Whether you are an owner or leader in your anesthesia practice, it is important you understand how your practice is performing. Playing a key role in your practice means it’s important you understand how your group is performing in comparison to others across the nation. Today, anesthesia groups are faced with a myriad of challenges – everything from reimbursement pressures, declines in case volume, staff retention, increased regulation and maybe even floating merger and acquisition discussions. Consider having an anesthesia practice assessment completed.
As a result of current and future obstacles facing you it is imperative that you take a long, hard look at your practice and understand what can be done to improve performance and profitability. abeo leverages the data, knowledge, and expertise that comes from working millions of transactions annually to conduct an objective billing and coding audit in order to provide an anesthesia practice assessment for your group. Comparing your practice to similar practices nationwide is essential to making informed business decisions. abeo’s clients range from solo anesthesiologists, small to mid-sized anesthesia groups, and all the way up to multiple groups with over 100 anesthesia providers and our roots in medical billing go back over 50 years, so we understand the anesthesia marketplace well.
What the Process Entails
abeo’s Anesthesia Practice Assessments are confidential. Our process entails;
- analysis of your current EHR/documentation process,
- review of current coding procedures and accounts to verify case coding accuracy,
- verification of cases for correct payment by insurance carriers,
- timeliness of entries, payments to calculate average revolving date
- audit of current patient and payor follow-up processes, and
- compliance tracking for issues and resolutions.
What Information is Required
We understand your practice information is confidential. abeo always initiates and signs a non-disclosure agreement. We will provide a detailed list of information needed regarding your business operations and performance that is necessary to deliver a comprehensive abeo Anesthesia Practice Assessment. We are happy to explain why each piece of information is necessary. We respect the fact you may not always be able to provide what we ask and will educate you on what may be absent or potentially skewed in the event of missing information.
What Will An Anesthesia Practice Assessment Reveal
Whether an assessment reveals minor areas for improvement or significant loss in revenue, it’s an essential step to improving profitability and making business decisions. We have learned there are always surprises through our experience conducting practice assessments on in house billing staff and local or national billing companies. A typical abeo Anesthesia Practice Assessment will include the following elements;
- overview of your current situation including general observations and findings,
- audit of coding, billing, collections, claims follow-up, and payment processing,
- detailed findings report that includes error rates, revenue impact, cost structure detail, and compliance issues
- comparisons on best practices, industry benchmarking and identifying areas for improvement.