The following is a column from Vachette CEO Mick Raich
I have a nephew who I raised as my first son. His dad went away and my sister needed help. Perhaps it is not the best idea to ask a 20-year-old to raise a 10-year-old as both of us were still growing. I got lucky, though, and he was a great kid with a strong sense of moral character. He has grown into a respectable adult whom I admire.
One of the jobs he had while he was younger was working on train wrecks. His company would be called to drive out to some area and use giant bulldozers and counterweights to lift the cars and put them back on the track. Often, there would be scattered items on the ground from inside the car: television sets, food, clothes or brand-new cars. All this new stuff was destined to go somewhere and now laid in a ditch alongside the tracks. His company would have to roll over this stuff with the bulldozers to destroy it. Sad.
This is how I see medical billing in the summer and fall of 2020. Many providers had a major loss of revenue as their patient volume dried up. Now, billing is starting to ramp up and put the cars back on the tracks. I am wondering whether this shift in work volume will lead to a large amount of collectible dollars being left on the table and sent to collection without any effort? Remember, billing is a detailed business and billers make money on collecting the largest amount of revenue the quickest possible way.
As billing ramps up and billing entities are working on charge capture and getting bills out the door, the focus on old denials and working claims will be on the back burner. Don’t allow your billing dollars to be written off in a cleanup attempt this fall. There will be millions of dollars which need attention. Your billing came off the track — use Vachette to help make sure it is back on track and headed in the right direct.
If you have questions about your billing results and need a little expert advice, call us at 517-486-4262. We will come prevent the bulldozer from scraping your revenue clean.
Note: Vachette is a revenue strategy, revenue management and revenue insurance consulting firm, we do not do medical billing.