"This has been done by helping Finance, Managed Care, and Revenue Cycle professionals resolve specific payment issues such as underpayments and denials"
Charlotte, NC (PRWEB) January 04, 2017
PMMC, a leading revenue cycle management company, has doubled its clients' underpaid collections with its hospital contract management software in just two years.
This translates to each PMMC client recapturing and adding an average of over $1.44 million to its bottom line during 2016.
“During the last three years PMMC has put a strong emphasis on reducing the time it takes for hospital contract management staff to identify payment and billing errors. This has been done by establishing metrics related to determining, measuring and correcting calculation issues, monitoring and resolving accounts with data errors, and helping Finance, Managed Care, and Revenue Cycle professionals resolve specific payment issues such as underpayments and denials,” says Stephen Summers, PMMC’s Vice President of Contract Management.
Here’s a look at how PMMC clients have benefited, by the numbers:
- Payment Accuracy (using PMMC metrics) increased from 91.26% to 95.6%
- Number of days of accounts in error decreased from 16.27 days to 2.96 days -- allowing underpayments to be worked faster
- Using a same store model, underpayment collections are up 102% in two years
- Client satisfaction (according to a recent HFMA Peer Review Survey) is greater than 90%
To increase client success, PMMC began monitoring unexplained payment variances requiring further investigation, numbers of accounts considered in error, client implementation of work queues, and underpayment recovery rates to increase efficiency by calling attention to unresolved payment variances.
PMMC account managers monitor payment accuracy each month for each client for their top 20 payer contracts. The results are reported to PMMC senior management so that client needs are identified and corrected.
Similarly, PMMC account managers also monitor days of accounts in error. This is done weekly for each client and reported to PMMC senior management so that client needs are identified and corrected.
Finally, appropriate work queues are reinforced and monitored by PMMC account managers and hospital staff so unworked accounts can then be reported to the client.
“PMMC is very proud of what its team has accomplished,” says Roger Shaul, PMMC’s President.
PMMC provides high value revenue cycle software and services to improve the financial performance of healthcare organizations. PMMC’s unique combination of software with 30 years of revenue cycle expertise reveals greater financial accuracy and missed revenue opportunities in the areas of underpayments and denials, pricing transparency, and value-based reimbursement – resulting in a 10 to 1 client return on investment. For more information, visit http://www.pmmconline.com.