Billing Services Research 87% physicians report increase in cash flow
Table of Contents Introduction 3 Summary of key findings 4 Findings: In detail 5 Denial reduction 5 Saving after outsourcing 6 Cash flow improvement 7 Financial control 8 Security of financial information 9 ICD-10 readiness 10 Accounts receivable turnover 11 Patient collections 12 Time to focus on patients 13 Recommendation for friends and peers? 14 Conclusion 15 2
Introduction Outsourced Medical Billing has gained strong momentum amongst medical practitioners especially small and medium size. It not only allows them to worry a lot less about claims, denials, rejections, insurances, follow ups, accounts receivables and cash flow, but allows them to have more time in hand to focus on patient care for a fraction of time, effort and money they would require by maintaining an in-house billing department. The billing industry is witnessing a boom. New vendors are inundating the market every day. From making tall claims to proving their expertise in the field, nearly every vendor is trying to turn a profit by offering half-cooked services. Most of the times, physicians fall for such marketing gimmicks and end up getting even more frustrated. In times such as these, it is of utmost importance that physicians rely on experienced, authentic and high quality billing vendors. A little market research about vendors will also help. Customer reviews are the most important benchmark as they indicate how well you will be treated after outsourcing your billing. You have to look for solutions that offer end-to-end revenue cycle management along with regular performance reviews, denial management and comprehensive follow ups. CureMD has been in the billing industry for over 18 years. We have helped medical practices of all sizes earn what they deserve. We have made sure that you are paid for the services you render and are paid the maximum in the shortest amount of time. Our express billing service model ensures that you are paid within two weeks of submitting your claims. That s more than 4 times better than the industry average. However, we don t just make tall claims. We believe in the accountability of our services and for that purpose, put together a team of researchers early in 2014 to empirically analyze the quality of services being offered to our clients. The team recently reported its findings to our CEO recently. Read on to find out more. 3
Summary of key findings Quality of CureMD Billing Service has been top notch much better than industry average. Out of the 863 customers analyzed in the six-month long research, a whopping 87% reported an increase in their cash flow. Other key findings include:..... 40% physicians report their denials have been reduced by 16-20% Practices are able to save up to 37% of billing department expenses 77% practices believe their financial information is more secure 89% practices report a decrease in their average A/R period 86% physicians say they are now able to focus more on patient care Let s go in more details and see what this research study further decodes. 4
Findings: In detail Denial reduction Out of the 863 billing clients analyzed, 388 (45%) said their denials had gone down by 16-20%. Another 310 clients (36%) said that their denials had gone down by approximately 15%. The number of clients who said that their denials had gone down substantially (up to 25%) stood at 95. These numbers suggest that outsourcing significantly impacted claim denials, resulting in better cash flow and income. 21-25% 5-10% 95 Users 87 Users 16-20% 388 Users 11-15% 310 Users Denial reduction with CureMD 5
Saving after outsourcing With CureMD, 368 customers were able to save over 35% of their previous billing processing cost. 214 customers said they were able to save up to 25%. This is in line with industry perceptions that specialized billing does indeed help practices substantially reduce revenue cycle management cost while improving quality and speed. 0-10% 158 Users 31-40% 368 Users 11-20% 123 Users 21-30% 214 Users Billing department saving after outsourcing 6
Cash flow improvement Arguably the biggest vote in favor of specialized billing is the significant increase in cash flow for practices that use CureMD. A whopping 87% customers said they had witnessed a significant increase in cash flow, while 11% clients surveyed said they had experienced minor changes in their cash flow. Increased Minor Change Decreased 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Cash flow improvements 7
Financial control 78% of the 863 customers surveyed said that they believe they are in more control of their financial matters with CureMD. Only a small percentage (14%) thought that they were not in control. 8% of clients were either indifferent, or chose not to reply to the question. In Control Not in Control Don t Know 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Practices feel they are in control after outsourcing 8
Security of financial information When HIPAA-related privacy and security breaches are becoming a common trend, 86% of CureMD clientele said they trusted their vendor to secure their financial information in the best way possible. Only 14% of the clients believed that their information could be vulnerable to such breaches. Feel secure Don t know Don t feel secure 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Majority of clients feel their financial information is secure 9
ICD-10 readiness Many customers have signed up with CureMD due to the many challenges that ICD-10 presents. While some customers were not sure of CureMD s readiness, a vast majority (88%) said that they believed it was ready for ICD-10. 5% Not Ready 7% Not Sure 88% ICD-10 Ready Most customers believe CureMD is ready for ICD-10 10
Accounts receivable turnover For an in-house billing department, it takes on average 4-6 weeks to be reimbursed for claims. In comparison, outsourcing helps practices cut down that period by 50%. When asked for this survey, 93% of the clients said they noticed a significant decrease in their Accounts Receivable turnover. Decreased Increased 0% 20% 40% 60% 80% 100% Most practices witness a decrease in their Accounts Receivable after outsourcing 11
Patient collections CureMD brings many benefits for practices one of them being improved patient collections. In this survey, 96% practices said their patient collections had improved because CureMD is now handling patient calls related to their statements. Patients can also view their statements through patient portal and the built-in Credit Card/ACH processing system. Improved Not Improved 0% 20% 40% 60% 80% 100% Most customers feel CureMD has improved their Patient Collections 12
Time to focus on patients With in-house billing, physicians cannot concentrate solely on patient care. CureMD Billing takes the burden off physicians, enabling them to focus more on patients and deliver better care. In this survey, 96% of clients agreed that they have more time to spend with their patients after CureMD started managing their billing. More Time Less Time 0% 20% 40% 60% 80% 100% Physicians have more time to focus on their patients 13
Recommendation for friends and peers? 95% of customers said they would recommend CureMD service to friends and peers. From fee schedule review to claims submission to denial management & reports, CureMD Billing is number one in the industry. 5% Would not recommend 3% Would not buy again 95% Would recommend 100% Part of long term plan 97% Would buy again Customers would endorse CureMD Billing Services 14
Conclusion This survey, which was undertaken by researchers, completed its findings recently and has shown that on most billing-related metrics, CureMD is doing much better than industry averages. This is indicative of the fact that it not only delivers top-of-the-line service, but also keeps its word when it matters. To see how you can benefit from arguably the best billing service in the industry, give us a call now. Want to learn more about CureMD Billing Service? Get a free consultation at 212-852-0279 ext. 384 or visit www.curemd.com 15
Practice without Boundaries CureMD is the leading provider of Cloud based EHR, Practice Management and Medical Billing Services to transform the administrative and clinical operations of healthcare organizations of all sizes. Our award winning solutions simplify decision making, streamline operations and ensure compliance with industry standards and best practices ultimately saving time and effort to maximize value and returns. CureMD Healthcare 55 Broad Street New York, NY 10004 Phone: +1.212.509.6200 www.curemd.com