As a highly sagacious new-age medical billing company BillingParadise's primary goal has always been to better a clinic's bottom-line, and in this respect the think-tank at BillingParadise have regularly been coming up with innovative service offerings to its huge existing and prospective customer base.
To this end, as a subset of the free comprehensive annual checkup that BillingParadise is offering all prospective clinics, it will now also perform a smaller claims revenue checkup, in accordance with the latest AMA standards
This is where the buck starts in a claims revenue cycle. As of January 1, 2013 health insurers are mandated to send solid eligibility information to physician clinics in regards to a patient's eligibility including details on patient's copay responsibilities. This would constitute more than just a simple "yes" or "no" and give physicians information on detailed patient eligibility.
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AMA estimates that nearly $4000 per physician per year can be saved by using the electronic means to patient eligibility verification as opposed to the manual route. This estimate may seem apparent when you watch your staff spend hours on the hour with insurers checking eligibility criteria for patients and filling out voluminous forms, either online or paper-based.
Cost of paper Eligibility Verification: $3.70 x 1,250 :: $4,625
Cost of Electronic Eligibility Verification:: $0.74 x 1,250::$0,925
Average Annual Savings from Electronic Eligibility Verification per Physician:::$3,700
Where "1,250" is the average claims verifications done for a single physician per year. You may substitute this with your clinic's actual numbers to arrive at the cost savings for you.
We know! We offer appointment scheduling services that will make missed appointments a distant memory.
Our team also sends regular appointment reminders. Our quick and super efficient electronic claims transmission process will help your claims reach the insurer's doorstep quicker than ever.
Kareo increases your billing collections by discarding uncollectable revenue from patients with invalid insurance benefits. You can receive an insurance eligbility report in less than 30 seconds, which can be viewed either online, printed, or saved to the patient's medical records in the PracticeFusion EMR to be utilized any time.
This instantaneous insight can help you determine beforehand what you are up against when dealing with a particular patient and thus determine with foresight rather than hindsight the patient's copay, coinsurance, and deductible. This is going to save considerable amount of your staff's time later on in the form of not having to deal with denied claims. This is the primary mechanism (optimal usage of staff time and thus your resources for which you incur considerable expenses) by which you realize the above savings.
The standard via which this is accomplished in Kareo or any other practice management software (in which BillingParadise has considerable experience) is the ANSI 270/271, commonly referred to as the "Insurance Eligibility Benefit Inquiry and Response".
Patient Details.
Insurance policy information such as name and number.
Provider's tax ID and NPI number.
With just the above data insurance eligibility can be submitted via Kareo to a multitude of federal and commercial insurances in every state.
BillingParadise, working as a certified consultant for the PracticeFusion-Kareo duo is ideally placed to bring to fruition the above savings in the Patient Eligibility Process. What more, since we offer PracticeFusion-Kareo free of cost, you will be in a unique position to enjoy all of the above savings.
We have specialized teams of medical billers and coders who hold speciality specific certifications to handle your billing and coding tasks
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Insurer specific denial report. Track denial patterns easily. Simple, engaging and data rich template
Know monthly work RVUs. Monitor productivity ratio. Track visits per workday
Insurer specific collection breakdowns. Know payment TAT of every insurer
Track appointment counts. Customization and integration options. Reduce your no show percentage
Know your average reimbursement TAT. Access insurer wise payment details. Gain actionable insights
Net Collections by DOS and several other financial KPIs no smart practice can do without!
5 Important denial management metrics that your tool should track. Figure out preventable denials
Areas where group practices can minimize cost. How to manage your financial challenges
Incorrect physical status modifiers. Inefficient coding process. Dwindling collections
Inability to keep pace with regulatory changes. Unstructured billing workflow processes
Inefficient insurance eligibility verification process. Kareo EHR + PracticeFusion Integration Issues
Improper documentation caused 16% of denials. Erroneous codes led to 70% of denials
Sharp increase in clearinghouse rejection rate. Difficulties in billing for secondary claims
Inexperienced staff handling the billing department. Most claims went unpaid
With Billingparadise's collaboration, female patient's tranforming acuity about Obstetrics and Gynecology practice.
No periodic follow-up on denied claims. Haywire appointment schedules. Frequent patient billing errors
Every medical billing firm they'd approached over the last few months had scared them off with exorbitant rates.
A Medicare podiatry practice based in Houston, Texas was in need of a billing company that was well-versed in podiatry coding.
An urgent care centre based in Florida found it an everyday struggle to remain financially stable. Learn how...
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