within 7-14 days.

3. We offer a wide range of business advisory services from valuations, to audits to setting up your office with electronic medical records (EMR).

4. We also have an expertise in accounting and tax and can become your accountants. 

By having all your business and finance needs addressed by Triple E Medical Solutions, LLC we can truly be your reliable and trusted sole business adviser so that, “we can provide you with real time solutions for your real time problems."

Visit www.tripleemedicalsolutions.com for more information.