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A practice with poor collections and/or
extended A/R can realize the most benefit from Billing
Depot services. These practices typically have:
- Undisciplined Quality Assurance processes:
The most common symptom for this problem is the lack
of
formal
bottom-line quality metrics. Without consistent
and frequent detailed analysis,
the practice owner is unable to improve billing process
performance,
must rely on the word of the billing assistants, and
exposes the practice to compliance risks. The practice
owner just never knows which claims have been paid
and which - stayed unpaid or were not even submitted.
- Too much (or too little!) billing knowledge
controlled by too few people:
For instance, if a practice employs two billing assistants,
losing any one of them represents losing 50% of its
coding knowledge base. This knowledge base is often
limited without access to latest regulations or processing
standards. The quality of payments often depends on
mood, motivation, sickness, vacations, and continuous
training (at your cost) of billing assistants.
- Dysfunctional and high risk technology:
Outdated and unfriendly technology prevents disciplined
billing and
financial
analysis/reporting
and lacks basic measures of safety and
disaster
recovery.
Billing Depot is focused on and has implemented special
processes for increasing both the scale and quality
of medical claims processing.
Click here for an animated review of billing process evolution
and its impact on payment distribution. Billing Depot
turns claims processing into a COMMODITY, creating, growing,
and sharing the benefits of economies of scale across
all of its clients. As a result, Billing Depot reduces
operations
risk of medical practice, improves its cash
flow, and allows the physician to focus on health
care and practice management. Such multiple and massive
benefits are not achievable IN PRINCIPLE for any individual
medical practice because of relatively small claims volume
and corresponding limitations of personnel and technology
resources. As Billing Depot continues to grow both its
client base and claims processing volumes, each client
continues to benefit from reduced
operations risk and improved cash
flow. |
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| You
pay nothing until you
get paid |
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| "Billing
Depot expedites medical billing process four-fold
in comparison to national average, resulting in 57%
of insurance claims paid within the first two weeks.
Billing Depot helps the physician focus on patient
care, grow profitability, and continue practice development."
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. |
| "Since
I have outsourced my billing to Billing Depot and
Vericle, my revenue from collections has been steadily
improving. I now have more time for my patients and
for building up my practice. Vericle allows me to
keep both my finger on the financial pulse of my practice
and my eye on the service."
Dr.
Michael Lewko, Chief Medical Officer, Care Management
at St. Joseph's Hospital and America's Top Physician
by Consumer's Research Council of America, 2003, Clifton,
New Jersey
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| "With
integrated billing transparency, I see for myself
how Vericle leverages every opportunity to expedite
payments of healthcare insurance claims in a continuous
24 x 7 effort. It has enabled 27% revenue gain over
past billing process."
Dr. Doug Cassel,
Director of Interventional Radiology, Hoag Memorial
Hospital, Newport Beach California |
"Vericle
makes data analysis so intuitive and accessible that
we have begun dissecting our data ourselves. In one
case, we discovered that for years we used to write-off
A-codes, losing as much as 29.8% on every claim. Over
a decade, the lost differences would have added up
to hundreds of thousands of dollars. In just a few
months since hiring Billing Depot, our receivables
over 120 days shrank to below 5%."
Ted
Gutowski, M.D., Heart Specialists of Central Jersey
in Manalapan and Robert Wood Johnson University Hospital,
New Brunswick, New Jersey |
| "I
love Billing Depot’s personal touch. I can review
my insurance claims and overall billing status and
reach my account rep any time to get my questions
answered. My new billing performance speaks for itself."
-Dr.
Brian Capra, Director, Advanced Chiropractic &
Wellness, Monmouth Junction, New Jersey.
|
| "Billing
Depot pays enormous attention to every opportunity
to expedite payments. It has uniquely adapted standard
Wall Street technology for same day trade settlement
to healthcare insurance, resulting in dramatic reductions
of A/R, reduced technology costs, and new revenue
recovery for the clients."
-Bob
Ettl, Managing Director and Chief Technology Officer
of Allianz Asset Management, Newport Beach, California.
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| "Vericle
not only expedites the identification of a mismatch
between diagnosis and procedure on an individual claim,
but also provides specific Medicare documentation
to help problem resolution as well as complete analysis
to measure the extent of the problem. The insurers
have fewer reasons to deny our claims and, in fact,
over 90% of our claims are paid within 45 days."
-Vivian
Kominos, M.D., Heart Specialists of Central Jersey
in Manalapan and Centrastate Medical Center in Freehold,
New Jersey
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