Text Press Releases
“STAT MEDICAL CONSULTING, INC., HELPS MEDICAL PRACTICES AVOID PAPER OVERLOAD WHEN PROCESSING CLAIMS”
LOS ANGELES, CA –July 2005: STAT Medical Consulting, Inc. (www.statmedical.net), an industry leader in comprehensive medical billing services based in Encino, California, today announced that despite the efforts of insurance companies to implement and encourage electronic claim submissions; physicians and medical groups are still inundated with paperwork, resulting in higher costs and less profit.
“Insurance companies now generate approximately 7 pieces of paper for every patient visit,” said Sharon Hollander, President of STAT Medical Consulting, Inc. “And now, as a result of HIPAA laws purportedly designed to simplify claims processing, physician’s claim nightmares will actually increase. For every patient visit and medical claim, the insurance companies will now send a written confirmation, or claim acknowledgment report, which in no way guarantees payment to the provider. Insurance companies are increasing their requests for operative reports, medical records or copies of patient identification cards as a mechanism to delay paying claims, resulting in a substantial decrease in cash flow, and paper overload.”
In an effort to protect patient privacy, carriers are migrating away from the use of patient social security numbers as identification numbers, but are not keeping up with the demand for issuance of new cards to patients. Obtaining valid and accurate patient demographic data has become paramount to the provider’s ability to collect reimbursement. Furthermore, customer service has gone by the wayside, and more and more carriers are outsourcing their claims inquiries to computers and/or labor located outside the US in countries where their labor costs cannot compete with labor costs statewide.
Hollander contends that one of the only ways to remain profitable in today’s insurance paperwork blizzard is to outsource billing and receivables to companies that can offer expertise in billing and collections, as well as offer extended hours to providers. “Our billing service has had to double and triple their efforts in deal with all the time delays and trying to weed through the maze of paper to get a claim paid,” said Hollander. “There is no way that a busy solo practitioner’s office can handle in-house billing and perform comprehensive follow up in a normal business day. Whether you’re a solo practitioner, a small group or part of a larger health care delivery organization, STAT Medical Consulting, Inc., can prevent a medical practice’s cash flow from becoming a flat line!”
“STAT MEDICAL CONSULTING, INC.” MAXIMIZES REVENUE AND INCREASES CASH FLOW THROUGH EXPERT CODING AND BILLING OUTSOURCING FOR PHYSICIANS AND HEALTH CARE PROVIDERS EVERYWHERE.
ENCINO, CA– May 2000: Due to the rising cost of healthcare and the shift towards more HMO growth, it is costing physicians and healthcare providers twice as much to collect reimbursement from insurance companies and patients than ever before. As a result, many physicians are experiencing a substantial decrease in cash flow. What can these providers do to ensure they stay profitable and viable in this volatile industry?
According to Sharon Hollander, President of STAT Medical Consulting, Inc., a coding and billing service based in Encino, California, there is a solution to this loss of revenue. “One effective way to cut costs and increase cash flow is to outsource one’s billing and receivables,” says Hollander. “It’s been proven that medical billing outsourcing has proven to reduce physician’s overhead by nearly $35,000 a year, as well as increase revenue by as much as 20 percent.”
Keeping up with the changes: When it comes to billing patients and insurance companies, many healthcare providers are unaware that their billing department is not keeping up with the rapid changes in billing requirements. “The viability of a physician’s practice is dependent upon accurate and correct billing,” says Hollander. “Without it, you could not only lose revenue, you could be indicted for billing fraud, which can result in a tremendous financial loss or even bankruptcy. In addition, because Medicare has increased their fraud investigation efforts significantly, it’s more important than ever to make sure that whoever is doing your billing not only keeps accurate records and bills correctly, but is aware of the frequent third-party changes, including procedure and diagnosis requirements and the use of correct billing forms.”
Outsourcing: the wave of the future-Prior to medical billing outsourcing, healthcare providers have had no other choice than to hire full-time staff or create entire departments to do the job. “Instead of paying employees regardless of the results of their efforts, a billing service is one way to eliminate overhead costs associated with performing the billing”, says Hollander. “With medical billing services, the provider pays only on a percentage of collections. Therefore, they do not pay for claim denials and/or billing errors. Our company has lowered doctor’s expenses on an average of $20,000 per year by saving doctors from having to pay annual salaries and benefits and purchase in-house computers, as well as allowing them to reduce overall office overhead”.
Increasing cash flow electronically: In southern California alone, 8,500 doctors are not billing Medicare electronically, which means payment delays and claim rejections for their practices. “In just a matter of months, every physician and healthcare provider will be required by law to submit claims to Medicare electronically”, says Hollander. “This is good news because electronic claims submissions cut payment delays in half. Instead of waiting 30-45 days to be paid by insurance companies, doctors will now get their payment on claims in just 15-20 days. This reduces the financial stress of meeting overhead. Because medical billing outsourcing has all the necessary equipment to process claims electronically, you don’t have to worry about fulfilling software requirements to meet these changes”.
Eliminating costly coding mistakes: According to Hollander, many physicians do not realize coding is a medical decision-making process that impacts the physician’s bottom line. “The most common coding mistakes consist of improper use of the CPT codes, bundling and unbundling of procedure codes, and lack of specificity on the diagnosis codes”, says Hollander. Physicians must be educated to use the correct codes. It’s their responsibility and if they do not know the code to use for a particular procedure, money is lost. To help physicians become more code-savvy, we offer in-service education seminars on coding for any and all specialties. Physicians are then able to walk away with a clear understanding of the complexities of coding and billing requirements to maximize revenue.”
Whether you are a family doctor, a surgeon, a dentist, or chiropractor, STAT Medical Consulting, Inc., can prevent your cash flow from becoming a flat line.
For more information on increasing cash flow through expert coding and billing outsourcing, contact Sharon Hollander of STAT Medical Consulting at (818) 907-STAT or E-mail us.