Efficiency = Increases Cash Flow, Bottom Line & Practice Value

Many medical practices find difficulty identifying inefficiencies or implementing corrective actions identified as inefficiencies. Many medical practices fail to establish `Key Financial Indicators’ (KFI’s) or operations benchmarks for such areas as: Average Revenues/Patient Visit, Revenues to Total Procedures, Fluctuations in Procedure Code Levels, Average Days Revenues (ADR), Days Revenue Outstanding (DRO), Days in A/R and Delinquency Tolerance Ratios (DTRs) and tracking amounts allowed and reimbursement levels by ALL contracted insurance payers.

These critical financial measurements are absent in many practices having 7 and fewer physicians. URS Billing Services provides these and much more key data to all of its clients.  The success of today’s medical practice requires pinpointing weaknesses and taking necessary corrective actions. Measure! Evaluate! Take Action!

Key Operation Benchmarks Which Are Monthly Tracked Per Physician:
-    Charges
-    Revenues
-    Adjustments
-    Net Ending A/R including net change from previous month
-    Percent Revenues to Gross Charges
-    Total Patient Visits
-    Average Revenues Per Visit
-    Establish / Measure Delinquency Tolerance Ratios for A/R
-    Establish / Measure Revenue Sources to Total Revenues
-    Establish / Measure ADR Targets
-    Establish / Measure NDRO Targets
-    Establish / Measure Days in A/R
-    Establish / Measure Revenues For Top 15 CPT Codes
-    Establish Solid Relationships With ALL contracted Insurance Providers

Once these Key Operations benchmarks are established, correctly monitored and managed, along with `alert algorithms’, profits and cash flow will begin to rise. Physicians will be able to draw paychecks the same day as employees.
The URS management team’s principle fiduciary responsibilities to ALL of its customers are not only optimizing revenues and controlling costs but increasing the value of the client’s practice.

The URS management team’s principle fiduciary responsibilities to its customers are not only optimizing revenues but increasing the value of our client’s practice.

Sitting Is Killing You

Via: Medical Billing And Coding

How to Increase the Value of Your Practice, by Managing Director, Richard L. Tamburello

Increase the Value of Your Practice

In today’s economy many physicians are fearful of seeing the value of their practices evaporate. Two primary reasons are stagnate and declining insurance reimbursements.  Other reasons include uncertainty with respect to federal tax policies, mandatory insurance coverage, higher employee payroll taxes, etc.  These can all have a direct effect on valuing your medical practice.

If you were to draw two lines on a graph, one showing gross revenues the other employee costs, the two will likely show trends of moving closer or worse, intersecting, hence impacting cash flow, your bottom-line and the value of your practice.  In past years, the area between the two was likely much greater.

Medical practices should consider and evaluate the financial benefits of contracting with a proven medical billing service organization.  This is the best way to effectively manage and control most billing and collection related costs.  URS Billing Services, LLC has the proven method of ensuring the area between revenues and billing costs never intersect, resulting in improvement in cash flow and profitability. URS takes great pride in servicing its clients medical billing needs and making sure financial goals are met each for each reporting period.

The Importance of Conducting Insurance Follow-Up by Richard L. Tamburello

Insurance follow-up is a billing function for ensuring optimal revenues, minimizing bad debts, reducing patient complaints and accelerating revenue cycles. Over the past 15 years, I have conducted numerous A/R analyses for various-sized medical practices and have found this key aspect is often overlooked. In some cases unpaid claims are re-filed without determining and correcting the cause of denial resulting in an endless cycle of rejections. When the watchful eye of the doctor or administrator is omitted from this vital task, valid charges are written off.    

How does a physician or practice manager know when denied claims are promptly addressed, corrected and re-filed?

I recommend the following method: 

•    Run a 'Total A/R Aging Report' using the parameter 'Date of Service'
•    Do not run reports showing 'Insurance Re-billing or Billing Dates'
•    Generate a 'Patient Balances A/R Report' using the same parameter 'Date of Service' 
•    Subtract Patient Balances A/R data from the 'Total A/R Report' and it will provide accurate data on unpaid insurance charges

These reports should be run twice a month and provide information as to which insurance companies and patient charges are not meeting timely adjudication.

Tell Us: How often do you conduct insurance follow-up? Is it on your top priority list? 


Questions? Contact Richard @ Rtamburello@e-urs.com 

Who Moved My Cheese? by Lauryn E. Tamburello

In college, one of my professors instructed our class to read the motivational piece, “Who Moved My Cheese” by Spencer Johnson. Its purpose was to invigorate the class into thinking about the concept of 'change'. The book’s theme focused on learning and understanding the benefits of being proactive, accepting change, getting excited about change and more importantly, not accepting change could seriously jeopardize the future success of any business.

The reason for me highlighting this book is to urge those who are hesitant, reluctant to change and fearful of losing control through outsourcing should keep in mind `change’ is necessary to preparing and experiencing ongoing success. Here are a few reasons why many medical practices hesitate to outsource certain aspects of their businesses:

-          Is the work getting done?

-          Is the billing company’s staff really concerned about my revenues?

-          Is the billing company looking out for my reimbursements?

YES! YES! and YES!

URS Billing Services, LLC is the fiduciary agent for its customers. It is incumbent upon us to complete all of our assigned billing responsibilities, including filing charges within 24 hours of receipt and matching procedure code reimbursements according to existing insurance contracts.

Financial Benefits

URS' financial benefits can be summed up in two words: Cost Efficient

Now is the time to evaluate for yourself and ask, “are there real obvious and clear benefits to seeing more patients and leaving the billing to URS Billing Services”? Call today and receive a free, no obligation analysis of your practice.

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Credentials of Managing Director, Richard L. Tamburello

Richard L. Tamburello

Managing Director

Richard has over 35 years of extensive account receivables management experience in healthcare, banking and finance.  His expertise is in the formulation and implementation of policies, procedures and strategies for increasing cash flow and improving the client’s overall profitability through revenue optimization, automation and training.  Richard gained much of his management and financial skills at major banking and other financial institutions, and as owner/manager of medical billing and collection management companies.  Richard has also conducted seminars and workshops focusing on effective communication techniques for securing payments from insurance providers, patients and other third party payers.  He has also consulted and developed policies on protecting account receivables.

Richard founded United Recovery Service, Inc. in 1993, after serving as President/Managing Director of Universal Healthcare Management Group, a professional services organization providing reimbursement management services, medical billing, consulting and temporary and permanent staffing solutions to healthcare providers.  Before founding UHCMG, Richard organized a debt collection company in 1982 where he served as CEO for eight years.  The company was responsible for collections of more than 10 hospitals, numerous doctors and physicians group practices and over 70 businesses.  Richard’s responsibilities included managing 45 employees, operations, formulating strategic planning initiatives and implementing marketing policies.

Richard’s specific accomplishments include directing large-scale insurance follow-up reimbursement projects at Sinai Faculty Practice, Johns Hopkins School of Medicine, Southeast Emergency Physicians, Harbor Hospital, Memorial Hospital, Potomac Emergency Physicians and many other healthcare providers.  He also developed and implemented debt collection management strategies for over 150 diversified commercial and retail clients.  Richard held the position of Cost Center Manager at Maryland National Bank where he was directly responsible for over 380,000 credit cardholders and a staff of 25 supervisors and collection personnel.

Richard received his BS/BA degree from American University in 1976.  He has assisted with coaching of JV/Varsity Lacrosse teams at Fauquier High School.  He also has been very active in Fauquier County youth sports were he served as head coach for six years and Treasurer for two years.  He is also an active member of various senior financial executives associations.