LeadingAge New York Adviser Fall 2015 Vol. 1 - Page 49

Is It Time... (Continued from page 47) with accompanied gap training can best be handled with assistance from a handyman. Tackling this type of project on your own may leave you in need of a general contractor. Assuring you have a strong revenue-cycle foundation may require the assistance of an expert. A sure sign of an unstable foundation is if your outstanding accounts receivable greater than 90 days is more than 25 percent (excluding Medicaid pending). A general contractor can conduct a cash recovery project that can bring in much needed cash and also clean up your AR. Since it is likely that accounts receivable balances will increase under Medicaid managed care, and at least temporarily under ICD-10, working with a general contractor now to address receivable issues is advised. It is very common for small home improvement jobs to escalate into extensive projects requiring general contractors. Have you ever replaced a few roof shingles, only to find a leak with water and mold damage, or stained your deck and discovered rotted deck joists? By making changes to your revenue-cycle processes, you may discover that you have significant issues that need immediate attention. An operations review of your revenue cycle will identify inefficiencies and obstacles that cause billing and payment delays. A general contractor has the experience and knowledge needed to review your entire revenue cycle—including admissions, resident care, charge entry, billing, follow up and payment posting—and find areas that are in need of refurbishing. If you find it is difficult to hire and retain competent billing staff, an experienced general contractor will be able to provide you with a prefabricated approach to your revenue cycle. By outsourcing some or all of your billing functions, you can continue to utilize your EMR and/or billing system, eliminate staffing woes and guarantee that selected duties are being handled by experts. Under a prefab outsourcing arrangement, you can retain valuable staff to perform front-end revenue-cycle duties, while a general contractor handles most of the key functions. Whether on-site or via remote access, general contractors can proficiently complete revenuecycle responsibilities, allowing your staff to focus on other important obligations. Once you identify the kinds of revenue-cycle projects you need to complete, you will need to determine the skills that are necessary to assist or complete the jobs. Even though your staff may have excellent do-it-yourself or handyman skills, you may need to bring in a general contractor for consultation, plan development or project completion. Contact Andrea Hagen, director, Bonadio Receivable Solutions, LLC, to discover how BRS can help improve your revenue cycle operations at 585.662.2270 o ȁ