Revenue Cycle Management

After meeting with patients all day, who has time or energy to focus on running the business side of a private medical practice? Focus on your strengths and outsource revenue cycle management work to Innovative Health Management Partner, LLC to reduce your costs and increase your revenues. We provide a comprehensive suite of services designed to help independent practices remain independent while focusing on quality of care and not running the business.

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Let Us Help You Take Control of

Your Bottom Line

Managed Care Contract Revenue Optimization

Industry experts agree that the average practice leaves anywhere from 3% – 15% of cash on the table in the areas of contract management and understanding unique payer requirements.  IHMP’s team have identified millions of dollars in opportunities overall for combined practices.

We will assess your current payor contracts to identify opportunities to improve performance against contracts. We review payer contract acquisition, negotiation, management, and reporting to eliminate guesswork, repetitive process and to increase cash flow

Revenue Cycle Management

Our experts will reduce the number of insurance headaches by optimizing your revenue cycle management workflow and functions. This service includes claims processing, coding, coding review, claim submission and appeals, collection, and reporting. These services include the submission of PHI to 3rd party entities that your practice is contracted with to affect the claims payment process.

We identify and fix all found problems in coding and charge-reconciliation for all provider practices.   This will include routine follow-up audits performed after we provide the necessary training and education to staff. We often find many issues during our review. 

We create written policies and procedures for all revenue cycle functions.

Payroll Administration

We manage the complexities of your clinical and staff payroll needs including managing shift changes, tracking licenses and creating curricula.

We ensure timely and accurate processing of payroll for your practice. We assume the burden of designing and implementing processes and procedures to ensure compliance with internal polices, union contracts, federal and state law, and other regulatory requirements.

Accounts Payable

We provide profit center allocation and accounting for each practice location. We cover all these tasks:

  • Organize and prioritize invoices to pay.
  • Code invoices.
  • Resolve discrepancies.
  • Review vendor statements.
  • Process credit memos.
  • Match the invoice, purchase order and packing slip (for physical goods)
  • We provide all required statements and financial reports

The Bottom Line

  • We will identify areas of lost billing and charge capture opportunities.
  • We will illustrate lost opportunity results and what problem areas are identified for a corrective action plan.
  • We will make immediate charge capture and billing of charges changes.
  • We will ensure an improved bottom-line on previous and future claims.

  • We will identify, educate and implement appropriate billing, coding, and reimbursement of services processes.
  • We guarantee improved billing and reimbursement operations.
  • We will uncover areas of training and education and provide that service.