Why Outsourcing? 2018-06-04T20:01:04+00:00

WHY OUTSOURCING?

Electrifying Revenue Management understands that next to patient care, billing operations are one of the most important aspects of your practice. Let our team of certified, experienced, personnel materialize every possible dollar out of your claims with their expertise in medical billing/coding complexities, as well as knowledge of current regulations and compliance areas.

Payment from claims can take any where from 15 to 45 days to hit your bank account for a clean claim. The payment process can be delayed with denial, and it can take even longer for you to get paid. Let us help you get your money faster by ensuring your claims are submitted correctly the first time.

Source: Green M.A. (2015)., Understanding health insurance: A guide to billing and reimbursement(12th ed.). Cengage Publishing

“In the most states, individual coverage faces (medical) loss ratios between 55 and 65 percent…”

(Council of Affordable Health Insurance)

“Market analysts estimate that out of every 1 Dollar medical practice is earning, 24 cents are wasted on administrative and billing expenses…”

(New England Journal of Medicine)

“Industry experts have found that the average number of REJECTED claims for medical practice, is about 34% (!)…”

(American Academy of Professional Coders)

“… and, 24 – 40% of rejected claims are NEVER RE-SUBMITTED for payment”

(American Academy of Professional Coders)

“When calculating the additional costs of phone inquiries, duplications and extra administrative expenses, re-submissions can cost as much as $ 57.46 per claim…!”

(“Achieving transparency in the Claims Payment Process” – Health Management Technology)

maintenance (initial investment).......................$ 18,000

Working space, hardware, software, installation

Salary per 1 biller (multiply, if more)................$ 40,000

Payroll taxes, worker's comp...............................$   4,300
Employee benefits package................................$    6,200
Administrative costs, IT support........................$    8,000
Trainings, certifications..........................................$    3,600
Billing Fee.....................................................................$      0

IN-HOUSE BILLING WORTH OF$ 500,000/Yr

BILLING WITH Electrifying Revenue Management

$0

$0

$0

$0

$0

$0

$30,000

(6% of collections)

TOTAL

$80,100

VS.

$30,000

What would you do with EXTRA $ 50,100 ?....

Makes sense?… Still not sure?

OK, try this assessment. It will help you reach the conclusion. Simply answer following questions with “yes”, or “no”.

ASSESSMENT