how medical billing works
– Healthcare Reform Impacts:
– Lowering the overall cost of healthcare will result in a decrease in physician compensation
– A recent PricewaterhouseCoopers (PWC) report estimates that $1.2 trillion of the total $2.2 trillion spent on healthcare in this country is wasted:
– Ineffective IT use
– Claims processing
– Defensive medicine
– Medical errors and poorly managed diabetes.
– President’s recommendation to adjust payments so that providers are encouraged to increased productivity in how they deliver health care. A focus on efficiency
- Challenges in Medical Practice Management
- Expensive Cost of deployment and maintenance. Requires technical staff to install and update software at each office location on a regular basis Complex and Rigid Practice processes and work flow are non-intuitive and require highly specialized training for staff. Over time, this results in a practice not agile enough to meet ever changing needs Labor Intensive (High staff costs) Daily tasks like claim management, follow ups, authorizations require intense office staff focus, usurping valuable resources Poor Revenue Management Traditional practices are not capable of identifying or acting on areas of business and process management Compliance HIPAA, Insurance Providers, and Coding Standards have regularly updated regulations that must be addressed
- Customer Benefits
- Increased Collections Outsourced billing has proven to increase collections by 5-10 percent Faster payments Cash Flow Sustainability Reduced Claim Denials Reduced staff overhead A More Profitable Practice A real-time view into the financial health of the business allows doctors to become more agile business people, as opposed reactive healthcare workers. Focus on what matters Improved practice management allows doctors to focus on their craft and patients. Work-Life Balance We are giving doctors their life back. They no longer have to worry themselves about revenue issues stemming from internal staff error after a full day of caring for patients.
- Prime Prospect Profile
- Start-Up or Existing Medical Practices Internal Medicine Cardiologists Pediatricians Optometrists Chiropractors Urgent Care Facilities Medical Clinics Physical Therapists Many more specialists… Pilot Phase Virginia, Georgia, Texas, Ohio, Minnesota, Alabama