Billing Depot Clients Gain 27% in New Revenue — Online Self-Diagnosis Tool Expedites Medical Claims Processing
2005 Billing Depot Clients Gain 27% in New Revenue — Online Self-Diagnosis Tool Expedites Medical Claims Processing EAST WINDSOR, NJ (PRWEB) MAY 26, 2005 Physicians using Billing Depot service continue to experience less than 4% of Accounts Receivable (A/R) beyond 120 days. This figure represents a four-fold improvement over the national median of 17.7% of A/R over 120 days, as reported by Medical Group Management Association (MGMA). To help the practitioners improve substandard billing performance, Billing Depot offers an online self-diagnostic tool that guides the provider in a quick performance assessment and potential improvement identification. “You cannot manage what you cannot measure,” explains Pat Freeze, President of Billing Depot. “Billing performance can be measured in multiple ways, including days in Accounts Receivable, payment predictability, and payment concentration. These bottom line measures assess overall billing performance but they do not help understanding the reasons for substandard performance. A performance-driven billing service requires comprehensive methodology addressing the full spectrum of billing topics and providing effective yet simple metrics to diagnose every potential problem. Billing Depot approach is based on a systems management methodology, which was first published in 1997 in a Prentice Hall book “Mission-Critical Systems Management.” “Medical practice billing requires continued management of three risks, namely, process, people, and technology,” explains Dr. Yuval Lirov, inventor of several patents in artificial intelligence and computer security and author of “Mission Critical Systems Management” book. “The on-line survey combines over a dozen multi-choice questions designed to quickly identify major exposures in any one of these difficult to manage areas. Upon completing the survey, the practitioner knows precisely why billing performance has been substandard and how to improve it. An accountable and transparent claims coding, submission, and follow up process, combined with rigorous billing personnel management, and advanced technology result not only in reduced days in A/R but also in significant revenue gains, often reaching as high as 27%.” Dr. Zelik Frischer, Clinical Professor at the Department of Urology at Stony Brook University and three-times named in New York Magazine survey of best doctors in the Metropolitan Area, agrees, “Billing is one of the most complex and, unfortunately, arcane processes in our industry. An on-line process evaluation tool gives the physician a quick way to self-assess billing performance and therefore, to better manage the practice.” Dr. Frischer concludes, “Billing Depot methodology uniquely addresses all billing aspects and helps the physician spend more time with patients, reduce management overhead, and grow profitability.” About Billing Depot: Billing Depot, Inc. provides comprehensive medical billing services to physicians and represents a significant improvement over traditional in-house or outsourced billing solutions. With headquarters in East Windsor, New Jersey, Billing Depot guarantees improved profitability and 100% transparency throughout the billing process. The doctor has 24×7 access to full and detailed account of all claim submissions, payments, edits, payer messages, and follow-up actions on every claim. Billing Depot implementation requires zero investment upfront in hardware,software, or personnel. Contact: Pat Freeze, President 732-845-3433 BILLING DEPOT
Doctors Improve Collections and Access to Financial Information
2006 Doctors Improve Collections and Access to Financial Information WOBURN, MA, (PRWEB) JANUARY 9, 2006 MDTAXES announced the launch of its partnership with Billing Depot, a national medical billing provider with an outstanding record for practice profitability improvement. “Within four months of engagement, our collections increased by 14%, improving payments on some claims by 29%,” says Dr. Vivian Kominos, owner of Heart Specialists of Central Jersey, LLP, in Manalapan. “Billing Depot’s expectation for instant adjudication, combined with a scientific approach for practice measurement, sets new standards in healthcare billing.” “Our partnership reduces the financial risk of medical practice, improves its cash flow, and allows the physician to focus on caring for patients,” explains Andrew Schwartz, CPA, founder and editor of the MDTAXES network. “By leveraging the scale of the entire MDTAXES Network, we can offer our CPA members and their clients access to superior services, such as those provided by Billing Depot.” Billing Depot manages the entire revenue cycle from a single point of control, providing continuous online reporting. It empowers the CPA to log on to a client’s account and view relevant tax information in real time. “For MDTAXES CPAs, this means improved tax planning,” concludes Schwartz. About MDTAXES.com:MDTAXES is a national affiliation of CPAs that specialize in tax planning and preparation for medical professionals. Its website provides is a rich source of information for income tax and financial planning. Andrew Schwartz, CPA, founder of MDTAXES, has provided financial planning advice in interviews with various media, including the Washington Post and Wall Street Journal. About Billing Depot:Billing Depot, Inc. is a national Third Party Billing Service, Certified by the New Jersey Department of Banking and Insurance. Headquartered in East Windsor, New Jersey, it guarantees improved profitability and 100% transparency throughout the billing process. The service leverages comprehensive practice workflow technology, including patient scheduling, SOAP notes, Electronic Medical Records (EMR), electronic claim submission, followup, and 24×7 online financial reporting. Contact:Stacy GillisThe MDTAXES NetworkPhone: (800) 471-0045Fax: (800) 547-3366
Billing Precision Partners with Labady & Randolph for Billing Compliance; Chiropractors leverage Artificial Intelligence and Legal Expertise for Practice Risk Management
2006 Jeffrey B. Randolph Billing Precision Partners with Labady & Randolph for Billing Compliance; Chiropractors leverage Artificial Intelligence and Legal Expertise for Practice Risk Management DUMONT, NJ (PRWEB) MARCH 29, 2006 Jeffrey B. Randolph, Esq., has saved many practices from bankruptcy upon post-payment audit of their claims and billing procedures. “While standard insurance policies protect the doctor from most business risks, nobody offers protection against potentially enormous penalties in case of billing audit,” says Mr. Randolph, a partner at Labady and Randolph and legal counsel to the Association of New Jersey Chiropractors. “Monitoring billing compliance is doctor’s responsibility and ignoring it often results in practice ruin.” Billing compliance monitoring is difficult because it requires testing of every claim against multiple rules. Additionally, major insurance firms use proprietary rules for selection of audit candidates. Over the years, Mr. Randolph has identified numerous rules that might trigger billing audit. Some tests are as simple as ensuring adequate claim documentation using SOAP notes, while others call for heavy-duty calculations, such as statistical pattern recognition, designed to identify an overused chiropractic manipulative treatment. “Billing Precision utilizes specialized software to encode and leverage Mr. Randolph’s unique expertise,” says Dr. Yuval Lirov, inventor of several patents in artificial intelligence and computer security and author of “Mission Critical Systems Management” book. “Ensuring billing compliance in a high-volume practice would be impossible without high-performance systems.” About Labady & Randolph: Labady & Randolph, LLC, is a multi-state health care law firm specializing in insurance litigation, health care audits, arbitration of medical claims, billing and coding compliance, and professional licensure matters. Mr. Randolph is legal counsel to the Association of New Jersey Chiropractors, a member of the National Association of Chiropractic Attorneys, and is licensed to practice law in New York, New Jersey, U.S. District Courts for the 2nd and 3rd Circuits and the Court of Federal Claims. About Billing Precision: Billing Precision , LLC, is a national Third Party Billing Service, HIPAA compliant, Certified by New Jersey Department of Banking and Insurance, and a Business Partner of Association of New Jersey Chiropractors. Billing Precision consolidates billing services, tracks payer’s performance from a single point of control, shares Medicare compliance rules globally, and creates massive economies of scale. It guarantees improved practice profitability and 100%transparency throughout the billing process. The service leverages comprehensive practice workflow technology ,including patient scheduling, digital superbill, SOAP and SOAAP notes, and billing.
Added Interest Revenue Further Improves Doctor Collections; UBS — Billing Depot Lockbox Improves Reliability and Transparency of Billing
2006 Added Interest Revenue Further Improves Doctor Collections; UBS — Billing Depot Lockbox Improves Reliability and Transparency of Billing MARLBORO, NJ (PRWEB) MARCH 14, 2006 Dr. Michael Lewko, Chief Medical Officer, Care Management at St. Joseph Hospital in New Jersey, has seen his practice revenue grow by 14%. “The introduction of UBS lockbox is just one example of Billing Depot’s professionalism and continuous attention to billing process improvement,” says Dr. Lewko. “The lockbox reduces dependency on a specific billing office, cuts management overhead, and allows us spend more time with our patients.” “We are delighted to partner with a first-tier investment bank,” says Pat Freeze, President of Billing Depot. “Billing service accuracy and consistent followup are critical for full and timely collections. An automated investment of patient payments in an interest earning Money Market account adds extra cash to physicians and results in a powerful service when combined with record payment performance.” “The doctor’s money must never be idle,” explains Robert Szigeti, the UBS Vice President in charge of Personal Wealth Management. “First, the doctor receives improved accountability and reliability with bi-directional verification of check deposit between the bank and Billing Depot. No lost checks. Next, physicians see higher processing speed and added interest revenue with check deposit upon arrival in a Money Market account earning interest. Finally, the doctor receives an added degree of Transparency, which allows personal verification of deposit via secure Internet connection.” About UBS: UBS AG is a leading global financial services firm with over 68,000 employees worldwide, serving a diverse client base that includes affluent individuals, corporations, institutions, and governments. From investment banking to asset management services, UBS Financial Advisors command a broad array of financial resources to help clients accumulate, preserve and transfer their wealth. UBS practices an all-encompassing approach to investment and financial life taking into account both assets and liability needs. About Billing Depot: Billing Depot, Inc. is a national Third Party Billing Service, certified by the New Jersey Department of Banking and Insurance. Headquartered in East Windsor, New Jersey, it guarantees improved profitability and 100% transparency throughout the billing process. The service uniquely leverages comprehensive practice workflow technology, including patient scheduling, SOAP notes, Electronic Medical Records (EMR), electronic claim submission, followup, and 24x7online financial reporting.
