What happens when you partner with us?

5-10% Net Collections Increase!

Reimbursement was ranked the number one concern via a poll administered by Cardinal Health.  In this poll healthcare decision makers reported reimbursement is the biggest problem facing health systems and practices today. 

 

Getting reimbursed for the services you provide can be extremely challenging. A new obstacle to claim reimbursement comes along every time you think you have figured it out. Things like on-boarding and retaining qualified billing staff to handle medical billing and collections has become difficult and expensive.

A growing number of physicians are turning to an outsourced Revenue Cycle Management (RCM) partner to alleviate the administrative burden and overhead associated with the billing process. Practices that outsource their billing can see a 5-10% increase in net collections, not to mention the operational benefits that allow practices to focus on a better patient and provider experience.

Questions to ask yourself…. 

 

  1. How would I feel if our AR over 120 days was less than 15%? 

  2. What benefits would I see in the practice if revenue increased in proportion with the number of patients seen? 

  3. Is my net collection rate declining? If so, what would I do if our net collection rate was increasing instead? 

  4. What would I do if I didn’t have to manage poor billing performance?

  5. What would I do if our patient data was compromised?

True Cost of In-House Billing

  1. It can be difficult to measure all of your current in-house expenses. Often, practices only look at the hourly rate they pay billing staff and forget about the other costs that go along with collecting the money they’ve earned. 

  2. Primary Expenses: 

    1. Wages

    2. Benefits

    3. Taxes

    4. Software

    5. Clear House Fees

  3. Additional Expenses

    1. Statement Mailing

    2. Rejections & Denials

    3. Low net collection rates

    4. Increased patient debt rates  

  4. General Practice: 1 provider, 20 patients per day, 10% IWC @ $250/ claim = $120k in lost revenue/year 

  5. Specialized Practice: 1 provider, 20 patients per day, 10% IWC @ $2,500/ claim = $1,200,000 lost revenue/year. 

PS_WEB_TRANSPARENT LOGO HIGH RES.png

Have a problem?  We can help.

For immediate service call: 920.309.6118

We partner with industry leaders:

WebChartMD

About Panacea Solutions

 

Team

Blog

Success Stories

Culture

Medical Practice Solutions

RCM Service

Remote Scribe Services

Transcription Services

Credentialing

IT Solutions

IT Business Services

IT Home Services

Cyber Security Services

IT Training Services

Computer Repair

Hardware Sales

Network Penetration Testing

Contact Us

Panacea Solutions, LLC.

1402 Clark Street

Suite 210

Manitowoc, WI 54220

Phone: 920.309.6133

Panacea Solutions is committed to your privacy. We do not share or sell your data to third parties. We do use cookies and other third-party technology to improve our website services, but you can opt out of any website cookies at any time.

  • LinkedIn - Grey Circle
  • Grey Facebook Icon
  • Grey Twitter Icon

© 2020 Panacea Solutions, LLC.