The Right Set of Medical Billing Tools Can Slash Start-up Costs and Working Capital Needs
With the right set of non-traditional billing programs and tools that can reduce the working capital needs a new start or existing medical practice at 90%. These tools are very unique and ClaimCare go far beyond mere medical billing service or in-house billing department.
All these instruments have a positive impact on the mode of operation you think about the staffing and / or cash flow management and financing in his practice. If these tools are applied when the practice opens its doors could significantly decrease the working capital requirements and to practice the positive cash flow very quickly.
1. ClaimCare Instant Payment Program – (begins with what in most of the insurance payments within 24 hours of opening the doors of the practice) With this program you will receive most of their insurance money within 24 hours to see a patient. This will significantly reduce the working capital needs during the first months of a new practice. In addition, the program can be downloaded at any time, so it can be used only as a bridge to get to the first days of practice.
2. ClaimCare patient toolbox (Bring on the bulk of the responsibility of the patient – about 20% of practice revenue – on the day the doors open, and lower staffing requirements at the reception) – With this tool practice can substantially increase cash flow before the collection of patient balances (not just the co-payment $ 20, but the co-insurance that can add much more than a co-payment). This will have a huge impact cash flow because with this tool most of the stock of patients can be collected before the patient leaves the office instead of 60 to 90 days after the visit. Moreover, since the tool that automates the verification of insurance may reduce the workload requirements of the reception (and let you have a smaller number of staff).
3. Vendor Payment Program Instant – (a free 60-day bridge loan to help minimize the working capital needs for the first two months of practice) is another program that could help a lot with working capital needs — and best of all it is really free. With this program all suppliers are paid within 24 hours of an invoice being approved. While the practice ClaimCare paid within 60 days of no service charge. If the practice pays within 30 days to actually get a discount on the invoice. This works because ClaimCare negotiate a discount for quick payment with suppliers. If they are paid for return to practice within the 30 days that we share the discount with practice. If paid between 31 and 60 days will keep the discount. As you can see, in the early days of practice this can give you a free float 60 days in payments to vendors. Once you are out of the launch of this program so you can reduce costs from suppliers.
4. Equipment Service Contract – (Low cost of maintenance contracts) Since the practice of buying a computer that can save a substantial amount in maintaining tenancies of services through our program. This program has a great career and basically says the self-maintenance. This approach allows us to save about 20 to 25% discount on equipment maintenance. This can add up for a medical practice. This basically applies to any piece of equipment that plugs into the wall.
5. EMR – (Home paperless initial investment in either a paper or EMR system for storing medical record) EMR with our offer we can get a practice in an EMR right of the door without any cost in advance. This can save you money and improve operations, will no longer have to spend money in general, history of paper and supplies, of course, be able to see the benefits of an EMR with a great price.
