Our Straight Through Billing
starts with patient appointment scheduling and includes
SOAP notes, superbill, submission of primary and secondary
claims, electronic fund transfer (EFT), payment posting,
and reconciliation of appointments, charges, payments,
EOB’s, and messages.
Physicians using Billing Depot service
continue to experience less than 4% of
Accounts Receivable (A/R) beyond 120
days. This figure represents a four-fold
improvement over the national median
of 17.7% of A/R over 120 days, as reported
by Medical Group Management Association
(MGMA). To help the practitioners improve
substandard billing performance, Billing
Depot offers an online self-diagnostic
tool that guides the provider in a quick
performance assessment and potential
improvement identification.
East Windsor, NJ (PRWEB) May 26, 2005 -- Physicians using Billing
Depot service continue to experience
less than 4% of Accounts Receivable (A/R)
beyond 120 days. This figure represents
a four-fold improvement over the national
median of 17.7% of A/R over 120 days, as
reported by Medical Group Management Association
(MGMA). To help the practitioners improve
substandard billing performance, Billing
Depot offers an online self-diagnostic
tool that guides the provider in a quick
performance assessment and potential improvement
identification.
“You cannot manage what you cannot
measure,” explains Pat Freeze, President
of Billing
Depot. “Billing performance can
be measured in multiple ways, including
days in Accounts Receivable, payment predictability,
and payment concentration. These bottom
line measures assess overall billing performance
but they do not help understanding the
reasons for substandard performance. A
performance-driven billing service requires
comprehensive methodology addressing the
full spectrum of billing topics and providing
effective yet simple metrics to diagnose
every potential problem. Billing
Depot approach is based on a systems management
methodology, which was first published
in 1997 in a Prentice Hall book “Mission-Critical
Systems Management.”
“Medical practice billing requires
continued management of three risks, namely,
process, people, and technology,” explains
Dr. Yuval Lirov, inventor of several patents
in artificial intelligence and computer
security and author of “Mission Critical
Systems Management” book. “The
on-line survey combines over a dozen multi-choice
questions designed to quickly identify
major exposures in any one of these difficult
to manage areas. Upon completing the survey,
the practitioner knows precisely why billing
performance has been substandard and how
to improve it. An accountable and transparent
claims coding, submission, and follow up
process, combined with rigorous billing
personnel management, and advanced technology
result not only in reduced days in A/R
but also in significant revenue gains,
often reaching as high as 27%.”
Dr. Zelik Frischer, Clinical Professor
at the Department of Urology at Stony Brook
University and three-times named in New
York Magazine survey of best doctors in
the Metropolitan Area, agrees, “Billing
is one of the most complex and, unfortunately,
arcane processes in our industry. An on-line
process evaluation tool gives the physician
a quick way to self-assess billing performance
and therefore, to better manage the practice.” Dr.
Frischer concludes, “Billing Depot
methodology uniquely addresses all billing
aspects and helps the physician spend more
time with patients, reduce management overhead,
and grow profitability.”
Billing Depot, Inc. provides comprehensive
medical billing services to physicians
and represents a significant improvement
over traditional in-house or outsourced
billing solutions. With headquarters in
East Windsor, New Jersey, Billing Depot
guarantees improved profitability and 100%
transparency throughout the Billing
Process. The doctor has 24x7 access to
full and detailed account of all claim
submissions, payments, edits, payer messages,
and follow-up actions on every claim. Billing
Depot implementation requires zero investment
upfront in hardware, software, or personnel.
Contact:
Pat Freeze, President
732-845-3433
BILLING DEPOT
“You cannot manage what you cannot
measure,” explains Pat Freeze, President
of