If Your Revenue is Declining
Hawthorn Will Fight For You
Many physicians are asking fundamental questions about their financial success:
- Why does the practice of medicine have to be complex?
- How can I better manage the key drivers of my income?
- Why can’t I collect the fees that I am due to be paid?
- Why does it seem like I’m working harder and earning less?
- Will I make more money this year than I made last year?
It’s sad but true. The practice of medicine is becoming more complex every year, and physicians know first hand how difficult it is to bill and collect the money they have earned. For many medical practices, physician revenue is declining or growing only modestly. According to Robert Priddy, “Physician incomes have averaged about a 1% increase annually over the past 20 years.(1)” That means physicians’ incomes are flat at best, and even with a low inflation rate, their buying power is declining.
There is so much to get wrong
As physician Darryl Weiman notes, denied claims represent an ongoing challenge. “With the rapid transformation from fee-for-service to value-based models, denial rates remain high, at nearly 1 in 5 claims. The complexity of value-based payment models almost guarantees an increase in denials, simply because there is so much to get wrong.”
Payers are under pressure to protect their financial results. As one physician said, “Insurance companies are not in business to lose money. When they are paying out more for health care than they are bringing in in premiums and governmental subsidies, they will raise premiums, increase deductibles, ask for more subsidies, or pay less for the care rendered. It is the decrease in my payment that is of most concern.(2)”
You deserve a partner who will fight for you
If you’re tired of the same results, give Hawthorn the opportunity to fight for your income. We have over 40 years’ experience with medical billing and collections, and we have the knowledge and skills to drive more revenue to your bottom line. No other revenue-cycle management partner can match our commitment to training, coaching and sharing best practices, and we’ll put our results up against any other firm.
We fight back by submitting cleaner claims
Our coding software recognizes inaccurate codes during initial entry rather than during claims processing. A second scrubbing application is located within our insurance clearinghouse, where we capture any medical necessity and bundling issues that might require follow up or correction. Our claims are reimbursed faster due to the elimination of incorrect codes.
We fight back by resubmitting rejected claims
We can reduce your denials because we specialize in resubmitting rejected claims. Hawthorn’s rejected claims are received within 24 hours of submission, and we make corrections and refile claims immediately. All rejected claims are worked daily, so we avoid claim denials due to late filings.
We fight back by pursuing denied claims
We can capture more revenue by resolving your denied claims. Studies have shown that 63% of denied claims are recoverable simply by instituting better business practices.3 Hawthorn’s proven practices are designed to overcome the hindrance of denied claims. Hawthorn’s specialty teams work denied claims as soon as payers’ explanations of benefits (EOBs) are received from our payment posters.
- We resolve denials caused by coding or demographic issues.
- We determine when denials are linked to claims filing status.
- We elevate denials to our dedicated A/R team for settlement.
We retain claims longer and work them harder. We place fewer bad debts with collection agencies and deliver more profit to your bottom line.
We fight back with metrics and analysis
Physicians can adopt strategies for improving their financial performance — if they have access to accurate performance metrics and professional consulting. Our systems generate actionable insights about your business performance metrics, and we will recommend specific strategies for continuous improvement, year after year. From the initial bill date through final resolution, our tools and metrics allow medical practices to capture incremental revenue.
Give us the chance to fight for you
If you’re tired of the same results year after year, consider fighting back with Hawthorn as your preferred revenue cycle management partner. We’ll deliver specific, tangible benefits to your practice, including sustained cash flow, improved liquidity, and greater annual income.
Tell us how we can help
Hawthorn offers comprehensive revenue cycle management for medical practices, and we’ll fight for your revenue at every step of the process. We’ll collect the fees you deserve, convert your services to cash and increase your profitability.
Hawthorn has operated under the same ownership for its entire 40-year history, and we have been named among the top 10% of RCM companies by HBMA. Our approach to revenue cycle management is based on a value-creation system we call The Hawthorn Advantage — a set of benefits and promises to which we hold ourselves accountable in every client relationship.
If you would like to learn more about the Hawthorn Advantage, please contact us. We are physician advocates, and we will be pleased to provide additional information or prepare a proposal for your review.
No other revenue cycle management company can match our dedication when pursuing your claims. To learn how we can maximize your reimbursements, click here.
References:
- 1 Robert F. Priddy, FAQ, www.thirdevo.com
- 2 Darryl Weiman, M.D., Pay Cuts for Physicians, Huffington Post, 2017
- 3 Healthcare Finance News, 2017
About Hawthorn
Hawthorn Physician Services Corporation is a privately-held, nationally-recognized healthcare revenue cycle management firm located in St. Louis, MO and currently operating in all 50 states. Hawthorn serves hospital-based medical practices, including pathologists, anesthesiologists, radiologists, hospitalists, emergency physicians, and radiation oncologists, plus office-based specialties, including internists, cardiologists, endocrinologists, wound care specialists, and infectious-disease physicians.
