A forum for Medical Billers & Office Managers to learn and apply technology and disciplines to increase the financial strength and thereby long-term viability of their doctors' independent practices.
What's at stake?
Your job security and the whole concept of "independent practitioner". In 2010, more than 51% of physicians now practice as employees under hospital or medical foundations. Where does that leave the billing staff? Out of a job!
What can be done?
It all comes down to the financial performance of the practice. Where you may believe your work efforts are creating the best possible financial results today, rest assured that with the right automation tools you can still nearly double your available time to focus on payment denials, appeals, resubmissions, AR>90 days and of critical importance in today's market, Patients with High Deductible health plans.
Imagine that you could recover $2,000 to $6,000 per doctor per month? And, that you could start demonstrating this in the next 90 days. For a two doctor primary care office, that represents about $50,000 per year in improved income. For a specialty practice, that would represent over $140,000 per year. This can make the difference between the practice remaining independent or signing that offer letter on their desk from the local hospital or foundation.
How can this be done?
Just as the DaVinci Laser Surgical instrument gives the doctor greater precision during surgeries, advanced payment automation software provides billing staff with similar laser precision. Auditing, error correction, fee schedule rate validation, billing error identification, combined with automation to reduce the time consumed by routine data entry, posting, EOB web-retrieval and printing; error correction, and bank reconciliations, enables the billing staff to focus on key revenue recovery activities. Billing staff should experience an 100% improvement in the time available each day to address revenue recovery activities. And, the payments that need attention are specifically identified.
Our Practice is different!
Of course, every practice is unique. That is why the tools that are selected must be able to learn your business and auditing rules. While a library of "Best Practice" methods can be applied, it is the ability to learn and apply your unique billing and payment auditing, error correction, posting and bank reconciliation rules that gives you the confidence to be able to let go of the manual posting work so that you may focus your attention on key revenue recovery activities.