Don't let denials & Underpayments Kill Your Revenue
With Revenue Masters new mobile app you can always keep track of your payment variances and then overturn them with our software’s underpayments and denials management modules!
Revenue Masters' new mobile app displays the volume of new claims for a determined period of time; you can choose to see your data for the year, for the month, or for the week. The easy-to-view dashboard shows how many claims have a payment variance in the period of time you have selected and how many of those payment variances are underpayments or denials. In our RM Quick Charts dashboard you can also see how much revenue is outstanding, monitor the volume and revenue in appeal status, and see the total revenue received overall.
How to quickly know your collected vs. collectable:
By using a little known metric, collected versus collectable (CvC), revenue cycle leaders can monitor the medical practice revenue cycle, manage practice performance, and communicate outcomes. CvC is cash actually collected compared to cash that should have been collected based on payer contracts. CvC allows revenue cycle staff to monitor high-level outcomes while managing performance at a detailed level. In addition, CvC is easy for physicians to understand, so it is a useful tool for engaging physicians in financial goals. Contract management software solutions are the best bet, Revenue Masters solution offers a quick dashboard and a mobile app where you can view your CvC progress.
With Revenue Masters mobile app you can quickly view your CvC reporting for all payer collections!
1. Track and Compare Revenue Key Performance Indicators. You have the ability to track and compare revenue key performance indicators by year, month, or week. See how many claims are underpaid or denied, and the dollar amount. You can also see if these amounts are lower or higher than in the past.
2. Top Reasons for Denials. You can see your top 8 reasons why claims were denied. Find out if the reason was documentation/coding, timely filing, CPT, medical necessity, registration, missing claim information, unauthorized services, or any other categories.
3. Payments Posted. See the number of payments posted and the dollar amount, with comparisons if this was lower or higher than in the past.
4. Payer Revenue Forecast. The Payer Revenue Forecast section allows you to see your outstanding payer revenue awaiting original payment.
5. Payer Mix. The payer mix section shows your top 8 payers with bigger percentages of claims.
With the Revenue Masters CvC mobile App, you can keep track of your denials and underpayments like never before!