CASH FLOW SOLUTIONS OFFERED TO DOCTORS & MEDICAL PRACTICES
ELECTRONIC MEDICAL CLAIMS FILING:
Having your staff bogged down by health insurance and medicare claims paperwork could be costing your practice thousands of dollars every year. According to the New England Journal of Medicine, physicians overhead and billing expenses take upto 43% of their gross professional income. Once you have completed the paperwork phase of filing your medical claims, you have a long wait for your money. According to the health care financing administration, the typical turn around time is 60 to 90 days. On top of all that, a typical claim filing has a rejection rate of 30%. This is due to errors made by office personnel when filing. Our electronic claims filing service offers a cure. We can quickly solve your insurance billing problems by filing your claims electronically.
We offer "real time online" solutions for your electronic medical claims filing. What is real time online filing? When you file your medical claims your do it online and claims are submitted immediately. Our software will check all the claims and immediately return claims with errors so they can be corrected and re-submitted.
When you outsource your filing of claims to us, your overhead will be lower, Your cash flow will increase dramatically and rejected claims will fall to about 2%. Your patients will end up happier because you and your staff will finally have the time and energy to really care for them.
Benefits of our Electronic Filing System:
- Reduce payment times from 60 to 10 days
- Lower rejection rates from 35% to 2%
- Full Hippa compliance
- View claim status live online any time you want
- Catch errors live before claims are submitted
- Save money and time over other methods
FREQUENTLY ASKED QUESTIONS:
Q. Will my claims really get paid faster?
Most definitely. Electronic claims are always processed before paper claims, and because of the electronic tracking methods in place, the insurance companies can't claim they never received your claims.
Q. How fast will I know if the claims have been accepted?
You will know that the insurance companies have accepted your claims within 24 hours.
Q. Will I be able to know at all times what claims have been filed?
You will be given a detailed verification report that will show what claims have been transmitted and when.
Q. Will I have to have expensive equipment and software?
No. In fact, you don't have to have any equipment or software at all, if you choose not to. With the specialized software the billing representative has, all of your data entry of new patients, posting of charges and payments, and statement sending can be totally outsourced. If you prefer not to outsource the data entry, posting of payments and charges, etc., then you can certainly keep your current software and equipment. Your billing specialist will only need a copy of the superbill and patient registration form to perform the billing. The services are totally tailored to meet your individual needs.
Q. Will my patient charts ever have to leave my office?
Absolutely not! Any information the billing specialist needs, he/she would contact your office manager and request it by either fax or phone. Only information that is pertinent to filing the claim is necessary. All patient information is kept in the strictest of confidentiality and is only used for billing purposes. The billing specialist will only have access to what you give them access to.
Q. So what exactly does the billing specialist need from our office to file the claims electronically?
A copy of the super bill for services performed, a copy of the patient registration form, and a copy of the insurance card front and back. If the billing service is going to perform full accounting of payments as well, then they will need a copy of the EOB so they can properly post payments.
Q. I don't have a formal superbill. Can the billing specialist design one for my needs?
You bet. The billing specialist can even put the form on two part NCR paper, so your office won't have to make copies of them. The same can be done for a patient registration form as well.
Q. What happens if the claim is rejected or paid wrong?
Your billing specialist will challenge any and all rejections and will do prompt follow up on any problems.
Q. What are the liabilities involved in using an outside service?
All data is backed up on a daily basis and is stored off site. With our network of over 1500 billing centers nationwide, there will always be help available if needed for any reason.
Q. How will the information needed to file a claim get from my office to a billing specialist?
Once a week or at any time you would like it arranged, the billing specialist will come by your office to pick up the necessary data to file the claims.
Q. What would my office staff be responsible for?
Your office staff will be able to continually concentrate on increasing patient care and follow up on the status of all the patients who come through your practice. With this kind of care, your patients will become great word of mouth referral sources for you.
PATIENT PAYMENT PLAN™:
Although a large percentage of doctors’ revenue comes from insurance companies, there is also a significant portion that comes directly from patients. Getting patients to pay for services provided has always been a challenge. Even with insurance coverage, patients still must pay at least 20% of the bill which could easily run into hundreds of dollars….or even thousands. Plus 31% of Americans, don’t carry any health insurance…. And have no option but to pay for medical treatment out of their own pockets. The solution: Automatic bank deductions. With our innovative patient payment plan, you can allow your patients to make affordable monthly payments…and collect those payments through automatic deductions from the patients checking accounts.
Here’s how it works:
We use proprietary software that allows us to actually print pre-authorized checks for each of your patients’ payments, on the same day of the month, every month, and deliver them to doctors’ offices for immediate deposit. You’ll be elated when you receive a stack of checks every month. There will be no invoicing to mess with, no waiting for checks to be mailed in, no embarrassing follow-up calls for staff members to make. Just imagine checks on your desk, ready to deposit. No mess, no fuss.
FREQUENTLY ASKED QUESTIONS:
Q: How much does the Patient Payment Plan™ cost?
For you, the doctor, there is no charge whatsoever. It’s absolutely free to you. The way we make money is by charging the patient a 5% service charge to his or her bill, plus a one-time $5.00 set up fee. This is added ON TOP of your normal charges on his or her bill. It’s simply a service charge.
Q: Will my patients actually consent to having their accounts drafted every month and paying the 5% service charge?
Generally, the answer is YES. Think about it. If a patient has a bill of $500 to pay out of pocket, you can now offer him to make smaller monthly payments instead of paying in one lump sum. You can choose the amount of the payments, but let’s say for this example that you decide let the patient pay $50 a month for 10 months. That’s $500 dollars, right? Then if you add our 5% service charge to that $50 payment, the patient now has to pay $2.50 for the service fee, bringing his total monthly payment to $52.50. Do you think that for an extra $2.50 a month that the customer is going to turn you down? Of course not! In essence, you’ve just extended him credit at just 5% interest…without a credit check or additional hassles. Try finding a credit card that is so generous! And remember, the important thing is that the money will be automatically drafted out of his or her account every month, which virtually assures that you’ll be paid.
Q: How do you collect your 5% service fee from me, the doctor?
It’s a simple process. We automatically draft your account the next day after the monthly deposit for the amount of the service fees. For example, if you have 20 patients on the plan who pay you $50 a month, they would each incur a $2.50 service fee. So each month, we would be depositing $1,000 worth of payments into your account, plus the $50 worth of service fees. What you will see deposited into your account will be 20 checks for $52.50 each, for a total of $1,050. Then we simply draft your account and collect our $50 fee. It is hassle free for you.
Q: Does the monthly payment have to be the same amount for each patient?
No, the program is completely flexible. You can assign whatever payment you want to each individual patient depending on their circumstances. You may have a patient who owes you $2,200, and you could put him on a plan to draft $220 out of his account for 10 months. Or you could draft $100 for 22 months. Or $22 for 100 months. It’s completely up to you. You just need to take a look at each patient and decide how much they will be willing and able to pay and set your payments accordingly.
Q: What about paperwork? Is it complicated and time-consuming?
NO, it couldn’t be simpler… And we provide you with everything you need. First of all, we will provide you with literature that describes the Patient Payment Plan™ to your patients and lets them know exactly how it works as far as costs and so forth. Then we provide you with application forms (on diskette so you can easily print as many as you like) that the patient fills out with all of the pertinent information about himself and his banking information. It’s just one page, and it’s extremely simple to understand…. For both you and your patients. That’s it. It really is a piece of cake. There’s nothing more to it than that. The only thing you or your office staff have to do is breathe a sigh of relief that you’re finally out of the banking business, once and for all!
PATIENT WELL-CARE PROGRAM:
When you outsource with us, we help you implement an efficient program for following up with your patients by sending them letters, cards and postcards to remind them of appointments and to offer additional services.
We use 'SendOutCards' for our well-care program.
Through 'SendOutCards' you can send a printed greeting card with your message, and do it in less than 60 seconds. You can choose your card, write your message and click send. With this incredible tool, not only can you remember people and share appreciation, but you can motivate, uplift, encourage and truly make a difference in one's life. It prints, stuffs, stamps and mails the card all for less than you'd pay for a Greeting Card at the store! You can personalize, customize and include your company brand and logo, upload a picture, send a gift card, check, flowers and even chocolates. Not forgetting including your business card in it!
FREQUENTLY ASKED QUESTIONS:
Q. What is the Well Care Program?
The well care program is a marketing system that is designed to increase your business by reminding patients of appointments, acknowledging them on birthdays, and notifying them that it is time for their annual check ups, etc… The program will also help you gain approval from insurance companies to join their health plans as a network provider. Insurance companies love to see that a physician is practicing “Well Care”, because it lowers the cost of healthcare. Preventative medicine is the wave of the future in the healthcare industry.
Q. How does the program work?
A series of well timed post cards will be sent out according to the appropriate reasons, such as birthdays, get well, we miss you, time for a check up, and so on. Your patients will be impressed that their well being is being monitored and that their doctor cares. Because of the great communication between your office and the patient, they will spread the word to their friends and family what a great doctor they have. Also, because they are being reminded when its time to come in for preventative care, they will be more apt to call in and make an appointment! Everyone knows that a full appointment book means revenue. You won’t have to lift a finger to coordinate anything! Your billing specialist will take care of all the details, from inputting the data in a data base, to stuffing and mailing out the post cards and flyers.
Q. How much will it cost me?
The cost depends on the kind of package you sign up with. You have a Retail package, Wholesale package and an Enterpreneur package.
Q. How will the representative know when to send out cards?
'SendOutCards' sends you an email to your email address and also at your 'SendOutCards' website when you have put the reminder information in your database. So you do not need to maintain a calendar anymore. In fact, you can send out a campaign of cards for your business communication, marketing and customer follow-up for pennies to the dollar. You can schedule these cards to go out on a particular date each month, day or time or even year.
Q.Will this really increase my business and how?
The Well Care Program will do several things for you. It will keep your patients informed of important check ups, initiate appointment making, and facilitate good relations between you and your patients. As a result, your patients will foster great word of mouth referrals and your appointment book will be brimming over with patient visits. Because more and more people are being added to HMO’s and PPO’s each year, your patient base can narrow if you are not a member of these different provider networks. With the Well Care Program, you can be more competitive and gain the necessary approval to join the various networks, therefore increasing your patient base.
