RVUs: Three little letters representing a subject that many practice staff do not understand, and yet they heavily impact how the practice is paid. â€śRVUâ€ť stands for Relative Value Unit; under the Resource-Based Relative Value System, Medicare assigns a Relative Value Unit (RVU) to each procedure code in order to estimate the relative complexity of one procedure to another.
Did you know that when you build your standard fee schedule in Kareo, you can load in the RVU for each procedure code as set by Medicare? And why is this important? Because many practices now take advantage of the relative value scale as a way of more accurately measuring the productivity of physicians.
But if you donâ€™t understand how RVUs are calculated and used, you wonâ€™t be able to use this feature in Kareoâ€”or to understand how to effectively evaluate your payers, as Frank Cohen explained in our webinar last week in â€śGetting Paid Accurately: What the National Health Insurer Report Card Means to Your Practice and How You Get Paid.” In this extremely valuable webinar, Frank explained the importance of evaluating your payers using various factor, including RVUs, that give you the best picture of the payersâ€™ true value to your practice.
In our upcoming webinar, â€śUsing RVUs to Improve Your Bottom Line,” expert author and practice management expert Sara Larch, MSHA, FACMPE, will give you an overview of why RVUs are important to your practice and how to use them to improve the medical practiceâ€™s profitability.
Attendees in this webinar will learn:
- How RVUs are calculated
- Why using RVUs improves the quality of your analysis
- How to use RVUs in reimbursement analysis
- â€śBest Practicesâ€ť in RVU benchmarking
Sara Larch, MSHA, FACMPE, principal, Business of Medicine and co-author of â€śThe Physician Billing Process: 12 Potholes to Avoid in the Road to Getting Paid,â€ť will describe key methods for managing RVUs to improve your bottom line.
For more information on RVUs and their importance to your practice, read â€śUnderstanding the RVU in Practice Management: Getting the Most Out of Using It in Your Practice,” a very popular post on our blog.
Then register for Using RVUs to Improve Your Bottom LineÂ to understand how to utilize this important tool to increase your practice profitability.