There are three Major Advantages to Physician's partnered with Medical
Billing Z:
• Lowered practice overhead & increased practice revenues.
• Reduction in the stresses associated with practicing medicine.
• Physicians are reimbursed and financially compensated at the level deserving
of their occupation.
The present day practice of medicine is not easy. Managed care can limit
effective fee increases while driving up costs associated with visit
documentation and authorizations. Meanwhile, other overhead costs continue
to climb:
• Staff costs increase to comply with HIPAA,
OSHA, and
Medicare
• Transcription costs climb to properly
document visits at
their proper level
• Billing costs also have increased to
keep pace with new technologies, some associated with HIPAA
Medical Billing Z is structured to relieve many of those burdens and release
physicians to do what physicians do best – treat and care for patients.
By utilizing new technology, Medical Billing Z can submit medical claims
electronically, compliant with HIPAA, and receive reimbursement fast and effectively.
In many cases reimbursement is received within 7 days of claim submission, versus the
standard 30+ days. Physicians are therefore compensated for their services in a much more timely
and accurate fashion. Would you rather wait a week, or over a month to
get paid?
Additionally, in some regions physicians are even given financial incentives from insurance payers
for submitting claims electronically, another added bonus.
National statistics show that 32% of all medical claims are rejected and
half are never re-filed. That's 16% of all claims in this country, and
they never get a chance to get paid. This may or may not be the case with every office.
However, if an office generates revenues of $300,000 (per physician, typical
for primary care), and if as little as
5% of the claims are rejected and never re-filed, this equates to a cost to
an
office
as much as $15,000 annually or more per physician.
Medical billing Z greatly reduces these rejected claims thanks to the
technology we employ. This enables Medical Billing Z to recapture that
lost revenue and pass the savings onto the practice and the physicians.
