As you probably know, the whole process of filing insurance claims is cumbersome, time consuming and energy-draining. The insurance companies have made it as difficult as possible to get paid. Obviously they have a vested interest in paying out as little money as they possibly can. One of the best ways they hang on to their money a little longer is by creating an extremely difficult set of hoops that doctors have to jump through to file and collect their insurance claims.
The results of this frustrating process are startling: On average 32% of all claims are rejected, 5 to 15% are lost in the shuffle and never collected, and the average time it takes the doctors to collect their money is 60 to 90 days. It can be even longer for Medicaid / Medi-Cal claims.
In addition, aside from stretching the time it takes to receive payment, this process also presents one with another major problem: it takes a tremendous amount of employee and overhead cost for one to manage the entire claims filing process. In fact, the New England Journal of Medicine states that a typical doctor's overhead and billing expenses account for 43.7% of his/her gross income. This translates into an average of about one and a half clerical workers per doctor at an average annual cost of $51,564. This does not include the hidden costs like vacation time, insurance, and the like.
The Solution:
Med-Billing Solutions “Full Service Billing - RCM ( Revenue Cycle Management)
Our state-of-the-art service will drastically improve your outstanding AR, bringing 90+% of your core insurance edi carriers within the “current 0-30 day column”. At Med-Billing Solutions our standards are to establish a systematic full-service billing process that works key areas that affect your AR.
Revenue Cycle Management (Full Service Billing)
