www.BillingDepot.com
Billing DepotBilling DepotNew Generation in Healthcare Claims Processing and Outsourcing Solutions
“Billing Depot helps the physician spend more time with patients,
reduce management overhead, and grow profitability.”
- 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
2www.BillingDepot.comCopyright © Billing Depot, Inc.
Billing Depot Concept
It is becoming harder to earn a living by practicing medicine because:
• Increasing regulatory scrutiny and compliance requirements
• Growing insurance costs
• Uncooperative payers
In-house billing dilutes focus on health care:– Hire your own staff and manage hiring, training, payroll taxes, HR benefits, vacations, sick days, and turnover– Buy your own software and manage systems setup, downtime, backups, and replacement– Perform complex claim follow-ups yourself
In-house billing is ineffective and inefficient:– Chronically delayed and incomplete payments– Persistently low efficiencies and high processing cost
In-house billing result:– Physicians work longer hours– Collections shrink and slow down– Physicians spent more time on administrative problems
Why outsource billing?– Faster, more precise, and fully compliant payments
• More and better trained personnel with single focus• Better management, e.g., separation of labor, individual tracking• State of the art technology• Business continuity planning (backups, redundancy)• Regulatory compliance
– Lower costs due to economies of scale– Continued improvement because of growing economies of scale– More time spent on health care and less - for administrationWhy outsource to Billing Depot?– Guaranteed productivity– HIPAA compliance– Transparency – full control including ability to observe every claim and intervene throughout the entire process 24 x 7– Competitive cost structure– ZERO upfront investment
3www.BillingDepot.comCopyright © Billing Depot, Inc.
Days in AR
Billing Depot performance metric is comprehensive:It measures total payment time from service delivery to the last payment
Days in AR
ServiceDelivery
Claim Created/received at
Biller’s Office
PrimaryPayer Paid
SecondaryPayer Paid
PatientPaid
Billing Stages
Industry AverageDays in AR: 73
Billing Depot AverageDays in AR: 31
Billing Depot reduces actual days in AR with:
• Workflow Management
• Upfront Knowledge-Based Claim Validation
• Specialized Workbenches
• Comprehensive Follow-up
• Rejection
• Aged AR
• Systematic error analysis
• Online 24x7 access to complete process history
4www.BillingDepot.comCopyright © Billing Depot, Inc.
Why Traditional Billing takes longer and costs more?
ProviderProviderProvider
BillingOffice
PayerPayerPayer
Notification
SubmissionCorrection
• Single-threaded: Allows only one billing activity at a time• Passive: Waits for the Payer to trigger every billing activity • Relies on Payer to find and communicate errors
• Shields Provider from observing the process
• Creates opportunities for holding claims indefinitely
• Ignores individual accountability
• Depends on manual reconciliations
• Wastes time on multiple notifications and reconciliations
5www.BillingDepot.comCopyright © Billing Depot, Inc.
Straight Through Billing
ProviderProviderProvider
PayerPayerPayer
Upfront Quality Control• Validation / Eligibility• Pricing
Follow Up• Scrubbing/Rejection• AR Follow Up
Vericle®Workflow
Charge Entry
Patient Invoicing Collection
Payment Entry
• Provides 100% transparency for the entire process • Multi-threaded - Multiplies channels for systematic corrections
• Identifies majority of errors upfront• Leverages specialized workbenches • Provides 24x7 on-line comprehensive quality reports
• Enables individual accountability•Tracks all claims and prevents losing claims in aged AR• Automatically assigns and tracks follow up action items
• Proactive - Eliminates delays• Manual reconciliations• Notification
6www.BillingDepot.comCopyright © Billing Depot, Inc.
Services
• Doctor credentialing
• Enrollments
• Billing
•Patient account and charge entry
•Paper
•On-line
•Scrubbing follow-up
•Rejection follow-up
•Patient invoicing
•A/R follow-up
•Collection
•Payment/EOB entry
• Recurring error analysis
7www.BillingDepot.comCopyright © Billing Depot, Inc.
Reports and Interaction Forms
Transparency is a key differentiating aspect of Vericle. Reports are- available 24x7 via Internet browser- interactive- drillable to lowest claim detail and action made
Custom reports are available upon request, usually within 48 hours.
• Billing Process Management
Cash Flow
Status
Workbench
Billing Period Close
Referral Tracking
Productivity
• AR Reports by
visit
payer
CPT
financial class
• Forms
Patient Entry
Charge Entry
On-Line Claim Editing
EOB Posting
8www.BillingDepot.comCopyright © Billing Depot, Inc.
Cashflow
Cashflow report shows anticipated cash from past claim submissions
Total Outstanding Amount Collected
Weighted Average AR
Failed Claims
# Active Claims
Instant big picture
% Paid in 45 Days
9www.BillingDepot.comCopyright © Billing Depot, Inc.
Status
Real-time Status report show summarize the overall state of the billing process
Interactive reporting drills into specific claim detail for instant error correction
10www.BillingDepot.comCopyright © Billing Depot, Inc.
Workbench Workbench shows a queue of personally assigned claims for follow up. The assignment is performed automatically based on specific kinds of errors and attributes of payer, provider, or patient.
13www.BillingDepot.comCopyright © Billing Depot, Inc.
Productivity
Heatmaps show relative under- and over- performance by color shading
Productivity report measures billing effectiveness
14www.BillingDepot.comCopyright © Billing Depot, Inc.
AR by Visit
Reports support instant sorting and filtering
15www.BillingDepot.comCopyright © Billing Depot, Inc.
AR by CPT - Payer
Reports support export to Excel
21www.BillingDepot.comCopyright © Billing Depot, Inc.
Billing Depot Benefits
Better Results
• More Accurate Remittance
• Powerful database for robust audit, drill down, and troubleshooting
• Comprehensive Claim Scrubbing
• New Jersey LMRP rules updated monthly
• CCI rules updated quarterly
• Payer-specific data validation
• Eligibility testing prior to claim submission
• Faster Reimbursement
• Automatic 835 EOB posting for larger payers
• Prompt follow-up for rejections, denials, partial-payments
• Systematic error analysis to continually optimize the billing process
Less Risk
• 100% Transparency and Accountability
• Real-time feedback to physician’s office 24x7
• Full HIPAA-Compliance
• Industrial-strength technology and state-of-the-art data center
• Large pool of certified coders and billers
Lower Costs
• 0 upfront investment
• Competitive fees
Contact 732 845 3433 today for a FREE profitability review