Medical Billing Solutions | Electronic Billing | Outsource Billing
Quick Insurance Reimbursement | Full Practice Management
Medicare Claims Billing | Medicaid Claims Billing | Blue Cross / Blue Shield Billing
HMO Billing | PPO Billing | HIPAA Compliance | ICD 9 Coding Compliant Billing
If you are not filing your claims electronically…I’m sure you are being bombarded with advertisements from Hardware/Software vendors and Billing Centers alike. If you are filing paper claims to Medicare, this information is available to many vendors. Medicare and many third party payers want you to file electronically and some contracted insurances will begin penalizing your paper claims by reducing reimbursement in the very near future.
Paper claims are crippling the Insurance Industry. Considering that only 38% of all claims filed today uses electronic billing; the other 62% still file manually, using over 450 different forms. According to a recent study conducted by Arthur D. Little, Inc., the annual U.S. healthcare bill could be reduced more than $30 billion simply by compiling and transmitting patient information electronically.
Are you seeing a trend towards more and more of a delayed payment of your paper claims? It is not your imagination! Paper claims carry a mandatory 28 day hold and can only be reimbursed if the payment reserve has not been exhausted once the claim is eligible for determination. Electronic claims are adjudicated first and with the growing number of providers jumping on the Electronic Claims Submission bandwagon, your paper claims are continually being forced to the back of the reimbursement line!
You would think the answer to this is simple, but it isn’t. Your paper claim cost is not equivalent to just the postage, stationary and staff time! A study by the American Medical Association estimates that it costs physicians between $6 and $12 in labor and overhead to process a paper claim. Factoring in errors at an average of 25% of all paper claims and the time it takes to reprocess unpaid claims, the inefficiency and wasted dollars is alarming!
Processing claims electronically provides many benefits over traditional paper claims.
• The average rejection rate of the electronic claim is only 2%.
• Electronic claims are considered priority and are paid between 7-21 days.
• Following up to insurance companies by your staff is drastically reduced.
• The electronic claim saves you an average of $7 per claim filed.
• Processors do not need to re-key your claim into their system, thus reducing adjudication error.
Many doctors don’t have the time or training to implement a whole new set of office procedures. They are reluctant to make the financial investment in specialized software and additional hardware needed. Some doctors are completely satisfied with their system which does not offer the capability of electronic claims submission; while there are others who simply do not want to open themselves up to the technicalities involved with electronic claims submission.
Outsourcing your medical billing claims can be very profitable for physicians because it eliminates all the daily expenses associated with keeping their medical billing in-house. It is their responsibility to relinquish these expenses from your practice thereby enabling you to receive greater profitability.
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Shortened insurance payment cycles of 10-14 days• Increased cash flow
• Reduced outstanding accounts receivable
• Decreased office paperwork
• Lowered supply and postage costs
• Customized reports analyzing your practice
• Patient Account Management by a highly qualified professional
• Your system of Practice Management is not altered
• No need to invest thousands of dollars into a new system
• No need to train your staff on a new and sometimes complicated system
• You save money and time!
• Access your patient account information via your own computer
