Electronic Medical Claims Filing
The Problem: Insurance Companies Hate To Pay What They Owe
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 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.
The Solution: Electronic Medical Claims Filing
Electronic medical claims filing now comes into play. Instead of relying on staff to laboriously file claims and then endlessly follow-up on them through the approval and collection process, now a physician can outsource the entire process to a medical billing professional. ProFast Billing Solutions can also lower the time it takes to receive payment from an industry average of 90 days to as little as 7 days. We are trained professionals who are equipped with proprietary, state-of-the-art software that allows us to electronically file claims for you. The benefits to your practice are enormous. For more on the benefits of outsourcing your medical claims, visit www.profastbilling.com.
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 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.
The Solution: Electronic Medical Claims Filing
Electronic medical claims filing now comes into play. Instead of relying on staff to laboriously file claims and then endlessly follow-up on them through the approval and collection process, now a physician can outsource the entire process to a medical billing professional. ProFast Billing Solutions can also lower the time it takes to receive payment from an industry average of 90 days to as little as 7 days. We are trained professionals who are equipped with proprietary, state-of-the-art software that allows us to electronically file claims for you. The benefits to your practice are enormous. For more on the benefits of outsourcing your medical claims, visit www.profastbilling.com.
posted by Jeffrey Roh at
9:37 PM
