Health care providers don�t anticipate the reimbursement rates they get from insurance companies or the federal government to take a giant leap any time soon.
So they�re looking to collect every dollar they�re entitled to under current contracts.
And Bob Stevens, CEO of Crescent Springs-based Bottom Line Systems, is helping them. His company looks for cases where providers have been underpaid.
Bottom Line Systems collected more than $70 million in additional reimbursement for clients over the last year.
The 14-year-old company has 200 employees and serves clients, including hospitals, physician practices and infusion companies, in 20 states. It�s recently been growing revenue by 10 percent to 20 percent per year.
Stevens, who also is a partner in the Crestview Hills-based law firm Dressman Benzinger LaVelle, offers several tips for providers seeking to maximize their revenue in the new year:
� Review contracts carefully. Nearly every dollar that passes through a hospital is covered by a contract or a regulatory system. Knowing the fine print in every agreement is the only way providers can know whether they�re being reimbursed properly.
� Test every payment. Nowadays, periodic audits and sampling are not enough, Stevens said. �There�s so much complexity and opportunity that when you go ahead and review all the claims, the payoff is more than worth the effort.�
� Don�t be afraid to seek outside help. Stevens� firm operates almost entirely on a contingency basis. �We�re at risk, so I wouldn�t be doing the review if I didn�t think it was worth it,� he said.
A typical hospital, Stevens said, can increase its net revenue between 1 percent and 3 percent by implementing such a review process.