5 Factors to Watch Out for on Your A/R Reports

A/R aging reports help you gauge your facility’s health. They serve as a barometer for measuring your performance—whether you are making money or not.

Specifically, your monthly reports show you whether insurance pays your claims on time and if insurance providers pay you accordingly. Your A/R reports also reveal more than just “payments due to your business.” They can also help you identify any problems with your revenue cycle management.

With over 100 years of combined experience in various niches, including hospitals of all sizes, Coronis Health offers customers tailored solutions and high-touch relationships you won’t find at a “big box” medical billing company. We know that billed services and accounts receivable are your most important financial assets. We understand that AR must be safeguarded, tightly managed, and carefully maintained. Below, we identify five key factors to watch out for in your A/R reports:

1. Number of Patient Balances 

Too much money owed means your report will not match your estimates. Do you have a process in place to understand your bad debt? What about TFL and “No Auth” claims? Are you equipped to handle bad debt? Analyzing bad debt is vital. Determining the percent of accounts receivable in each “aging bucket” (e.g., <120) is one way to measure your A/R effectively. Then, you must be diligent about collecting balances due from patients so you can see an increase in your A/R.

2. Denied Claims

Do you have an efficient statement process that you can track and report on to ensure you are receiving payments? An increase in denied claims means you are not coding correctly or not conducting follow-ups consistently and efficiently. Your medical billers must routinely work on denied claims because the quicker you resolve claims, the quicker you can settle that open A/R.

3. Highest Balances 

To make the most of your efforts, go after the most considerable amounts. You get to avoid TFL by looking at your highest balances by payers and denials and tackling them first. Also, determine if your A/R has codes that are considered unpayable or bundled. Some adjustments might be required.

4. Unresolved Insurance Issues 

Whether due to technicalities or uncovered services, you might have unresolved insurance issues. Your facility, therefore, can benefit from a clearinghouse set-up and payer website access. By having access to the websites needed to monitor a claim, you can keep an eye on the adjudication process. This will also help you identify any unresolved insurance issues’ root cause.

5. Average Collection Time 

You must be proactive in your collection efforts. All parties must be aware of payment deadlines, payment methods, and amount owed to ensure on-time payment. Your facility will have the best chance of collection if you know any past due receivables and can act quickly. Front-end registration is critical. If it’s set up correctly, along with all the necessary front/back insurance cards, authorization, and a clearly defined collection process, the more efficient and streamlined your system can be when it comes to obtaining payment and closing open A/R. Automating processes can also reduce errors due to manual entry.

How Coronis Can Help Analyze Your A/R Reports 

Coronis Health is comprised of the top medical billers in the country, pooling their global resources to bring customers the best in medical billing and revenue cycle management. We have developed a proven, end-to-end revenue cycle solution based on the measured value we deliver to healthcare providers. We also take a caring approach to collection and get actual results. We ensure your collections are easy to manage and work to keep denials to an absolute minimum. We deconstruct denials and appeals to help your facility discover trends and create better denial management workflows with services such as coding deficiencies, appeals, and authorizations. You care for your patients while we collect. 

We are technological innovators who utilize the latest in technology. We create our software strategies, business intelligence, and tailored solutions to achieve an aligned financial relationship, coupled with leading-edge resource and technology positioning. We can therefore provide a solution that reduces RCM costs and increases efficiency, timeliness, and profitability. We will work with you individually to create a valuable partnership that will help your facility reach the next level of financial success.

Let Coronis Handle Your Revenue Cycle Management and Boost Your Collections

We understand that patient collections can become a daunting task for your facility. We work with you to create a collection process at the front and back end of the revenue cycle and we equip staff to take care of collections. By bringing together the best of the best in medical billing, Coronis Health can help you with collections management, allowing you to maintain financial independence and focus on what matters most. Let us help you increase your patient collections and eliminate the time-consuming task of following up. Contact Coronis Health and request your free financial check-up today.

from
https://www.coronishealth.com/blog/5-factors-to-watch-out-for-on-your-a-r-reports/

How Does the American Rescue Plan Impact Your Facility?

The newly enacted American Rescue Plan centers on the ongoing battle against the COVID-19 pandemic and rebuilding the economy amidst the public health crisis.

This means that the $1.9 trillion COVID-19 relief plan will impact hospitals and other healthcare providers fighting the virus and have implications for health systems, including new coverage policies. 

With offices nation-wide, Coronis Health not only provides facilities with efficient business processes but makes sure they are compliant with new government regulations. As trusted advisors who are committed to allowing facilities to remain independent, we want you to properly prepare for any changes within your industry over the next four years. One way is by understanding some critical items in the rescue package that pertain to hospitals and FQHCs.

Medicaid Expansion

As of February 2021, 12 states have yet to adopt the Affordable Care Act (ACA) provision, which expands Medicaid to adults with incomes through 138% of poverty. In effect, millions of people are without an affordable coverage option. A provision in the American Rescue Plan encourages non-expansion states to implement the expanded Medicaid coverage options via an additional increase of Federal Medicaid Assistance Percentage.

Furthermore, the legislation also gives states the option of extending Medicaid coverage to women with low to modest incomes for an entire year after childbirth. Previously, the law required states to provide 60 days of content, but experts have highlighted research showing that women can die in the weeks and months after giving birth and that 3 in 5 of all such deaths are preventable. This stimulus policy bolsters the safety net supporting low-income parents in the country.

ACA Expansion

The American Rescue Plan of 2021 will also increase subsidies to people who buy Affordable Care Act health plans. Previously, people who earned 400% of the federal poverty level weren’t eligible for the tax credits, which help offset the cost of purchasing health plans. The legislation eliminates an income cap that limits who is eligible for ACA tax credits to reduce monthly insurance premiums. This means patients with income above 400% of the federal poverty level are now eligible for federal tax credits to subsidize the cost of marketplace enrollment.

In addition to increased subsidies, the plan also allows people who receive unemployment benefits during 2021 to temporarily become eligible for ACA plan premium subsidies, as well as cost-sharing reductions to cover deductibles and copayments.

COVID Relief Expansion

A $20 billion national vaccine distribution program offers free vaccinations to all U.S. residents. This ensures that the country’s underserved communities and those disproportionately affected by COVID-19 are equitably vaccinated against COVID-19. As of March 11, an additional 700 HRSA-supported health centers were invited to join the Health Center COVID-19 Vaccine Program. This expands the federal vaccine programs to more FQHCs. Vaccines will be sent to 250 centers nationwide, selected based on their proximity to vulnerable groups. Eventually, the effort will expand to more than 1,300 community health centers and will increase from there. Other essential items included in the plan are:

• Injecting $50 billion to expand COVID-19 testing
• Allocating $30 billion to purchase supplies such as ventilators and personal protective gear
• Mobilizing a public health jobs program that would fund 100,000 public health jobs covering vital tasks such as contact tracing and vaccine outreach
• Authorizing the Occupational Safety and Health Administration to issue a “COVID-19 Protection Standard” to help workers receive protection from unsafe working conditions and retaliation related to COVID-19

The added funding also aims to get health services into underserved communities.

CHC Infrastructure and Workforce Expansion

Hospitals and community health centers are among those slated to receive billions of dollars in funding from one of the most extensive rescue packages in American history. The American Rescue Plan provides much-needed relief for community health centers on the frontlines of this pandemic. Specifically, critical provisions from the COVID-19 Relief bill cover community health centers and health disparities. In addition to increasing funding for these facilities, other significant highlights include:

• $7.6 billion in emergency funding available for FQHCs
• $800 million for the National Health Services Corps to provide loan forgiveness and scholarships to primary care health clinicians serving in health professional shortage areas
• $200 million for the Nurse Corps to support scholarships and loan repayment for students, nurses, and advanced practice registered nurses (APRNs) 
• $330 million for the Teaching Health Center Graduate Medical Education programs to enhance and support the community health center clinical workforce

Stay Up-to-Date with Healthcare News from Coronis Health

Coronis Health’s Hospital, Facility & Surgery Center service group offers specialized financial and medical billing solutions to all types of hospitals, FQHCs, SNFs, LTCs, and surgical centers. We are always fully aligned with all new policies and government regulations. Through our compliance activities, we can help you stay up-to-date and at the forefront of best practices. It is our goal to help you stay independent with our industry-leading technology and high-touch relationship building. To learn more about our services, contact Coronis Health today or request your free financial check-up.

from
https://www.coronishealth.com/blog/how-does-the-american-rescue-plan-impact-your-facility/

How to Stay Compliant and Increase Your Revenue with COVID Vaccine Billing

The Centers for Medicare & Medicaid Services (CMS) recently increased Medicare’s reimbursement rates for hospitals, pharmacies, physicians, and others for administering COVID-19 vaccines. These changes by CMS are in support of the administration’s efforts to ensure that all Americans can be vaccinated against COVID-19 as soon as possible.

The pandemic has certainly resulted in rapid changes to the regulatory environment, but Coronis Health has kept abreast of all CMS compliance topics and the best practices available to increase client cash flow and maximize revenue. With offices nationwide, Coronis is a leader in billing for COVID-19 tests and vaccines. We are up to date with the latest vaccine codes and remain constantly vigilant of new compliance requirements so we can share timely, relevant, and accurate information about medical billing. We don’t just help you get money. We help you financially grow.

COVID Vaccination Opportunities 

As of March 24, 2021, the US has administered a total of 128 million vaccines, and 45,533,962 of the recipients have already been fully vaccinated, according to the CDC. 

The higher payment rates for COVID-19 vaccinations not only give your facility the ability to bill a higher amount for vaccine administration, but it also means you have a greater capacity to increase the number of vaccine administrations each day, establish more vaccination sites, conduct wider patient outreach, or even hire additional staff.

Increased Reimbursements for Administered Vaccines 

Effective March 15, the national average payment for the administration of COVID-19 vaccines is $40 for each dose. Meaning, the average payment rose from $28 to $40 for the administration of single-dose vaccines and $45 to $80 for the administration of two-dose vaccines.

“The exact payment rate for the administration of each dose of a COVID-19 vaccine will depend on the type of entity that furnishes the service and will be geographically adjusted based on where the service is furnished,” CMS says.

CMS representatives also expect commercial carriers to maintain reasonable rates compared to the existing market rates.

There is still a large percent of the country that has yet to receive vaccinations, indicating a long road ahead for the vaccine rollout. The implementation of the new reimbursement rates aims to benefit providers and communities. Andy Slavitt, White House senior advisor for COVID response, says that the increase in reimbursement “will make it easier for more healthcare providers to get out into communities and give more COVID shots to people in need.”

Furthermore, the American Medical Association (AMA) had previously advocated for an increase in the payments for COVID-19 vaccine administration. Dr. Susan R. Bailey, AMA’s president says, “The updated rate reflects new information about the costs involved in administering the vaccine for different types of providers and suppliers and the additional resources necessary to ensure the vaccine is administered safely and appropriately.”

CMS is also prepared to update a set of toolkits for states, providers, and insurers to further aid in the swift and more efficient administration of the vaccines with the new payment rates.

“These resources are designed to increase the number of providers that can administer the vaccine, ensure adequate payment for administering the vaccine to Medicare beneficiaries, and make it clear that no beneficiary, whether covered by private insurance, Medicare, or Medicaid, should pay cost-sharing for the administration of the COVID-19 vaccine,” CMS shared.

New Vaccine Codes 

Your facility should update your COVID-19 vaccine administration codes in your billing system to ensure you receive the increased payment rates.

91300
SARSCOV2 VAC 30MCG/0.3ML IM – Phizer – Pfizer-Biontech Covid-19 Vaccine

0001A
ADM SARSCOV2 30MCG/0.3ML 1st – Pfizer – Pfizer-Biontech Covid-19 Vaccine Administration – First Dose

0002A
ADM SARSCOV2 30MCG/0.3ML 2nd – Pfizer – Pfizer-Biontech Covid-19 Vaccine Administration – Second Dose

91301
SARSCOV2 VAC 100MCG/0.5ML IM – Moderna – Moderna Covid-19 Vaccine

0011A
ADM SARSCOV2 100MCG/0.5ML1ST – Moderna – Moderna Covid-19 Vaccine Administration – First Dose

0012A
ADM SARSCOV2 100MCG/0.5ML2ND – Moderna – Moderna Covid-19 Vaccine Administration – Second Dose

91302
SARSCOV2 VAC 5X10^10VP/.5MLIM – AstraZeneca – AstraZeneca Covid-19 Vaccine

0021A
ADM SARSCOV2 5X10^10VP/.5ML 1 – AstraZeneca – AstraZeneca Covid-19 Vaccine Administration – First Dose

0022A
ADM SARSCOV2 5X10^10VP/.5ML 2 – AstraZeneca – AstraZeneca Covid-19 Vaccine Administration – Second Dose

91303
SARSCOV2 VAC AD26 .5ML IM – Janssen – Janssen Covid-19 Vaccine***

0031A
ADM SARSCOV2 VAC AD26 .5ML – Janssen – Janssen Covid-19 Vaccine Administration***

***Johnson & Johnson COVID-19 vaccine

View the complete list here. 

How Coronis is Leading the Way

Because of our industry-leading technology, global solutions, and highly experienced manpower, Coronis Health has quickly become the trusted partner in COVID-19 testing and billing throughout the pandemic. 

The battle against COVID-19 is far from over. We understand that facilities can become buried in claims processing with the continuous rise of COVID-19 testing and vaccinations. This does not deter us. We are equipped to help you clear your billing backlog, recover critical payments, and create new revenue streams in the process. In fact, we were able to help a client clear a 20,000 test backlog in just two weeks. We successfully accomplished this through our entrepreneurial mindset, high-touch relationship building, and our commitment to helping clients stay financially independent.

Partner With Coronis Health for Your COVID-19 Billing Needs

COVID-19 presents unique challenges for the healthcare industry, and the billing process should not add to your burdens when you should be focusing on patient care. Allow us to help you during this stressful time. We are a full-service billing and management company with over 30 years of experience in helping facilities with billing, practice management, and revenue cycle optimization. While helping you stay compliant with the ever-changing regulations, we can also navigate you into new revenue streams. To learn more, contact Coronis Health today.

from
https://www.coronishealth.com/blog/how-to-stay-compliant-and-increase-your-revenue-with-covid-vaccine-billing/