We enable decision-makers to identify and modify practices and organizational behaviors to optimize financial performance.
Healthcare Revenue Integrity Services
Our experts work with you to develop and execute an internal Revenue Integrity Department (RID) to recover revenue, capture all revenue at the point of service, produce an accurate bill, and collect expected payments
CentraMed creates a discrete revenue integrity professionals team within a hospital, trained and developed by CentraMed revenue integrity experts. These teams audit daily patient finance transactions throughout the patient value chain, from patient access to post-discharge – to identify revenue loss contributors and patterns.
Using CentraMed’s proprietary Revenue Management Analytics as the central data repository to house all review results, the RID generates net revenue to the bottom line with real cash, through error correction and prevention.
“Teach’em How to Fish” philosophy lies at the core of the Revenue Integrity offering. Based on initial analysis of a provider system’s revenue footprint, leveraging best practices from decades of Revenue Integrity engagements, CentraMed lays out a revenue recovery roadmap in consultation with provider’s executive sponsors. The roadmap includes recovery opportunities, team composite, team goals, education and technology needs, as follows:
- Provides all tools, expertise, training, development and support needed for the construct and ongoing management of your RID.
- Once the infrastructure needs are complete and agreed upon, CentraMed provides the job descriptions, recruitment assistance and initial intensive training required to assist your team’s efforts in revenue management, on both a transactional and process basis.
- Provides onsite and remote development and management of the RID staff under the direction of key Hospital leadership. Continued online educational training, specialty webinars, quality reviews, Help Desk, departmental and executive team meeting assistance and all reporting needs are included throughout the typical 3-5 year contract term of the initial engagement.
- Provides quarterly and fiscal year-end presentations to the key stakeholders of your choosing – most typically with the CFO.
- CentraMed’s expertise in the aggregation and analyses of healthcare revenue management data, combined with your RID’s results can provide detailed observations and recommendations to keep your RID focused on meeting financial targets.
RID’s typically add 2% to 4% to the bottom line with an average ROI of 10x. The first million dollars of net revenue is typically recovered within 120 days. CentraMed has helped clients generate over $2 billion in net revenue in the last 13 years.