Voice Products has partnered with Genesis Health Care Solutions to offer an exclusive program for wound care. This solution utilizes top tier biologics to help your practice increase revenue.
Whether you are a dermatologist, podiatrist, orthopedic specialist, vascular specialist, or are in internal medicine, family practice, or operate rural and critical access facilities, or skilled nursing and long-term care facilities, this program can help your patients recover and help increase your bottom line.
Are you using synthetic skin or biologics for wound care? Many professionals don't because of the high cost, high risk for reimbursement, and because it has been a low net model.
However, Genesis is expanding nationally with a revolutionary solution. This solution shows effective patient recovery and the potential for high profitability for your practice. This wound care solution was first developed inside Cedar-Sinai in California and is currently being readied for implementation at Tampa General’s Ambulatory Group.
How the Program Works
The program includes the biologic provided to you at no cost to your facility until you get reimbursed from Medicare or Medicaid. In addition, a Genesis representative would also visit your facility to show your physicians how to apply the biologic on-site.
Furthermore, Voice Products and Genesis Health Care will show your physicians the documentation that is needed for Medicare and Medicaid reimbursement. Finally, we then bill out the wound care to Medicare or Medicaid to help your practice get reimbursed at the highest possible level.
As a result of our program, our customers are now seeing net reimbursements of $700 to $900 in a wound care facility, and $400-$600 in a physician's office. Additionally, we have case studies showing practices that double or triple their old revenue models with our wound care process.
Without a doubt, it is a rare opportunity that a model is so beneficial for patients and has the capability to add hundreds of thousands or millions of dollars a year to your facility's revenues.
Contact one of our team members to learn more about the options available to your practice.
Our client is a privately-owned, 25-bed Critical Access Hospital located in the southeast. The facility provides a large number of crucial services to the surrounding communities, including a comprehensive Wound Care department, one of their primary planned drivers for revenue enhancement. The hospital, however, struggled to grow beyond their average annual revenue of $7 million. They contracted with a wound care vendor to manage their billing and were left largely dissatisfied with their overall inability to manage the RCM and Wound Care services as a whole. Genesis RCM was given an opportunity to review the case as a potential replacement vendor for the hospital's billing business.
This is what we found in our review of their processes and procedures.
The hospital wasn’t charging enough for the high tier products they were using and weren’t using the correct codes, which led to lower reimbursement.
The hospital missed billing for some of the procedures including compression wraps that were performed bilaterally, application of skin grafts, and lower extremity studies.
Inappropriate coding and billing led to non-payment and created a measurable, negative impact on the hospital's clean claim submission ratio.
Product Failure & Patient Satisfaction Decline
The hospital was using low tier skin substitutes to save money, however, patients who received those lower-tier substitutes reported healing difficulties and dissatisfaction with services. A combination of incorrect billing and patient dissatisfaction decreased revenue.
How Did We Help?
First, Genesis assumed extensive management of the HOPD Wound Care Department, implementing their proprietary Wound Care Solutions Program for everything from coding protocols and revenue cycle to preferred biologics vendor pricing and utilization, and more.
Second, $1.2M additional dollars were collected over the course of 2018 by rebelling all missed opportunities from 2017 within timely filing deadlines.
Third, Genesis brought complete HOPD revenue cycle operations within Best Practice guidelines for clean claims, charge days, A/R and denials, collections, and more.
The Genesis Wound Care Solutions Program delivers new meaning to the idea of a 'comprehensive' revenue cycle program. With unparalleled expertise in wound care coding and claim handling, and an expansive network of industry relationships that span product, clinical experience, technology and more - Genesis delivers unmatched results to an otherwise underserved specialty.
Contact us today to see how we can help you increase patient satisfaction and revenue.