Physicians are by nature people of habit. We have been trained in the care of patients with compassion and intellect. What we do not learn in residency and training is how to manage a practice nor how physicians get paid. Through several years of trial and error, we learn how to bill, manage a practice and pay the expenses of a practice while taking care of patients.
As an Orthopedic physician, my practice is centered around patient care for fractures, arthritis and sports medicine. A large part of my practice takes place in the hospital where I care for injured patients, be it during the day, night or on weekends. During my hospital rounds, I have my white coat, my stethoscope and my phone at all times. It became very clear to me that I was very good at taking care of my patients, but it was difficult for me to find time to write down procedure and diagnosis codes, then getting them to my office billing staff. I decided I needed to find a solution to this problem, which is how I began using the mobile charge capture solution, maxRVU.
maxRVU allows my partner and I to input our patients, share rounding information as well as help us code surgeries and consult with CPT and ICD codes. It also makes us HIPPA compliant. We both have busy practices, working at our capacity for the past eight years. We started using this in March of 2011 and saw good results right away. About three months ago, we decided to review what difference the product made on our bottom line. We were well aware of the anecdotal evidence after using it for a year. Our billers are no longer waiting for us to submit charges for them to bill nor pressuring us for clarification of codes; we are no longer losing billing sheets in our cars or finding our kids using them as drawing papers. The revenue cycle is smoother; coding is done by us as physicians and surgeons with no hesitation and full compliance. The issues of illegible writing have gone away. We know that all this added to the bottom line of profitability, but it was hard to come up with real numbers as to how much money maxRVU has saved us.
We did a comparison of a few procedures before we began using maxRVU and while we were using it. With just three simple procedure codes, my partner and I combined were able to capture charges for about 350 more patients and resulting in over $100,000 more in captured charges. We had no idea that we were missing out on so much revenue.
To help us navigate through the complex nature of billing and collections, several technological advances have been made. It is clear from our two physician study that the average physician, regardless of how particular he or she is, loses a significant amount of billable charges at point of care. With this case study, we were able to conclude that maxRVU helped increase our captured charges by about 13 percent, which is a significant impact. In this medical environment of diminishing reimbursement, we should capture and charge for all of the work that we are doing. It is clear that with the help of a mobile charge capture application like maxRVU, we are able to collect more money.
John Malonis, MD
Gurpreet Bajaj, MD