Based on a recent Black Book Survey of Physicians (blackbookrankings.com) here are some startling industry stats:

  • 42% of All physicians practices (1 to 5 doctors) hope to outsource their billing in the next 12 month

WHY OUTSOURCE

PROFESSIONAL PRACTICE MANAGEMENT SERVICES 
Providing services with integrity to improve quality. 
 While solving  your practice needs because we care.
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  • 81% of All physicians say they are overworked or at full capacity
  • One reason is because they are having to update and maintain the software they were sold.
  • Also they do not know how to use these big software systems.
  • These software systems have doubled the time that doctors spend with a patient instead of shorting it.
  • Up from 75% in 2012 and 76% in 2008
  • Only 19% say they have time to see more than patients. 
  • Physicians spend 20% of their day on paperwork
  • Billing paper work that has nothing to do with the patient care
  • 89% of All physicians agree their billing and collections systems need upgrading
  • 87% of All physicians state a preference for a single source RCM/EHR vendor
  • Based on a single provider office sending 6,200 claims per year. According to Medical Group Management Association (MGMA) it cost an average of $27.50 to rework a denied claim.
  • This equates to roughly $33,000 per year. 
  • Effect ICD-10 will have on a practice:
  • 50.1% say it will create a severe administration problem
  • 11.3% say it will improve diagnosis and/or quality of care
  • 75.3% say it will unnecessarily complicate coding 
  • 38.3% say it will expose physicians to liability/penalties

In-House vs Outsourcing
In-House Department
Base pay: $14.50 /hour

Yearly: $30,000.00

Medicare & Social Security: $2295.00

Retirement: $1040.00

Disability: $720.00

Health Care: $5220.00

Vacation/Sick: $3270.00

Annual Collection: $470,000.00

Annual Total 1 In-House Biller: $42,585.00 

Elite Management Solutions LLC
Medical Billing at: 5% of collection

Annual Collections: $470,000.00

Total Annually: $23,500.00

Savings: $19,085.00

Medical Billing at 7% of collections

Annual Collections: $470,000.00

Total Annually: $32,900.00

Saving: $9,685.00

As you can see, the future of Revenue Cycle Management is having a specialist outside the office do the hard stuff, so the doctors can focus on practicing medicine.
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803 Steam Boat Street | Knightdale, NC 27545

Office: (919) 727-3070 | Fax: (844) 438-6952