Auditing
An unbiased audit from Evolution Consultants can identify problem areas within your medical practice, providing valuable insights and solutions. Our comprehensive audits, conducted over 30 to 60 days, are based on actual software reports and examples, offering detailed audit findings reports. We can perform these audits in-office or confidentially behind the scenes.
Our expert team assesses gross collection by considering CPT utilization, insurance allowables, fee schedules, and billed charges. We also take into account your practice's payer mix, analyzing data trends to determine your expected gross collection percentage.
Evolution Consultants delivers the professional insights you need, even when sensitive issues arise. Choose us for effective auditing solutions tailored to your medical practice's needs.
Types of Audits We Offer
Practice Audit
Evolution collaborates with your medical practice to establish a precise audit scope. Our comprehensive practice audits cover crucial aspects like customer service, workflow, billing efficiency, insurance contract review, charting documentation, marketing, and coding within the agreed scope. Receive a detailed audit report upon completion, offering valuable insights for improvement.
Many clients opt for annual unbiased performance assessments and follow-up checkup audits to maintain the highest service quality. Choose Evolution for your practice's ongoing optimization and success.
Revenue Cycle/Billing Audit
Evolution Consultants' specialized billing audits focus on improving your medical practice's billing performance. We analyze key components like clearinghouse reports, accounts receivable, collections processes, and billing types to optimize revenue management.
Our comprehensive audit report, based on software examples, provides valuable insights and unbiased observations. Enhance your billing efficiency with our targeted and professionally honest billing audit services.
Marketing Audit
Patients are increasingly active online, browsing social media, ads, and reviews about medical practices, doctors, and staff. To stay competitive, it's essential to manage your online presence and ensure a positive representation of your practice.
Evolution Consultants' marketing audit identifies problem areas and opportunities to enhance your practice's image in a dynamic marketplace. Our marketing programs help you access and manage multiple online platforms, reviews, and patient interactions.
With up to 95% of patients checking online reviews before choosing a practice, your digital reputation is vital. Evolution Consultants expertly manages your online footprint, increasing visibility, search engine rankings, and patient engagement through review responses and proactive branding strategies.
Insurance Contract Relationships
A solid financial foundation for any medical practice depends on well-maintained contracts with insurance carriers. However, insurance companies often subtly adjust fees, and commercial carriers may change your rates yearly based on contract language. Managing these adjustments can be challenging due to time constraints and a lack of clarity on what questions to ask.
Evolution Consultants is here to help. We make those crucial calls and monitor your fees to ensure your practice isn't losing money. Our expertise in handling payer communication and investigating fee schedule changes guarantees your practice's financial stability isn't compromised by payer adjustments. Trust Evolution Consultants to safeguard your medical practice's financial foundation.
The Revenue Wheel by Evolution Consultants
What is The Revenue Wheel?
Ever wonder why the practice cash flow feels like a bumpy ride? The wondering eye usually centers on the cash of the practice. What the revenue wheel demonstrates is the many working pieces of the revenue cycle that contribute to the cash result that the practice is seeing in the bank.
A gross collection percentage is as unique to a practice as a fingerprint is to a person. So many variables contribute to the point that no two practices are the same. Benchmarks are good to drive you in the right direction but cannot get you to the exact destination. Benchmarks are the equivalent of telling someone to drive north to get to your house without giving them your address.
The foundation of our practice management and revenue cycle management approach is outlined in our construct of the Revenue Wheel. To the right is a diagram showing the eight (8) spokes of the Revenue Wheel. The revenue wheel is the engine of your cash flow. It starts from the moment the patient schedules an appointment, with proper demographics, and concludes with reporting of performance.
The overall goal of a revenue wheel is to be as large as possible (i.e., a score of 10 on each spoke), but balanced. If the practice has a smaller wheel, but all spokes get a similar score, then the wheel is considered balanced, but we must focus on equal growth in the spokes of the wheel for increased performance.
