As a full-service anesthesia partner, Somnia’s value extends beyond clinically excellent anesthesia service. We understand that the subsidy paid by the hospital, to a large extent, depends on the ability of the anesthesia group to successfully contract with, and collect monies from, third-party payers. This thorough understanding of subsidies underlies our expertise in claims management, payment processing and financial reporting.
Our entire process has undergone digitization with hospital system integration being crucial to our success. More than 90% of claims are submitted electronically, and we receive back explanation of benefits (EOBs) and payments in the form of electronic remittance advice and electronic fund transfers (EFTs) into secure lockboxes. Despite all of the attention applied to state-of-the-art processes and systems, revenue and collections are only as good as the clinicians’ documentation—so we pay plenty of attention to compliance and both recognize and reward clinicians who embrace accuracy.
The Experience and Expertise You Need
Our dedicated team, which includes a Customer Service Department, captures all clinical encounters to ensure that no honestly earned money is left to wither on the vine. Overall, this leads to a boost to the bottom line, an important consideration in this environment of shrinking reimbursements.
Somnia also assists in assessing, planning and implementing new service lines, such as Pre-operative Testing, as well as Acute and Chronic Pain Services. Naturally, there are compliance issues, expense consideration and revenue realities to consider.
Comprehensive Reporting Services
As reporting becomes more daunting and ubiquitous, our reports become more valuable to our clients. We can report receivables by unit, by payer, by facility, by specialty and by provider. A payer contract is only as beneficial as the net payments that flow from it, and reports are critical to hold payers no less accountable than providers. Somnia has achieved an overall 97 percent net collection ratio from many third-party payers, an accomplishment due to our systemic approach to processes and people. In today’s age of expanding in-network co-payments and deductibles, with nearly all patients under some economic pressure, achieving laudable results will become an even greater challenge. Our more than 17 years of experience will prove more critical than ever before.
Questions? We have answers.
To discuss your current and future anesthesia needs with our experienced staff, please call us at 877-795-5788, or use our Request A Proposal form to tell us about your requirements.