Medical Billing Services That Solve Your Collections Headaches
Improve cash flow and regain control of your time so you can grow your practice.
If you’d rather be treating patients than chasing after payments and dealing with cash flow issues, you’re not alone.
That’s why so many medical practitioners turn to ClinicMind.
ClinicMind helps you keep your practice running smoothly, with less time and effort. The ClinicMind team acts as a seamless extension of your practice, answering coding questions, addressing compliance issues, researching outstanding claims, and retrieving payments. That means more cash flow for your practice and more time to help patients.
- Discover what ClinicMind can do for your practice
- Streamline Your Workflow
- Optimize Your Revenue
- Enhance Your Patient Experience
- Ensure Compliance
Did you Know?
The Medical Billing Services industry average denial rate for first submission claims can be as high as 20%
On average, up to 30% of a medical clinic's A/R is aged over 90 days, indicating potential issues with claim submissions or collections processes.
For medical clinics, bad debt can account for up to 5% of their total revenue. This includes unpaid patient balances and uncollectable insurance claims.
Studies have found that up to 80% of medical bills contain errors, which can lead to claim denials, delayed payments, and increased administrative costs.
Medical facilities spend up to 14.5% of their total revenue on billing and insurance-related activities, including staff salaries, claim processing, and collections.
By one estimate, it costs the practice $25 to work each claim that is rejected.
Would you say no to a 20-30 minute time investment in a free clinic transformation consultation if it could save you hundreds of hours and hundreds of dollars? P.S. No pushy salespeople. We promise.
Why Outsource your billing to a Medical Billing Company?
Like any other practice, you need consistent cash flow to maintain success. The problem? Billing and collections are time-consuming and require meticulous attention to detail. You run the risk of mistakes that can take you out of compliance.
At ClinicMind, we have more than two decades of medical billing experience, which makes our medical coding, billing, and compliance team an excellent outsourcing opportunity.
We’ll help your practice thrive with:
- Timely claims submission
- Faster payment
- Consistent compliance
- Billing data transparency
- Reduce Errors
- Reduce Administrative Cost
- Reduce your A/R
We have been using ClinicMind for years in our outpatient therapy office. The interface is very intuitive and user friendly. The team is always accessible to questions as well as open to suggestions on how to further improve the system. Ydelyn has been very professional during the training process. Definitely worth checking out for your medical billing and notes needs.
I was struggling with insurance companies to get paid on time. Now, I never have to worry about billing again. It is easy and user friendly- and if there are any issues – THEY TAKE CARE OF IT. No more being on the phone with BCBS for three hours a day – fighting to get paid! Also, they pair you with a customer service representative who takes care of all your business and billing needs. It is wonderful !
They have streamlined our insurance based claims process and taken a LOT off my plate. The customer service is responsive and attentive and they are just super nice folks to work with! They will take care of you! Highly recommended!
Why is it important to have integrated EHR and Billing technology?
A survey conducted by Black Book Market Research found that 60% of physician practices reported that their EHR system negatively affected their revenue cycle management.
Integrating billing and EHR software is important for a medical practice as it enhances efficiency, improves the patient experience, and streamlines operations.
- Seamless Data Flow
- Improved Cash Flow
- Faster Claim Submission
- Improved Coding Accuracy
- Enhanced Compliance
- Centralized Data Management
Schedule Free Practice Transformation Consultation Now
- We’ll discuss your business, your goals, and how we can help you achieve them.
- We’ll show you how we leverage patient data and clinical notes to automate claims submissions.
- You’ll gain real proof of how quickly we can increase your profitability and efficiency by improving collections right away.
Hidden Costs of Carrying A Large A/R
Interest-Free Patient Balances:
Due to the Federal Truth and Lending Act regulations, most clinics avoid charging interest on patient balances. However, it’s essential to understand that carrying these balances in your A/R is similar to providing interest-free loans. You deliver services to patients, expecting to collect payments later.
Offering “free credit” comes with financial implications. It can tie up cash flow that could be better used for investing in your practice, paying off debts, or distributing profits to owners.
Inflation
Inflationary costs do not show up on financial statements thus, are often overlooked. The inflation rate in the United States was 6.5% in 2022. This means that a service rendered for $1,000 at the beginning of the year would only be worth $935 if the account took a year to collect.
Collecting account balances as timely as possible is incredibly important for a clinic’s bottom line.
Administration
Bad Debt Expense
On Average you are only likey to receive:
- 93.4% of money due 30 days ago
- 85.2% of money due 60 days ago
- 73.1% of money due 90 days ago
Compliance Cost
Medical practices that are out of compliance with medical billing practices can face a range of penalties including:
- Fines from regulatory agencies
Legal Action - Loss of reimbursement from Insurance Companies
- Reputation damage
- Exclusion from government programs such as Medicare or Medicaid
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