Do you know how much money is in your business bank account right now? How much will be there tomorrow? What about in a week? Face it: You can’t make any long-term plans to grow your business unless you know that the money you need to operate will be there. But if you’re ready to enter growth mode, where do you begin? Transparent billing is the first step towards being able to do accurate revenue forecasting that will help you grow your business.
State-of-the-Art Billing Software
Understanding your revenue cycle starts with powerful billing software. Is yours the best it could be? At Billing Solutions, we used more than 50 years of combined experience in behavioral health billing to create our very own billing portal, NECTAR. The NECTAR portal provides full transparency into your revenue cycle. From verification of benefits to adjudication, you’ll be able to check on your revenue real-time, 24/7.
These are just some of the steps of your revenue cycle that you can see with the NECTAR portal:
- Verification of benefits
- Patient pre-authorization
- Electronic claims processing
- Claim denials
- Claim appeals
- Reimbursements
- And more
KPIs (Key Performance Indicators)
Which Key Performance Indicators are important to your business? The ones you track will depend upon your goals and needs. If you’re not sure yet, don’t worry. You can keep track of a multitude of KPIs in NECTAR, such as:
- Total billed charges by insurance carrier or level of care
- Total payments by insurance carrier or level of care
- Aging reports by insurance carrier, level of care, and patient (intervals of 30, 60, 90, or 120 days and beyond)
- Average payment by insurance carrier or level of care by year and month
- Capture rate percentage (payments divided by charges, by insurance carrier, or level of care)
- Performance by patient including total billed charges, total payments, average payment and capture rate by patient.
Best of all, this is all automated and updated 24/7, saving you time and money.
Accurately Forecasting Your Revenue
Knowledge is power, and the information you can glean from NECTAR equips you with the tools to better operate your business — today and for years to come. NECTAR also provides insight into your payer mix based on projected and historical cash flows, which can assist with financial planning at your facility.
Want to learn more about how your facility can utilize NECTAR to better plan for growth? Reach out to us today for a demo and a free account review.