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Med Slide

  1. 1. MCIT Revenue Cycle Specialists, LLC. “ Strategies for revenue growth. ”
  2. 2. Cash Crunch to Cash Flow
  3. 3. Based on…
  4. 4. Doctors Are Experiencing Cash Crunch <ul><li>Insurance claims </li></ul><ul><ul><li>High rejection rate </li></ul></ul><ul><ul><li>Lower reimbursements </li></ul></ul><ul><ul><li>Lengthy turn-around </li></ul></ul><ul><li>Patient Payments </li></ul><ul><ul><li>50% collection rate </li></ul></ul><ul><ul><li>High delinquency </li></ul></ul><ul><ul><li>Large write-offs </li></ul></ul>
  5. 5. We Have the Cure for Cash Crunch
  6. 6. Doctors Make Money Seeing Patients <ul><li>“Some doctors spend more time filling out forms than taking care of patients.” </li></ul><ul><ul><ul><ul><li>Dr. C. Everett Koop Former Surgeon General </li></ul></ul></ul></ul>
  7. 7. Insurance Claim Challenges <ul><li>SLOW </li></ul><ul><ul><li>Turn-around up to 58 days </li></ul></ul><ul><li>High Rejection Rate </li></ul><ul><ul><li>National Rejection Rate is 34% </li></ul></ul><ul><li>High Cost </li></ul><ul><ul><li>National Average of $22 per claim </li></ul></ul>
  8. 8. Only Two Options <ul><ul><li>In-House </li></ul></ul><ul><ul><ul><li>Investing thousands of dollars in hardware, software, training and support </li></ul></ul></ul><ul><li>2. OUTSOURCE IT! </li></ul>
  9. 9. In-House Filing Challenges <ul><li>Initial Costs are expensive </li></ul><ul><li>Computer Setup is Complex </li></ul><ul><li>Staff Learning-curve is high </li></ul><ul><li>On-going Costs </li></ul><ul><ul><ul><li>New Staff Training </li></ul></ul></ul><ul><ul><ul><li>Constant Updates to Software </li></ul></ul></ul><ul><ul><ul><li>Technical Support </li></ul></ul></ul>
  10. 10. Reduced Rejection Rate As low as 2% Lower Billing Costs Save up to 50% of in-house costs <ul><ul><li>Faster Payment of Claims </li></ul></ul><ul><ul><li>Average of 14 days </li></ul></ul>
  11. 11. The Outsourced Billing Solution <ul><li>Step One </li></ul><ul><ul><li>Patient and Claims data is scanned from the physician’s office directly into our HIPAA-Compliant web-based system </li></ul></ul>
  12. 12. The Outsourced Billing Solution <ul><li>Step Two </li></ul><ul><ul><li>Trained medical billers enter the data and submit to clearinghouse within 24 hours </li></ul></ul>
  13. 13. The Outsourced Billing Solution <ul><li>Step Three </li></ul><ul><ul><li>Payments from insurance companies are sent directly to the doctor </li></ul></ul>
  14. 14. The Outsourced Billing Solution <ul><li>Step Four </li></ul><ul><ul><li>Doctor logs in and verifies / authorizes invoice amount </li></ul></ul>
  15. 15. <ul><li>Comprehensive Web-based Electronic Medical Records System </li></ul><ul><li>Totally integrated with our medical billing system </li></ul><ul><li>Will qualify for “meaningful use” reimbursement </li></ul><ul><ul><li>Up to $44,000 </li></ul></ul><ul><ul><li>Starts in 2011 </li></ul></ul>
  16. 16. Increase Reimbursements 30% <ul><li>Most doctors under-code </li></ul><ul><li>Some over-code </li></ul><ul><li>Both can be solved with certified medical coders </li></ul>
  17. 17. <ul><li>Superbills are scanned or faxed into our web-based system </li></ul><ul><li>Each code is reviewed and adjusted as needed in the system </li></ul>
  18. 18. Patient Receivables Challenge <ul><li>The average healthcare provider only collects 50% of what patients owe </li></ul><ul><li>Even the patients that do pay are usually slow in paying </li></ul>
  19. 19. What Are the Options? <ul><li>Collection Agency </li></ul><ul><li>In-house Financing </li></ul><ul><li>Write it off </li></ul>
  20. 20. What If… <ul><li>All the money </li></ul><ul><li>that is owed by patients are </li></ul><ul><li>deposited into a bank account </li></ul><ul><li>automatically </li></ul><ul><li>on the same day every month </li></ul><ul><li>without having to send a single invoice? </li></ul>
  21. 21. <ul><ul><li>Extend credit to patients with assurance of payment </li></ul></ul><ul><ul><li>Filters out bad credit risks </li></ul></ul><ul><ul><li>Staff can concentrate on patient care </li></ul></ul><ul><ul><li>Increases cash-flow by up to 50% </li></ul></ul>
  22. 22. We Have the Cure
  23. 23. Who Do You Know… That could use one or more of these services?