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The Harsh Reality
• From paper claim filing to inexperienced staff, only about 70% of insurance claims are ever paid by insurance carriers.
• Coding errors, underbilling, missed charges, and uncollected claims are taking as much as 30% of your earned revenue.
• It currently costs a medical practice between $8.00 - $10.00 per claim to process insurance.
• Turnaround on paper insurance claims can be 30, 60, even 90 days, or longer.
• Rejection of insurance claims requires a staff member to deal with researching, correcting, and resubmitting the rejected claim for payment. More often than not there is not enough time in an already hectic and busy practice, and these rejected claims are never "gotten around to".
• The medical insurance industry is ever-changing. Codes and regulations can and do change on a quarterly basis. If your billing staff is not actively involved and professionally trained in the medical insurance and billing industry, you are not realizing your maximum reimbursements.
The Good News
• Our staff is professionally trained in the medical billing and insurance industry and participates in continuing education regularly.
• Through electronic submission, eMed Solutions can increase the percentage of claims paid to an average of 98%.
• By submitting claims electronically, eMed Solutions can generally have money in the physician's hand within 14 - 21 days from submission, increasing cash flow.
• Because of our commitment to service, our training and experience, and the extensive editing performed on electronic claims prior to their transmission to carriers, the rejection rate is reduced to 2- 3%.