Ensure you’re charging enough for your services to maximize reimbursement
If you charge less than what a payor is willing to pay, they will only reimburse the lesser charge amount and you’re missing out on the difference in charges. Our analysts perform comprehensive Chargemaster Reviews to ensure you’re charging enough for your services.
We take your utilization report, look at the top 20-50 codes for the practice and map those codes to all available fee schedules for the practice. We then assess whether the chargemaster is an accurate representation of what payors are reimbursing you, or if you should revise your charges. We assist in updating your system charges for you to ensure everything is up-to-date, based on your current fee schedules. We recommend loading fee schedules into the practice management system so you can track what payors are paying and compare to your chargemaster, and we assist with this process. You are likely losing cash if you don’t know whether you are being paid your contracted rates.
We’ll also offer you expert advice about whether it’s time for your fee schedules to be renegotiated with our Contract Negotiation services. Don’t lose money by being one of the many offices that neglect to review your contracts annually. Hire us to perform a reimbursement analysis and to review your contracts every year and realize a significant return on your investment.
What Our Customers Have to Say
We are fast approaching our one-year anniversary, and although I wish circumstances with HFT Counseling had been different, I am truly glad that Legacy Consulting was there for us. Internal flags with our HFT ministry arose in the spring of 2015. In the fall of 2015, we initiated our search for a medical practice audit firm.
The Legacy proposal stood out not only for the skills and expertise offered, but more so for the strong alignment of Christ-centered values between Legacy and Patrick Henry Family Services. Your Legacy team quickly verified our concerns and diligently dug in to completely diagnose the situation; they met with clinicians, staff, and constituents to thoroughly assess the severity of the problem; produced comprehensive reports and analysis; and provided a comprehensive corrective action plan.
Without reservation, The Legacy Consulting Team was outstanding in their work for Patrick Henry Family Services. You were thorough, detailed, professional, and a “friend” when we needed one. The results were outstanding and timely. With Legacy, we have a bright future!
Stephen O. Edwards
COO, Patrick Henry Family Services
Donna was a billing manager responsible for $15M in annual cash collections. Due to Donna’s management capacity, healthcare reimbursement knowledge, information technology skill set, human resource acumen and energy level, her …responsibility grew fivefold. Throughout this career growth phase, Donna thoroughly execute on all key initiatives in the revenue cycle management area for the Company. The strong cash flow generation resulting from Donna’s leadership provided capital for the Company to continue its business development expansion.
Donna is also a person who displays great character and integrity. During the course of our work experience, I developed a complete sense of trust in her decision making process regarding business issues and employee development. In my twenty plus years of health care experience, it is rare to find an executive that is so well rounded.
Chief Finanical Officer
"We have worked with the team from Legacy Consulting for over four years to provide analysis and detailed metrics related to revenue cycle management. The level of service and support, as well as the accurate and timely data, have greatly enhanced our overall revenue and collection functions. Legacy is a great partner and we look forward to successful relationship for the future.”
Motion PT Management CFO
Hospitals are Posting Price Lists
In January of this year, a rule went into effect requiring hospitals to publish their price lists, or charge masters publicly on their websites. The rule applied to all of the nearly 6,000 hospitals in […]Read More
Drug Price Legislation Faces Challenges
In May we released an article about a proposed rule coming down from CMS regarding drug prices in advertising. In June we noted that drug companies were fighting this rule in court. This month we […]Read More
Drugmakers Sue Over Drug Prices in Ads
Pharmaceutical companies like Amgen Inc, Merk & Co, Eli Lilly and Co, as well as the Association of National Advertisers, filed a lawsuit Friday, May 14th against the Trump Administration regarding the new CMS final […]Read More