Practice Management Outsourcing
We offer a comprehensive practice management product: Management Outsourcing. This product provides management sophistication and expertise required to optimize operational efficiencies enabling the physician to spend more time on practicing medicine rather than administrative matters. Our management outsourcing solution includes:
Complete Office Management
Integrated Information Systems
Complete Financial Management and Centralized Billing
Tools to effectively manage cost and quality (Best Practices)
ICS's core business is providing financial management services through a centralized billing service and management office environment. This service involves the transfer of data from the practice to our Centralized Billing Office (CBO) utilizing an integrated information system. The CBO will assume responsibility for the management of billing to include:
Electronic Claim Processing
Account Receivable Management
Fee Schedule Design
Third Party Payer Contracting
ICS understands the pressures and challenges medical practices are faced with in today's complex medical services reimbursement environment. The situation of increased demand with lower payment for services is becoming a real problem. ICS can help practices reduce the risk of revenue loss through implementation of its financial management program. ICS has successfully implemented this programs in dozens of medical practices, and in many cases, increased practice revenues by more than 25%. The fundamental concepts behind ICS's program are as follows:
"Garbage In- Garbage Out"
One of the most effective ways to ensure maximum and timely reimbursement is to submit a clean claim for services rendered. The critical steps associated with submission of a clean claim involve proper registration of patient demographic and insurance data, appropriate modifier use, and matching appropriate diagnosis codes with CPT codes.
Bill Every Day
A medical practice revenue cycle starts with appointment scheduling or service request and ends with full payment for the service rendered. Obviously, the shorter the cycle the better for the financial health of the practice. Submitting bills (claims) every day, whether electronically or hard copy, is a fundamental necessity and results in shorter revenue cycles.
"Dial for Dollars"
The days of submitting a claim and receiving payment 30 to 45 days later without intervention are over. Aggressive account receivable management is an absolute must. Over 80% of ICS's business office resources are dedicated to account receivable management involving phone interaction with insurance companies and patients regarding payment due. If necessary, ICS will also pursue legal remedies to enforce payment.
Payer Relationship Management
Whether we like to admit it or not, in today's environment the payer community has the upper hand. Accordingly, ICS makes monumental efforts to develop relationships with key members of payer organizations and works closely with them to ensure their understanding of the specific needs and situations with each client practice. These efforts have resulted in fewer reimbursement cuts and more timely payment for services.
Good information leads to sound decision making
Effective communication is vital to any successful business. ICS provides physicians with useful information in an easy to understand format. Monthly reporting is a standard service and each report is customized to the specific needs of the practice.
Consulting & Management Services
We also offer consulting and management services that include:
Revenue Cycle Analysis and Management
Human Resources Program Development
Market Research and Financial Assessments
Business Plan Development
Equipment Procurement and Project Management
Facilities Design and Programming
Regulatory Compliance Program Development
Network Development and Practice Integration