Healthcare industry margins are under greater pressure than ever, and the complexities of the revenue cycle continue to increase. LaPlant brings together the industry, functional, technical and people skills to help healthcare providers negotiate these financial challenges, even as regulations and reimbursement models evolve.We have a long track record of helping our clients develop and implement proven revenue cycle solutions, working as a partner to implement solutions that achieve results free of blame or alienating staff.
- Zero Balance Reimbursement Audits. Hospital margins are slimmer than ever, as they continue to be under the pressure of decreasing reimbursements and upward trends in expenses. LCG helps providers collect every dollar they are owed from payors in order to achieve a strong bottom line. LCG’s Zero Balance Reimbursement Audit service combines our revenue cycle expertise with proprietary software to identify reimbursement variances. Once variances have been identified, we strategically navigate through payor bureaucracies in order to recover the additional dollars owed to the hospital. The audits are 100% contingency based so you only pay a portion of the additional amounts we collect for you. If we find nothing, you pay nothing. Best case scenario is that we collect additional reimbursement that goes right to the hospital’s bottom line. Worst case scenario is the satisfaction of knowing that a third party has come in and reviewed your payments and helped provide assurance that your hospital is being paid correctly.
- Decrease A/R. Most often, the ideal solution to decreasing A/R is to make changes internally and reduce receivables without additional staff or outsourcing. In some situations, it makes sense to take a hybrid approach, supplementing internal activities with temporary staff. In other circumstances, a targeted outsourcing arrangement combined with internal improvements yields the desired results. We can help you assess all the options available and assist you with an approach that minimizes the outlay of resources while maximizing return.
- Improve cash. There are many places cash can hide, including: missing charges; services not charged for; backlogs in charging, coding or billing; underpaid claims; unpaid aged claims; and charges/claims inappropriately written off. We help providers identify these opportunities and are skilled at collecting every dollar due. A decreased A/R and increased cash improve your days of cash on hand, decrease needed reserves, make more cash available to fund capital projects, and may also contribute to an increase in your bond rating.
- Improve efficiency. LaPlant helps you increase efficiency through optimized workflows and complete redesign of processes when necessary. We teach your staff new ways of doing things and implement changes that are durable and generate a return month after month. We also have years of experience implementing productivity tracking, evaluating staff performance, and recommending appropriate staffing levels.
- Prepare and lead through major change. We are experts in both outsourcing certain revenue cycle functions and in helping leaders in-source previously outsourced functions that did not deliver intended results. We can assist leaders in the merger of revenue cycle functions across facilities to achieve economies of scale. And we’re uniquely skilled at managing major changes across organizations while maintaining staff morale and limiting hiccups in claim submission and cash flow.