Our monthly first pass claim acceptance rate across all of our customers has consistently averaged 99% — 29% higher than the national average! In fact, a large portion of customers experience between 99–100% first pass claims acceptance at the clearinghouse.
Check Out Our Calculator To See How We Can Improve Your Cash Flow Click Here
You too can experience exceptional first pass claim acceptance rates (FPA) with CollaborateMD. We pride ourselves on constantly analyzing clearinghouse claim rejections and updating our solutions to prevent the errors where it is most important – data entry. Call us today at 888-348-8457 to find out how you can join the thousands of successful CollaborateMD medical providers.
A high first pass acceptance rate means our customers claims pass tens of thousands of clearinghouse edits the first time, and are passed on to the insurance payer immediately. This means you have less claim rework to perform; claims are received by the payer faster, and claims can be paid faster.
Not necessarily. Even though the clearinghouse has tens of thousands of edits, they do not perform all of the edits that an insurance payer does. For example, the clearinghouse cannot determine if a patient is eligible for insurance or eligible for the type of service provided during claim transmission. But, customers utilizing our simple and easy patient eligibility feature can detect this issue before or while the patient is in the office.
Not necessarily. Our monthly FPA average of 99% is determined by calculating the acceptance rates across all of our customers during a calendar month. Numerous customers maintain 100% FPA, while others may have a lower FPA. At CollaborateMD we are always analyzing the rejects and updating our software to prevent those errors from occurring in the future. Our goal is to reach an overall monthly FPA above 99%.
The national average for FPA is said to be only 70%, compared to our 99%. Our FPA rate is 29% higher because we can update our software and edits frequently and users don't have to wait for an annual release. Another reason our FPA is higher is because other software companies allow users to select from numerous clearinghouses, but we utilize a single clearinghouse and we can fine tune our system to pass their tens of thousands of edits.
Let's assume the following:
In this scenario, the low FPA results in 20 extra hours of claim rework a month and a delay in days or weeks of $6,000 worth in payments. Further down the claim cycle, these delays also increase the time to collect from the patient, when necessary. Call us today at 888-348-8457 to find out more on how you can reach a high claim acceptance rate and improve your accounts receivable.