Practice Financial Assessment
Practices often believe that they are doing a phenomenal job of billing and collecting payments until they are compared to peers in the industry. Each year HBMA, MGMA publishes payment collection benchmarks by medical specialty. Truworth uses these industry standards to analyze the financial status of a practice and find out the reasons for lack of performance. Truworth evaluates the procedures in the practice for not just financial maximization but also for ensuring compliance. Instead of just playing an auditing role, Truworth goes one step further and provides consulting services to improve the financial health and compliance. This includes front office changes like collecting co-pay before service to use of specific modifiers for CPTs to ensure higher returns while maintaining compliance.