Ensure Proper Reimbursement Today!
Intelligent technology and experienced medical billing trained staff ensure proper reimbursement.
One Client Tried a Different RCM Vendor
One client decided to try another RCM vendor to save 2% in fees and lost hundreds of thousands of dollars in one year. After returning to Fi-Med's RCM Plus services, an analysis showed they lost an estimated $835,508 in revenue or 24% of revenue by offshoring their accounts receivable management. Read more>
Collect More from Medical Debt
More than half of the debt that appears on credit reports as being in collection stems from medical bills. Many providers have to write off debt or settle for a percentage of their bill because they have sent the patient to a collection agency. We offer an alternative to increase collection amounts.
Reduce Denials With Our AI Technology
Our Artificial Intelligence (AI) technology simplifies and streamlines the billing process. In addition, it outperforms its AI contemporaries like 3M, and reduces denials by as much as 30% leading to a 10% overall boost in revenue.
What Is RCM Plus?
Fi-Med's award-winning Revenue Cycle Management (RCM) service RCM Plus streamlines and manages all back-end operations from start to finish, including coding and compliance, billing, claim appeals, payment, and reporting.
The fusion of our seasoned professionals and RCM technology enables you to maximize your overall revenue capture, fueled by an aggressive revenue cycle philosophy. Billing, appeals, and eligibility verification are all pursued as top priorities, coupled with our exclusive, smart-technology analytics that clearly outlines revenue cycle and documentation gaps for clients.
Our RCM professionals are highly experienced in coding and working with a broad range of specialties. We support you by using the latest in Artificial Intelligence (AI) with experienced revenue professionals that ensure coding accuracy.
AI - Coding Workbench
RCM Plus uses Artificial Intelligence (AI) and Natural Language Processing (NLP) to examine your charts, pull diagnosis and procedure codes from the descriptions, and automatically assign modifiers by payer, all to simplify and streamline the billing process. RCM Plus’s AI technology not only outperforms its AI contemporaries like 3M, but both on- and off-shore outsourcers; denials are being reduced as much as 30%, leading to a 10% overall boost in revenue.
Fi-Med’s exclusive revealMD technology analyzes your physician coding, identifying provider under coding that is losing you revenues and over coding that places you at potential audit risk. RCM Plus revenue experts quickly identify where the revenue and risk points and work with you to correct them.
Coding - CPT, HCC/RAF
RCM Plus team of certified coders reviews your billing documents and documentation of service to verify that your services are billed to all carriers correctly upon the first submission. We follow the most current correct coding and billing guidelines for all insurance carriers to insure rapid turnaround of your accounts receivable.
Using your practice’s cost and collection data, Fi-Med will calculate what it costs in real dollars for every procedure performed. The RCM Plus team also develops line-item values that are critical for analyzing the profitability of managed care contracts. Using precise modeling, we can calculate both the cost and collection per RVU – the most important metrics for measuring the effectiveness of revenue generation and cost containment efforts in a dynamic system.
Fee Schedule Analysis
The fee schedule is the single most important financial tool within the practice. For all payer groups, RCM Plus statisticians benchmark fees against multiple metrics, including state and national charges, average category conversion factors, and other market values, this ensures that the fee schedule is perfectly balanced between market levels and profitability.
Provider Productivity Analysis
Fi-Med has been able to create this compensation model through the development of internal benchmarks for revenue, expense, utilization, work effort, acuity normalization, and by defining FTE criteria. The number of assessed hours the provider works is calculated based on the Harvard/RUC time study. Additional benchmarks include minutes per work RVU, procedures per hour, collection and cost per hour.
RCM Plus experts review all claims not paid upon first claim submission. We update providers on changes to payer policies that affect reimbursement and generate appeals of claims erroneously denied by insurance carriers. Our integrated approach to accounts receivable insures that multiple claims will not be denied needlessly for the similar reasons.
The Fi-Med bonded lockbox representatives manage all of your payments from patients, insurance companies and private payers. This includes electronic funds transfers and assuring the receipt of the corresponding electronic remittances. All payments are received, recorded, deposited, and reconciled, ensuring the most up-to-date reporting of your accounts receivable while providing the highest level of financial protection for your practice.
Fi-Med is uniquely qualified in assisting both new and established physicians in the enrollment process for government and commercial payers. Our enrollment team tracks required changes and dates of importance for existing credentials and supports the provider in enrollment with new insurances to your practice.
Document Storage & Retrieval
Fi-Med archives your data for storage and future analysis through secure methods that comply with HIPAA guidelines. Our focus is to preserve and protect information, and to make it accessible to you for review at any time, 24 hours a day.
Debt Assistance & Collection
More than half of the debt that appears on credit reports as being in collection stems from medical bills. Many Providers have to write off debt or settle for a percentage of their bill because they have sent the patient to a collection agency. Fi-Med has a program that works with a national credit counseling agency that helps patients and physicians to work out a program that enables patients to pay their medical bills and allows physicians to receive payment for their services.
RCM Plus with its intelligent Revenue Cycle Management technology and experienced revenue professionals enables you to focus on healthcare knowing you have an experienced RCM team behind you.
RCM Plus Benefits
There are a number of revenue challenges practices face today. Limited resources, shrinking staff, changes in reimbursements, poorly reimbursing insurance plans, coding challenges, unmanaged risks. The only thing that is growing is the amount of problems! We can address these challenges for you and increase your revenues.
Maximize Revenue Capture
Improved reimbursement rates through accurate coding and claims submission and lowering denial and appeal rates.
Outline Revenue Cycle & Documentation Gaps
Find and address areas of discrepancy between provider documentation and coding/billing information to further maximize revenue capture.
Simplify & Streamline Processes
Improve provider productivity and enhance patient satisfaction with streamlined scheduling and billing processes.
Improve The Organization's Financial Health
Reduced overhead costs by outsourcing billing and RCM. Gain improved financial forecasting and budgeting insights with comprehensive reporting and analytics. Enhanced compliance with constantly changing regulations.
How It Works
We customize our billing and revenue cycle management services to meet the needs of every client.
Connect with Us
Let us know your billing and RCM pain points or current gaps.
We Find a Solution Together
We listen to your needs and strategize with you on solutions, concluding with a recommendation proposal.
We work together to put the billing and RCM solutions you choose and approve into action.