ORLANDO, FL - October 18, 2011 - CollaborateMD, a leading provider of cloud-based medical practice management and medical billing software for small medical practices and medical billing services, announced today they save the medical billing industry an estimated 20,000 hours each month as a result of their 99% average first pass claim acceptance rate (FPA).
A high first pass claim acceptance rate results in claims getting accepted at the clearinghouse and immediately forwarded on to the insurance payer. CollaborateMD’s 99% average translates into ninety-nine out of every hundred claims being accepted by the clearinghouse and forwarded on to the insurance payer. The national FPA rate is said to be only 70%, 29% lower than CollaborateMD.
If all CollaborateMD customers were previously on a practice management solution that received the national FPA rate, they would be saving a combined total of over 20,000 man hours each month and over $425,000 in employee costs. This analysis assumes each rejected claim takes 10 minutes to research, rework, and resend and an employee cost plus overhead of $18.00 per hour.
CollaborateMD processes approximately 475,000 claims a month and their customers only rework approximately five thousand claims each month. CollaborateMD’s five thousand claims to rework is miniscule compared to the 140,000 claims the same customers would have to rework if using a competing practice management system with the national average 70% FPA rate.
“Our goals of efficiency and time saving have been in place since day one”, commented Douglas Kegler, CollaborateMD Founder and CEO. “Medical practices are continually being hit with lower payments and increased patient debt. Providing physicians with the tools to increase cash flow is vital to their survival.”
Since inception in 1999, CollaborateMD has been leveraging their proprietary online Java client technology, their expertise, and their partnership with clearinghouse RelayHealth to reach their extremely high average FPA rate. CollaborateMD continues to strive to be a leader in first pass claim acceptance through continuous research, analysis, and technology.
CollaborateMD provides a calculator on their web site to allow prospects to see how much time they can save each month and the amount of increased cash flow. The calculator can be viewed at: http://www.collaboratemd.com/pricing/revenue-calculator
Since 1999, CollaborateMD’s cloud-based healthcare solution has been a disruptive factor in how medical businesses manager their medical practice and medical billing. CollaborateMD’s 100% Java solution, with its simplicity, no contracts, and affordable monthly fees, allows 5,000 active medical providers to see a true return on investment. CollaborateMD customers enjoy fast implementation, exceptional and unlimited support, and most importantly, increased office efficiency and reduced accounts receivable. For more information, visit CollaborateMD.com or call 888-348-8457.
At CollaborateMD we are obsessed with getting your medical claims paid fast. All of us at CollaborateMD are here and ready to help make your life easier.
Give us a call at 877.480.6517 for more information.