Consulting Services

Shared Management Services offers a no cost, no obligation practice review to determine how working with SMS could benefit your practice. The audit will focus on accounts receivable management and billing operations. A “wellness” check for your practice can prevent serious financial incidents or validate that your practice is on target in its business practices.

SMS can examine your accounting records to benchmark your billing costs with your billing results and determine if your practice expense and your billing and collection efforts are appropriate. The efficacy of your billing system, your employee’s system knowledge and the acceptance of the technological advances in medical billing can be assessed during this practice review. We often find that systems have capabilities that are not being maximized and therefore the practice is not receiving its expected return on its investment in either staff or technology.

A comprehensive audit of the billing operation will include the following:

Data gathering and reconciliation
Demographic entry process
Charge capture process
Coding
Claims submissions / insurance billing methods and timing
Patient statement process including timing and quality of communication
Patient and payer inquiries including monitoring and expertise
Payment posting processes, timing, and internal controls
Claims status monitoring and online correction / submission capabilities
Insurance follow-up processes
Denial management process including appeals and reporting
Contract compliance monitoring
Reimbursement analysis including your fee schedule and managed care payment schedules
Patient balance collections including collection agency performance
Credit balance management including internal controls and compliance
Record retention, retrieval, archiving and destruction protocols
Management reporting capabilities and follow-through
System balancing process
Use of system features, system set-up and maximizing electronic capabilities

SMS will provide a complete written report of its findings.

Please contact us to discuss your practice’s needs and a review can be scheduled.