The revenue cycle is the process in which revenue flows from beginning to end within an organization. In a practice care setting, this starts the moment a patient is brought into the practice until the patient’s service is complete and payment is rendered.
By implementing legal processes to the medical profession, providers can obtain fair payment for their services. We will utilize a multi-step process of evaluation, starting from patient intake through the collection of a billed claim to identify the areas that are causing delays in payment or possibly even the non-payment of claims.
Sovrin’s expertise is in revenue cycle management and we look at the revenue cycle with five major sections dividing the patient care process; these divisions include every aspect of the flow of information and flow of revenue. The five major sections include:
- Benefit Management - Contract Management - Claims/Coding/Billing - Denial Management - Revenue of Old Accounts Receivable
Our legal perspective and background allows us to properly evaluate, solve, and provide the highest return, which will help your practice acquire the most out of its business.
From collecting incoming patient information to analyzing benefits, this sector is often overlooked, yet crucial to the entire functioning of providing health care. Our legal background lends its aid in managing the initial contract between payer and patient, which ultimately affects authorizations and payments for services.
Contracts should constantly be evaluated, professionally analyzed, and appropriately upheld. Sovrin’s background in health care law, contracts, and negotiation gives us the advantage over our competitors. We provide evaluation, analysis, and solutions with proprietary knowledge and legal expertise. Whether you are an in- or out-of network provider, through contract management, Sovrin can bring a higher return to your practice’s services.
Revenue Recovery of Accounts Receivable
How much money is backed up and owed to your practice on services that have already been rendered? How old are these accounts, 30-days? 90-days? More? Wouldn't you like to be paid fairly for the excellent health care that you've provided? Let Sovrin help. Our success and experience in claim recovery stems from our understanding of the entire revenue cycle, our background in healthcare law and regulations, and our proprietary systems with aged accounts receivable (A/R) for up to 4 years. We are dedicated to reconciling aged A/R and delivering solutions that help to prevent further accruing A/R.
We understand that patients must receive necessary medical care, and that the physician is the only person trained to provide that care. Therefore, we believe that the physician should be authorized to make medical decisions and then be fairly paid for the relief that they provide to their patients. Our legal processes here at Sovrin will help your practice turn denials for authorization (benefit denials) and denials for payments (claim denials) into approvals and payments.
Claims, Coding, & Billing
This back-end sector of the revenue cycle is where a practice typically has a staff or billing company take care of coding services, filing claims, and billing to payers. However, even with these devices in place to take care of the back-end, we still see a lack of resources and understanding on ways to adequately receive high returns in a timely manner, while still having a handle on aged accounts. Sovrin knows the in's and out's of the billing processes, we can help organize, adjust, and improve this sector of your revenue cycle to stay current, profitable, and sustainable. We compliment your current billing staff in order to make your billing processes more efficient and help you see a high return.
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