While we listen to all the talk about the EMR stimulus and the cost reductions within the healthcare industry that are necessary and while we wait for a plan of action to be set in motion, we are impacting our environment and losing money each and every day by not changing. Waiting for a change has never brought about a positive change nor has it turned any organization, group, family or individual around for the better. However, when an individual makes a change, there is a ripple that is created that causes a wave that moves an ocean. Sounds impossible? Keep reading…
If an individual doesn't take action, nothing is possible. There are things you can do every day, that have a huge impact. You don't believe it...
Still need to wait for an incentive to change? Take a look at these facts:
- Currently, there are 12,871,500,000 healthcare billing and payment transactions per year
- 5,501,625,000 of those transactions are electronic
- This results in annual savings of $23,605,387,500, 468,214 trees saved, 3,901,625,000 sheets of paper saved
Ok, so what does this mean?
It means - if you make some minor changes in your daily routine, you will help cut this deficit which is why we are even where we are in this predicament today – talking about stimulus and cost cutting and billions of dollars.
Start with the following transactions that you are currently doing in your office and make the switch from paper to electronic, the benefits will be multi-fold. Let me break this down:
What paper transactions can you start doing electronically today that will positively impact the environment and lead to cost savings?
- Insurance Eligibility Verification
- Claim Payment
- E-Prescriptions
What are the benefits?
1. Insurance Eligibility
Insurance Eligibility – right now, if your office is taking the time to check, they are verifying by phone or internet.
- Phone takes more time and resources; you have to place the call, speak with someone at the insurance, finally get the information you need, note it down somewhere and move on to the next task or patient.
- On the Internet, you are going to the website, typing in the patient's information, performing a search and printing out the information to keep.
- More importantly, you have to jump from chart to computer to phone and back to get what you need.
- More importantly, you have to jump from chart to computer to phone and back to get what you need.
- Done through DocComply®, it's in real-time so it's the most current information available and it's fast. You don't have to login to a separate website or call the insurance and wait.
- If you are not doing this,
- You are probably getting denials
- Expending resources and time to find correct insurance information
- Correcting claims and re-submitting
- Sending patient statements because of these denials
- May not be able to receive payment against denied claims.
- Result:
- Utilization of unnecessary paper
- Loss of revenue
- Loss of valuable time that could have been used to perform other necessary tasks
2. Claim Payment
Claim Payment – Receiving checks and paper EOBs may be a hard habit to break; it's comfortable and it works. Why change? You may also be wondering what happens when you switch to electronic? Question - Do you do on-line banking or make any on-line payments or purchases? Well, receiving money and EOBs electronically is not that different.
- You receive your payments electronically (EFT – Electronic Funds Transfer) into your bank account
- This means you receive money faster than when a check is mailed to you
- You don't have to make a deposit , make photo copies and drive to the bank
- Again, an unnecessary use of paper and time.
- Again, an unnecessary use of paper and time.
- The EOBs are received electronically (ERAs – Electronic Remittance Advice)
- Payments can be posted to your account faster so all accounts are current
- This means the next step can be taken that much faster – whether it's secondary insurance billing or sending patient bills
- This means the next step can be taken that much faster – whether it's secondary insurance billing or sending patient bills
- So whether you are busy or away; you don't have to worry about getting EOBs to your biller, they will automatically have them.
- Eliminates the paper EOB storage that takes up so much space and can easily become unorganized; making it difficult to find an EOB.
- Electronic files are always clearly marked and stored in such a way that makes retrieval fast and easy.
- Payments can be posted to your account faster so all accounts are current
3. E-Prescribing
- This means you receive money faster than when a check is mailed to you
- Automatically receive a complete medication list for each patient
- Drug to drug interaction information and alerts
- Allergy to drug alerts
- Formularies checked instantaneously
- No more illegible handwritten prescriptions that have caused billions of dollars in medical errors
- Easy refills
- Detailed reports on prescriptions written
- Easy point and click to prescribe
- Favorites let you prescribe your common meds in an instant
What do you need to do to make these changes?
Call us… so that we can get you started and you can start to save. It's really that simple!
- We activate and train you on these features.
- They are easy to use and quickly become a part of your daily activities.
- They require no additional hardware.
- The more often you use the features, the more of a cost savings, you will be benefiting from.
Help save the environment, save money, save time, improve your revenue… what more could you ask for??
